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- Real Estate Glossary A
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Real Estate Glossary P
PanelA section or division of a wall, ceiling or a flat piece of building material that forms the part of the surface of a wall, door or PanelingStrips of wood or wood material applied as a finish to a wall. ParcelAn officially described piece of land. Parking stripThe strip of grass between the sidewalk and the street in front of a house. PartitionAn interior wall. PartitionAny kind of structure dividing one room or space from another. PartnershipThere are several partnership options for unmarried individuals to buy a piece of property, such as live-in partnerships (in which both buyers share the residence) or a shared-equity partnership (in which one buyer lives in the home and the other is an investor in the property). Passive lossA tax term that refers to any loss from a passive activity, such as the ownership but not the operation of a piece of rental real Passive solar systemA system that supplies solar heat without the use of electric fans or pumps. Patent defectA visible deficiency in a piece of property, such as a cracked basement slab or a sagging porch. PatioAn interior courtyard or a paved backyard area. Payment capA legal limit on the amount a monthly payment can increase on an adjustable-rate mortgage. Percolation testA test used to determine the ability of soil to accommodate a septic system. Per-diem interestInterest charged or accrued daily. PerennialAny plant that produces leaves, flowers and seeds from year to year, such as irises or peonies. PergolaAn arbor with an open roof of rafters supported by posts or columns. Personal propertyAny moveable property in a house such as furniture or appliances. Pest-control inspectionA common pest-control inspection is a termite inspection, which is required in some states, such as California. PierA rectangular masonry support column. PITI (Principal, Interest, Taxes, Insurance)When a buyer applies for a loan, the lender will calculate the principal, interest, taxes and insurance. The figure is designed to represent the borrower's actual monthly mortgage-related expenses. Planned communitiesThe concept began in the 19th century and describes any town or neighborhood built with certain guidelines and goals. Planned-unit developmentResidents own the home and the land, and share the use and financial responsibility for common areas. PlasterA labor-intensive and more costly wall finish. Pocket doorA sliding door that retreats into the wall when opened. PointFees charged by lenders at the time a loan is originated. A point is equal to 1 percent of the total loan amount. PorchThe structure can be a simple covered entrance to a home or a fully enclosed room on the outside of a residence. Porte cochereA porch-like roof extending over a driveway. Portfolio lenderA lender who makes loans with its own funds and keeps the loans on the company's books--in other words, inside the institution's "portfolio"--rather than selling the loan on the secondary market. PorticoA porch supported by a row of columns. PossessionWhen a buyer signs the papers and receives the keys to the house, the buyer officially takes possession. Power of attorneyA document that authorizes an individual to act on behalf of someone else. Pre-approval letterA letter from a lender that informs a seller about the amount of money that a potential buyer can obtain. Prepaid expensesThe costs for taxes, insurance and assessments paid before the due date. Prepaid interestInterest paid before it is due. For example, at the close of a real estate transaction borrowers usually pay for the interest on their loan that falls between the closing period and the first monthly payment. Prepayment penaltyLenders can impose a penalty on a borrower who pays a loan off before its expected end date. PrequalificationMany lenders will prequalify a borrower who is shopping for a loan by completing a preliminary assessment of the buyer's ability to pay for a home. Pre-sold homeHomes that are sold before they are built. Pressure relief valveA safety vent that relieves excess pressure in a water heater. Price rangeThe range of how much a buyer is willing to pay for a home. PrimerThe initial coat of paint that is applied before the final topcoat. PrincipalThe amount of money that the borrower owes on a mortgage. Principle of conformityThe idea that a house will more likely appreciate in value if its size, age, condition and style are similar to, or conform to, other houses in the neighborhood. Principle of progressionAn appraisal term which states that real estate of lower value is enhanced by the proximity of higher-end properties. Principle of regressionAn appraisal term which states that the value of higher-end real estate can be brought down by the proximity of too many lower-end properties. Privacy fenceA structure erected between two pieces of property. Private mortgage insurance (PMI)A special type of loan insurance that many lenders require borrowers to purchase if the borrower's down payment is less than 20 percent of the home's purchase price. Probate saleA real estate sale triggered by the death of the owner, with proceeds to be divided among heirs or creditors. Production homeHomes that are mass-produced by one builder in a project. ProgrammingA written summation by an architect of a project's design objectives, constraints and criteria. Project budgetA fiscal outline that includes the construction budget and all costs for land, furniture, equipment, financing, professional services, contingencies and owner-furnished goods and services. Property lineThe official dividing line between properties. Property reportA disclosure issued by the state when a time-share project is located or sold. Property taxProperty taxes are calculated at about 1.5 percent of the current market value. Property tax deductionThe U.S. tax code allows homeowners to deduct the amount they have paid in property taxes. Property valueThe value of a piece of property is based on the price a buyer will pay at a certain time. ProrationAgreed-upon percentages of certain expenses associated with a piece of property that must be paid by the buyer or the seller at the time of closing. Punch listBuyers compile a punch list during the final walk-through detailing items to be fixed before closing. Purchase agreementA document which details the purchase price and conditions of the transaction. Purchase-money mortgageA mortgage that a borrower obtains to acquire a property.
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