A power of sale is a legal clause found in some mortgages that gives the lender the right to sell the property if the borrower defaults on the loan. The proceeds from the sale go toward paying off the loan, and any leftover money goes to the borrower. In most cases, the lender will hire a real estate agent to handle the sale. Who authorizes the use of the power of sale in a deed of trust? The power of sale in a deed of trust is authorized by the lender. The deed of trust gives the lender the authority to sell the property if the borrower defaults on the loan. The sale of the property is used to pay off the outstanding loan balance. Which mortgage clause makes the mortgage due at the sale of the property? The mortgage clause that makes the mortgage due at the sale of the property is typically referred to as the "acceleration clause." This clause gives the lender the right to demand repayment of the loan in full if the borrower sells the property. What duties does the mortgagee owe to the mortgagor when exercising the power of sale? The mortgagee owes the mortgagor the duty to give reasonable notice of sale, to sell the property in a commercially reasonable manner, and to account to the mortgagor for any surplus proceeds from the sale.
Can seller give power of attorney to buyer?
Yes, a seller can give a buyer power of attorney, but there are some restrictions and caveats. For example, the power of attorney must be in writing and signed by the seller. Additionally, the power of attorney must be specific as to what actions the buyer is authorized to take on the seller's behalf. Finally, it is important to note that giving a buyer power of attorney does not transfer ownership of the property to the buyer.
What determines home buying power?
There are a few things that ultimately determine home buying power:
1. Income: This is the most obvious factor, as it will dictate how much money is available to put towards a mortgage.
2. Debt: This includes things like credit card debt, car loans, student loans, etc. The higher the debt-to-income ratio, the less home buying power there is.
3. Credit Score: A good credit score will give you access to better mortgage rates, meaning you can afford more house.
4. Savings: Having money saved for a down payment and other closing costs will also affect home buying power.
5. Location: The location of the property will also play a role in how much house you can afford. For instance, properties in expensive cities will generally be out of reach for most buyers.