In real estate law, a prior lien is a lien that has priority over other liens against the same property. It is considered senior or superior in rank, meaning it has the first claim on the property or its proceeds. The priority of a lien is typically determined by the...

In real estate and agency law, the term principal has multiple meanings depending on context. One meaning refers to the person who grants authority to an agent or attorney to act on the person’s behalf. In real estate finance, principal also refers to the amount of a...

In real estate leasing, a prime tenant is the principal or anchor tenant in an office building, shopping center, or similar commercial property. This tenant typically occupies a significant portion of the space and has strong credit or market presence. Prime tenants...

In real estate finance and banking, the prime lending rate is the most favorable interest rate that a commercial bank charges its most creditworthy customers for short term loans. It serves as a benchmark for pricing various types of loans. Changes in the prime...

In real estate and legal usage, prima facie is a Latin term meaning at first sight or on its face. It refers to evidence or a fact that is presumed to be true unless and until it is disproved. A prima facie showing is sufficient to establish a case or right in the...

In real estate law, a prescriptive easement is an easement established by a court based on long continued use of another person’s land. It arises from the presumption that a valid easement was originally granted, even though no written easement exists. To qualify as a...

In real estate law, prescription is a method of acquiring certain incorporeal interests in land, most commonly easements, through long continued use. The use must be open, notorious, and apparent, giving notice to the property owner. Over the required statutory...

In real estate finance, a prepayment privilege is the borrower’s right to pay off a loan early, either in full or in part, without incurring a penalty. This right is defined in the loan agreement and specifies the conditions under which early payment is permitted. A...

In real estate finance, a prepayment penalty is a charge imposed on a borrower for paying off a loan before its scheduled maturity date. The penalty is typically specified in the note, mortgage, or deed of trust. Prepayment penalties are intended to compensate the...

In real estate transactions, prepaid items are property related expenses that have been paid in advance by one of the parties. These expenses commonly include property taxes, insurance premiums, rent, and similar charges. At the time of sale or closing, prepaid items...