Real Estate Terminology: P to Q

Partially Open Mortgage:
A mortgage that allows the borrower to pre-pay a specific portion of the mortgage principal at certain times with or without penalty.

Personal Property:
All property, except land and the improvements thereon.

Power of Attorney:
Delegated written authority to a person to legally act on behalf of another.

Power of Sale:
The right of a mortgagee to force sale of the property without judicial proceedings should default occur.

Prepayment Clause:
A clause inserted in a mortgage, which gives the mortgagor the privilege of paying the mortgage debt in advance of the maturity date, on stipulated terms.

Principal Amount:
In mortgage law, this term refers to the debt itself, as distinguished from interest.

A potential buyer or customer.

A term broadly referring to a building, surrounding land and other appurtenances associated with the building.

Quantum Meruit:
The amount that should be paid as merited by the extend and quality of the original service performed in a contract. In the breach of contract, injured party is entitled to the reasonable value.

Quit Claim Deed:
A general release of all claims or rights to a parcel of land.

For more terminology and jargon check:

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Seller Info

Seller Info

If you currently own property and are thinking of placing it on the market, get informed about preparing your home for sale, pricing your property appropriately, marketing it effectively and learn everything you can about real estate sale process so you can maximize your chance of a profitable sale by avoiding costly marketing mistakes.

Know your credit rating first so you have time to resolve any issues that might stand in your way of buying.
Know your price range and obtain a pre-approved mortgage before you start house hunting.
Stick to your price range, no matter the economic situation, because it is safer to buy within your budget.

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