Glossary Archive

Pre-Sale Inspection Report Clause A Pre-Sale Inspection Report Clause is a provision commonly included in real estate purchase agreements, which stipulates that the seller will provide a detailed inspection report of the property before the sale is finalized. This clause serves to inform the buyer about the property's condition, allowing them to make an informed...

Pre-Trial Conference A Pre-Trial Conference is a meeting held before the trial begins, typically involving the judge, the parties involved, and their legal representatives. The primary purpose of this conference is to discuss the upcoming trial, streamline the issues in dispute, and facilitate the efficient management of the case. During a Pre-Trial Conference, several key...

Arbitration Arbitration is a method of resolving disputes outside of traditional court proceedings. In this process, a neutral third party, known as an arbitrator, is appointed to review the evidence, hear arguments from both sides, and make a binding decision. Arbitration is commonly used in commercial disputes, labor disputes, and other situations where parties seek...

A predeceased beneficiary refers to an individual named in a will, trust, or other estate planning document who dies before the person who created the document (the grantor or testator). In estate planning, it is common to name beneficiaries to receive assets upon the grantor’s death. However, if a beneficiary dies prior to the grantor,...

Preemptive Rights Agreement A Preemptive Rights Agreement is a contractual provision that grants existing shareholders the right to purchase additional shares of stock before the company offers them to outside investors. This right is designed to protect shareholders from dilution of their ownership interest in the company when new shares are issued. The agreement typically...

Preliminary Executor Authority Preliminary Executor Authority refers to the scope of powers granted to an individual appointed by a court to act on behalf of a deceased person's estate before the formal appointment of an executor or administrator. This authority allows the preliminary executor to take necessary actions to safeguard and manage the estate, ensuring...

Preliminary Injunction A preliminary injunction is a court order issued early in a lawsuit to prohibit the parties from taking certain actions until a final decision is made. This type of injunction is designed to prevent irreparable harm that could occur if the requested relief is not granted before the trial. A preliminary injunction is...

A Preliminary Probate Hearing is a court proceeding held shortly after a petition for probate is filed. Its primary purpose is to establish the validity of a deceased person's will and to appoint a personal representative, often referred to as an executor or administrator, to manage the estate during the probate process. During the Preliminary...

Preliminary Title Report A Preliminary Title Report is a document issued by a title insurance company that provides an overview of the legal status of a property’s title before a real estate transaction is finalized. It is a critical tool in real estate transactions, as it helps identify any potential issues that might affect ownership...

Prepayment Penalty Clause A prepayment penalty clause is a provision in a loan agreement that imposes a fee on the borrower if they pay off the loan early, either in full or in part. This clause is typically included in certain types of loans, such as mortgages or commercial loans, to protect the lender's interests...