Power of sale clause

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Power of sale clause

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.

RELATED TERMS
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Mortgage
A legal document pledging property as security for the payment of a loan.

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.

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.

Mortgagor
The borrower in a mortgage agreement.

SIMILAR TERMS
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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 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

PREVIOUS AND NEXT TERMS
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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
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

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.

Preferred shares
Stocks that have prior claim on distributions (and-or assets in the event of dissolution) up to a definite amount before the common shareholders are entitled to anything.

This dictionary contains 6433 terms.

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