Tag: Payments

Concept of Prepayment Privilege in the context of Real Property A short definition of Prepayment Privilege: The right to prepay a loan without penalty, either in full or in part. See also: Lock-in; Or More Clause; Prepayment Penalty.

Prepayment in the context of Real Property See: Or More Clause in this legal Dictionary.

Concept of Prepaid Items in the context of Real Property A short definition of Prepaid Items: Those expenses of property which are paid in advance and will usually be prorated upon sale, such as taxes, insurance, rent, etc.

Concept of Provisional Payments in the context of Real Property A short definition of Provisional Payments: Payments to a contractor on a cost reimbursement contract to pay for the contractor’s expenses as work progresses.

Concept of Provisional Payments in the context of Real Property A short definition of Provisional Payments: Payments to a contractor on a cost reimbursement contract to pay for the contractor’s expenses as work progresses.

Concept of Prepayment Penalty in the context of Real Property A short definition of Prepayment Penalty: A penalty under a note, mortgage, or deed of trust, imposed when the loan is paid before it is due.

Concept of Prepaid Interest in the context of Real Property A short definition of Prepaid Interest: Interest paid before becoming due.