by Ethan Atkinson | Jan 20, 2026 | A-E, PropertyPedia
A lump sum payment made on a balloon note. This lump sum is the reason for the name “balloon” note, since this large, lump “balloon” sum is required to fully pay off the loan. Usually this payment is due at the end of the term of a note. In a balloon note, the...
by Ethan Atkinson | Jan 17, 2026 | A-E, PropertyPedia, Real Estate
A note calling for periodic payments which are insufficient to fully amortize the loan, so that a principal sum known as a balloon is due at maturity. A balloon note is a loan arrangement in which the borrower makes regular monthly payments—often based on a longer...
by Ethan Atkinson | Jan 17, 2026 | A-E, PropertyPedia, Real Estate
A secondary offer to buy property, used in case the first offer fails. A backup offer is an offer submitted on a property after the seller has already accepted another offer. It is designed to take effect only if the primary, accepted contract falls through. In...
by Ethan Atkinson | Jan 17, 2026 | A-E, PropertyPedia
Avulsion is a legal term in real estate that describes the sudden and noticeable change in land caused by the rapid action of water. This typically occurs when a river, stream, or other body of water abruptly changes its course due to events such as floods, storms, or...
by Ethan Atkinson | Jan 17, 2026 | A-E, PropertyPedia
One who is authorized by another to perform certain acts for another under a power of attorney; power of attorney may be limited to a specific act or acts or be general. In real estate, an attorney in fact is a person authorized to act on someone else’s behalf in...
by Ethan Atkinson | Jan 17, 2026 | A-E, PropertyPedia
To affirm to be true or genuine; an official act establishing authenticity. In real estate, to attest means to officially witness and confirm the signing of a document, often by signing as a witness to verify that the person who signed did so voluntarily and is the...
