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LSDefine

Simple English definitions for legal terms

power of sale

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A quick definition of power of sale:

Power of sale is a legal right that allows someone to sell a property if the owner doesn't pay their debts. It's like having a special permission to sell something that doesn't belong to you. There are many different types of powers, but this one is specifically related to selling property. It's important to pay your debts on time so you don't have to worry about someone else having the power to sell your property.

A more thorough explanation:

Definition: Power of sale refers to the legal right or authorization given to a lender to sell a property without going to court in order to recover the unpaid mortgage debt. It is a clause included in a mortgage agreement that allows the lender to sell the property if the borrower defaults on the loan.

Example: John took out a mortgage to buy a house. The mortgage agreement included a power of sale clause that allowed the lender to sell the property if John failed to make his mortgage payments. Unfortunately, John lost his job and was unable to keep up with his payments. As a result, the lender exercised their power of sale and sold the property to recover the unpaid debt.

This example illustrates how a power of sale clause gives the lender the legal right to sell a property without going to court in order to recover the unpaid mortgage debt.

power of revocation | power-of-sale foreclosure

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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