21. LIEN

A nonpossessory interest in real property in which a lien holder retains the right to foreclose on a debt should the property owner default on the debt owned by lien holder; a financial encumbrance on the owner’s title (i.e. real estate taxes,...

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22. NET PROCEEDS

The total sales price minus any closing costs (i.e. the balance paid to the seller at closing).

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23. NOTARY PUBLIC

One who performs notarial acts as defined by RCW 42.44.

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24. OMIT TAXES

Taxes owing on a particular property about which information is not available at the time of closing.

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25. PAYOFF FIGURES

Information relayed from the underlying lien holders on a piece of real property from which the borrower, or his representatives, can rely upon to pay the lien off in full. This information would consist of the principal balance, any unpaid...

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26. PER DIEM:

A daily rate (often used to calculate tax and interest prorations).

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27. POWER OF ATTORNEY

A written authorization to an agent to perform specified acts on behalf of his / her principal (general or limited power of attorney).

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28. PRORATE

To divide equally, or proportionately, to the time of use (or ownership). Typical items to prorate in the sale of property are: taxes, interest, rents and homeowner’s dues. Most prorations are based upon a 365 day year.

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29. PRORATION

The division of items (such as taxes, interest, rent(s), homeowner’s dues, etc.) between the buyer and seller based on a mutually agreed upon date.

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30. PURCHASE & SALE AGREEMENT

(also called EARNEST MONEY AGREEMENT) A contract between a seller and a buyer in which they reach a meeting of the minds on the terms and conditions of the sale.

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