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PREPAYMENT PENALTY The amount set by the creditor as a penalty to the debtor for paying off the debt prior to its maturity. The prepayment penalty is charged by the lender to recoup a portion of interest that he had planned to earn when he made the loan. CONSIDERATION An act or forbearance, or the promise thereof, which is offered by one party to induce another to enter into a contract; that which is given in exchange for something from another. ESCROW The process by which money and/or documents are held by a disinterested third person (a "stakeholder") until the satisfaction of the terms and conditions of the escrow instructions (as prepared by the parties to the escrow). POWER OF SALE A clause written into a mortgage authorizing the mortgagee to sell the property in the event of default. FIXTURE An article which was once personal property but has been so affixed to the real estate that it has become real property (e.g. stoves, bookcases, plumbing, etc.). If determined to be a fixture, then the article passes with the property even though it is not mentioned in the deed. COMPARABLES Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property. PRORATE To divide or distribute proportionately. OFFICE EXCLUSIVE A listing in which the seller refuses to submit the listing to Multiple Listing Service, even after being informed of the advantages of MLS, and signs a certification to that effect. SPECIFIC PERFORMANCE A legal action brought in a court of equity to compel a party to carry out the terms of a contract. |
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