by Ethan Atkinson | Feb 6, 2026 | P-T, PropertyPedia
In real estate transactions, proration is the process of dividing expenses and income related to property ownership between the buyer and seller. Items commonly prorated include property taxes, insurance premiums, rent, and similar charges. Proration is calculated...
by Ethan Atkinson | Feb 6, 2026 | P-T, PropertyPedia
In real estate and legal usage, property refers to everything that is capable of being owned and lawfully acquired. It encompasses not only the physical object itself but also the rights associated with ownership. These rights include the ability to use, possess,...
by Ethan Atkinson | Feb 6, 2026 | P-T, PropertyPedia
In real estate finance, a promissory note is a written agreement in which a borrower promises to repay a loan according to specified terms. It is executed after a loan commitment has been made and sets forth the amount borrowed, interest rate, repayment schedule, and...
by Ethan Atkinson | Feb 6, 2026 | P-T, PropertyPedia
In real estate appraisal, the principle of progression states that the value of a lesser valued property tends to increase when it is located among or near higher valued properties. The surrounding properties exert a positive influence on the lower valued residence....
by Ethan Atkinson | Feb 6, 2026 | P-T, PropertyPedia
In real estate brokerage, procuring cause refers to the actions of a broker or agent that initiate an unbroken chain of events leading to the successful sale of a property. It is the cause that produces a ready, willing, and able buyer who agrees to the seller’s price...
by Ethan Atkinson | Feb 6, 2026 | P-T, PropertyPedia
In real estate law, priority of lien refers to the ranking or order in which multiple liens against the same property are given legal precedence. This order determines which lienholders have superior rights to the property or its proceeds. Priority is usually...
