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Power of attorney
Power of attorney A written instrument duly signed and executed by an individual which authorizes an agent to act on his behalf to the extent indicated in the document.
RELATED TERMS--------------------------------------
Instrument
A written legal document created to secure the rights of the parties participating in the agreement.
Agent
Person authorized to act on behalf of another in dealings with third parties.
SIMILAR TERMS--------------------------------------
Power of sale
Clause inserted in a mortgage or deed of trust giving the mortgagee (or trustee) the right and power, upon default in the payment of the debt secured, to advertise and sell the property at public auction
Power of sale clause
A clause in a mortgage authorizing the holder of the mortgage to sell the property in the event of the borrower's default. The prodeeds from the public sale are used to pay off the mortgage debt first, and any surplus is paid to the mortgagor.
PREVIOUS AND NEXT TERMS--------------------------------------
Portfolio turnover
The average time from the funding of an investment until it is repaid or sold
Portico
A porch supported by a row of columns.
Possession
The condition of having signed all the papers at closing and having received keys to the house.
Potential rental income
The total of all rents under the terms of each lease, assuming the property is 100% occupied.
Potentially responsible party (PRP)
Any individual or company that is potentially responsible for or has contributed to a spill or other contamination at a Superfund site.
Power of attorney
Power of sale
Clause inserted in a mortgage or deed of trust giving the mortgagee (or trustee) the right and power, upon default in the payment of the debt secured, to advertise and sell the property at public auction
Power of sale clause
A clause in a mortgage authorizing the holder of the mortgage to sell the property in the event of the borrower's default. The prodeeds from the public sale are used to pay off the mortgage debt first, and any surplus is paid to the mortgagor.
Pre-approval
A pre-commitment from a lending institution to a buyer based on background checks, hard credit reports and review by an underwriter.
Preapproval letter (mortgage)
A document from a lender or broker, estimating how much a potential home-buyer could borrow, based on current interest rates and a preliminary look at credit history.
Pre-approve
Lender commits to lend to a potential borrower; commitment remains as long as the borrower still meets the qualification requirements at the time of purchase.
This dictionary contains 6433 terms. |
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