A |
B |
C |
D |
E |
F |
G |
H |
I |
J |
K |
L |
M |
N |
O |
P |
Q |
R |
S |
T |
U |
V |
W |
X |
Y |
Z
Most terms and definitions have been provided by:
http://www.homeclosing101.org/news-and-advice/real-estate-glossary/PARCEL
A specific portion of a larger tract; a lot.
PARTIAL RELEASE
A clause found in a mortgage which directs the mortgagee to release certain parcels from the lien of the blanket mortgage upon the payment of a certain sum of money.
PARTITION
The dividing of common interests in real property owned jointly by two or more persons.
PARTNERSHIP
“n association of two or more persons to carry on as co-owners a business for profit," as defined in the Uniform Partnership Act, which is in force in a majority of the states.
PARTY WALL
A wall which is located on or at a boundary line between two adjoining parcels and is used or is intended to be used by the owners of both properties in the construction or maintenance of improvements on their respective lots.
PERIODIC TENANCY
A leasehold estate which continues from period to period, such as month to month, year to year. All conditions and terms of the tenancy are carried over from period to period, and continue for an uncertain time until proper notice of termination is given.
PERMANENT FINANCING
A long-term loan, as opposed to an interim loan.
PERSONAL PROPERTY
Things which are tangible and moveable; property which is not classified as real property; chattels; or personalty.
PLANNED UNIT DEVELOPMENT (PUD)
A modern concept in housing designed to produce a high density of dwellings and maximum utilization of open spaces.
PLAT
A map or a town, section, or subdivision indicating the location and boundaries of individual properties.
POINT OF BEGINNING
The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument.
POINTS
A generic term for a percentage of the principal loan amount which the lender charges for making the loan; each point is equal to one percent of the loan amount.
POSSESSION
The act of either actually or constructively possessing or occupying property.
POWER OF ATTORNEY
A written instrument authorizing a person(the attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument.
PRE-SALE
A pre-construction sale program by a condominium developer who is required to sell a certain percentage of units before a lender will commit to finance construction of the project.
PREMISES
The subject property, such as the property which is deeded or the unit that is leased.
PREPAID INTEREST
The paying of interest before it is due.
PREPAYMENT PENALTY
The amount set by the creditor as a penalty to the debtor for paying off the debt prior to its maturity. The prepayment penalty is charged by the lender to recoup a portion of interest that he had planned to earn when he made the loan.
PRESCRIPTION
The acquiring of a right in property, usually in the form of an intangible property right such as an easement or right-of-way, by means of adverse use of property that is continuous and uninterrupted for the prescriptive period.
PRINCIPAL
The capital sum; interest is paid on the principal.
PRIVATE MORTGAGE INSURANCE
A special form of insurance designed to permit lenders to increase their loan-to-market-value ratio, often up to 95 percent of the market value of the property. (PMI)
PROBATE
The formal judicial proceeding to prove or confirm the validity of a will. The will is presented to the probate court, and creditors and interested parties are notified to present their claims or to show cause why the provisions of the will should not be enforced by the court.
PROMISSORY NOTE
An unconditional written promise of one person to pay a certain sum of money to another, or order, or bearer, at a future specified time.
PROPERTY
The rights or interests a person has in the thing owned; not, in the technical sense, the thing itself. These rights include the right to possess, to use, to encumber, to transfer and to exclude, commonly called the "bundle of rights."
PRORATE
To divide or distribute proportionately.
PUNCH LIST
A discrepancy list showing defects in construction which need some corrective work to bring the building up to standards set by the plans and specifications.
PURCHASE MONEY MORTGAGE
A mortgage given to the seller as part of the buyer's consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a simultaneous part of the transaction.
