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| Term |
|
Description |
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| Personal Property |
|
Property that is not attached to real estate and in the case of a sale is not obligated to remain with the property. Be careful to determine exactly what is personal property and what is real property. For example, a window unit air conditioner is probably not real property, but a central air conditioner is real property. (See also: Possessions (below) and Estate) |
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| Phase 1 |
|
An environmental site assessment to support a potential real estate transaction that looks for possible environmental hazards, such as lead-based paint, asbestos, radon and nearby chemical plants or gas stations. Phase 1 environmental site assessments are performed because the owner is liable for environmental cleanups, which can cost thousands to millions of dollars. |
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| Phase 1 Environmental Assessment |
|
An environmental site assessment to support a potential real estate sale that looks for potential environmental hazards, such as lead-based paint, asbestos, radon and nearby chemical plants or gas stations. Environmental site assessments are performed because the owner is liable for environmental cleanups, which can cost thousands to millions of dollars |
|
| Principal Interest Taxes (PITI) |
|
Slang term in the real estate industry for what your mortgage payment includes. Principal is money that used to pay the balance of your loan, interest is money paid to the lender, taxes are what property taxes are due to the county you live in and insurance is your home owner's insurance. |
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| Private Mortgage Insurance (PMI) |
|
Required by most lenders for buyers who put down less than 20% of the purchase price. The insurance protects the lender in case you default on the loan. Lenders figure that individuals that make smaller down payments are generally a larger credit risk. This insurance protects them from this credit risk. Unfortunately, you the home owner have to pay for the insurance even thought it does not protect you |
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| Percolation |
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The seepage of water through soil; the soil's ability to absorb to water or other liquid. |
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| Personal Property |
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Any property which is not real property. |
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| Planned Development |
|
Five or more individually owned lots where one or more other parcels are owned in common
or there are reciprocal rights in one or more other parcels. (See also:
subdivision) |
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| Plat |
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A plan, map, or chart of a piece of land with actual or proposed features. |
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| Plat Book |
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A book showing the lots and legal subdivisions of an area. |
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| Pocket Listing |
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An open listing that a real estate salesperson "pockets" or keeps hidden
from his/her associates. |
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| Possessory Interest |
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Right to possess. |
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| Power of Attorney |
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An instrument authorizing a person to act as the agent of the person granting it. |
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| Preliminary Title Report |
|
A report showing the condition of title before a sale or loan transaction. After completion
of the transaction, a title insurance policy is issued. (See also: Title) |
|
| Prepayment Penalty |
|
The percentage a lender may require to be paid in addition to the unpaid principal balance
when a loan is paid off ahead of schedule. |
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| Prescription |
|
Obtaining title to property by adverse possession by occupying it for the period determined
by law to bar action for recovery. |
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| Prima Facie |
|
Presumptive on its face; true, valid, or sufficient at first impression. |
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| Principal |
|
The employer of an agent. |
|
| Promissory Note |
|
The document signed by the borrower promising repayment of the loan showing the
amount of monthly payments, interest rate, first payment date, last payment date, and the late
charge and prepayment provisions. |
|
| Proration of Taxes |
|
To divide or prorate the taxes equally or proportionately to time of use. (See also:
Taxes) |
|
| Puffing |
|
The sometimes exaggerated buildup a salesperson or the seller may give to property. It
is recognized in law as an opinion and not necessarily representing the facts |
|
| Purchase Money Encumbrance |
|
A trust deed or mortgage given by the buyer to the seller as part or all of the purchase price
of the property.
A trust deed or mortgage given to a third party as security for the borrowing of money used
to purchase less than five residential units, one of which is to be occupied by the purchaser.
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