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8 August, 14:29

A parcel of real estate is encumbered by a conventional mortgage with a prepayment penalty. If it is sold for cash?

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  1. 8 August, 15:51
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    The prepayment penalty clause does not apply

    Explanation:

    This is because, if you pay in cash, it usually means that you are going to pay the full price at the moment of buying the parcel and that means that the prepayment cannot be done, if you were to pay monthly or weekly for example, then the prepayment penalty clause would apply in those cases because you woul still owe a certain amount.
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