Glossary of terms
P

Possession Date: Date on which the purchaser is entitled to possession of the
property.

Power of Attorney: A document conferring authority to one person to act as
another's agent on his behalf.

Prepayment: The act of fully or partially paying off the outstanding balance of a
loan at any point during the term of the loan at a time earlier than set out in
the contract.

Principal: That portion of the original amount borrowed which still has to be
paid back to the lender.

Purchaser's Statement: A closing statement in a real property transaction
which indicates the balance of cash required from the purchaser to complete
the transaction.
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