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Power of sale
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
RELATED TERMS--------------------------------------
Mortgage
A legal document pledging property as security for the payment of a loan.
Deed
A signed, written instrument that conveys title to real property.
Trust
An arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the benefit of another, called a beneficiary.
Mortgagee
The lender in a mortgage agreement.
Default
The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.
Debt
An amount owed to another.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Auction
The selling of any property, in public by a licensed auctioneer, who offers the property for sale, starting at a price possibly much below its value, and endeavours to persuade those present to make successively increased bids until it is knocked down to the highest bidder.
SIMILAR TERMS--------------------------------------
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.
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.
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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
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.
Power of sale
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.
Pre-contract enquiries
The buyer and their solicitor put forward a list of questions to the seller’s solicitor regarding the property. These could include questions about the neighbours, alterations, etc.
This dictionary contains 6433 terms. |
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