Power Of Sale
provision in a mortgage agreement granting the lender the right to sell the foreclosed property of the borrower if the payments are defaulted upon. The borrower will only recoup the amount exceeding the selling price less legal expenses less the debt balance.
Popular Real Estate Terms
Value is exchanged by the parties to an agreement involving current or future performance making it legally enforceable. Without reasonable consideration for performance, the contract may ...
An individual's option to fairly utilize another's property. An example is privileges under an easement. For example, a person receives permission to use a lake on the private property of ...
Assures that the title is free of any legal claims including encumbrances. It includes covenants of seizin, freedom from encumbrance, express warranties of title, right to quiet enjoyment, ...
tenancy having no written lease or contract. A periodic tenancy can be on a month-to-month or week-t-week basis. ...
Raw land in its natural condition which has in no way been improved. ...
Same as term real estate investment trust (REIT): Type of investment company that invests money in mortgages and various types of investment in real estate, in order to earn profits for ...
When a property owner defaults on his or her tax payments, the taxing jurisdiction may force a liquidation of the property or tax sale for the purpose of collecting the owed real estate ...
Same as term spot zoning: Zoning a portion of land in a given area for different purposes than its surrounding functions. For example, a locality may decide to spot zone a vacant lot in a ...
Span of time a rental agreement is free to the occupant. A landlord may offer this as an incentive to stimulate rentals. For example, an owner of an office building may provide a free ...
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