Power-Of-Sale Clause at Real Estate Glossary
What is it? A clause in a mortgage authorizing the holder of the mortgage to sell the property in the event of the borrowers default. The prodeeds from the public sale are used to pay off the mortgage debt first, and any surplus is paid to the mortgagor. A power-of-Real Estate Definition Added By: Logan
The Power-Of-Sale Clause definition has been viewed 208 Time(s)!
Send To Friends!
If you'd like to send the Power-Of-Sale Clause definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Power-Of-Sale Clause. If you need any more information on this term, please don't hesitate to contact us.
Other Similar Real Estate Terms:
Real Estate Term Threshold Notification is Notification by brokers that they have met the threshold requirements for filing status and fiscal year reports on trust fund activities.Real Estate Term Partition is Any kind of structure dividing one room or space from another.
Real Estate Term Negligence is The failure to use ordinary or reasonable care under the circumstances.
Real Estate Term Margin is In an adjustable-rate loan, the amount added to the index rate that represents the lenders cost of doing business (including costs, profits and risk of loss of the loan). Generally the margin stays constant during the life of the loan. (See adjustable-ra
Real Estate Term Transfer tax is An assessment by state or local authorities at the time a piece of property changes hands.