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...

In real estate finance, prepaid interest is interest that is paid in advance of the period for which it is due. It commonly occurs at loan closing to cover interest from the funding date to the start of the first regular payment period. Prepaid interest ensures that...

In real estate transactions, a preliminary title report is a document that outlines the current condition of title to a property prior to a sale or loan closing. It identifies the vested owner and discloses recorded liens, encumbrances, easements, and other matters...

In real estate and construction, a prefabricated house is a dwelling that is manufactured in whole or in part at a factory before being transported to the building site. Some components may be partially assembled prior to delivery, with final construction completed on...

In real estate finance, a power of sale is a provision in a mortgage or deed of trust that authorizes the mortgagee or trustee to sell the property if the borrower defaults on the loan. This clause provides a contractual remedy for the lender without requiring court...

In real estate and agency law, a power of attorney is a written legal instrument by which a principal grants authority to another person to act on the principal’s behalf. The authority granted may be broad or limited, depending on the terms of the document. The agent...

In real estate and constitutional law, police power is the authority of the state to enact and enforce laws to protect the public’s health, safety, morals, and general welfare. This power forms the legal basis for many regulations affecting the use and ownership of...