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...

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....

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...

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...

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...