LISTING INFO 

Purchase and Sale Agreement A document that details the price and conditions for a transaction. In connection with the sale of a residential property, the agreement typically would include: information about the property to be sold, sale price, down payment, earnest money deposit, financing,...

Property Appreciation See “Appreciation.”  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com Phone: +1-844-400-2828 Phone +1-469-460-4848 Text Address:...

Promissory Note A written promise to repay a specified amount over a specified period of time.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com...

Private Mortgage Insurance Insurance for conventional mortgage loans that protects the lender from loss in the event of default by the borrower. See Mortgage Insurance  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions,...

Principal The amount of money borrowed or the amount of the loan that has not yet been repaid to the lender  This does not include the interest you will pay to borrow that money. The principal balance (sometimes called the outstanding or unpaid principal balance) is the amount owed on the loan...

Prepayment Penalty A fee that a borrower may be required to pay to the lender, in the early years of a mortgage loan, for repaying the loan in full or prepaying a substantial amount to reduce the unpaid principle balance.  Real estate words and definition For other words and definitions...

Prepayment Any amount paid to reduce the principal balance of a loan before the scheduled due date.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com...

Predatory Lending Abusive lending practices that include making mortgage loans to people who do not have the income to repay them or repeatedly refinancing loans, charging high points and fees each time and “packing” credit insurance onto a loan.  Real estate words and definition For other...

Pre-Qualification Letter A letter from a mortgage lender that states that you’re pre-qualified to buy a home, but does not commit the lender to a particular mortgage amount.  Real estate words and definition For other words and definitions related to real estate auctions For all active...

Due-on-Sale Clause A provision in a mortgage that allows the lender to demand repayment in full of the outstanding balance if the property securing the mortgage is sold.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions,...