FIND THE DEFINITION FOR ANY REAL ESTATE TERM
Click on the letters above for terms beginning with that
letter, and then click on the term below.
Dont see a term here?
Feel free to ask us. (Unfortunately, however, we cannot give you
real estate or legal advice.)
PACKAGE LOAN/PACKAGE MORTGAGE A loan which applies to
both real and personal property, for example if someone buys a house and
furnishings and puts both on the same loan.
PANIC PEDDLING The illegal practice of vigorously soliciting
listings in an area using scare tactics based on some protected group of
individuals (race, religion, etc.).
PARCEL A lot, a distinct tract of land.
PAROL EVIDENCE RULE A legal principle that says that
the written terms of a contract cannot be changed orally or through an
irrelevant written document.
PARQUET FLOOR A hardwood floor made of individual
pieces of wood laid out in patterns.
PARTY WALL A wall shared by two owners, such as in a
townhouse or condominium. Neither party
may damage the structural integrity of the wall, because the other party has
the right for the wall to be there.
PAYEE The party to whom a payment is made, for example,
the lender in a real estate loan who is receiving payments from a borrower.
PERCENTAGE LEASE A lease in which the tenant pays a
percentage of their gross sales, or a percentage of sales over a certain dollar
amount. This could be done on a
monthly, quarterly or yearly basis. This
would probably be paid in addition to a fixed rent and some operating
expenses. Common in shopping malls and
other retail centers.
PERCOLATION (PERC, PERK) TEST A test of the soil on a
property to determine how easily the land can absorb liquid. Normally required on properties that will
require the construction or installation of a septic system.
PERIOD-TO-PERIOD LEASE Also called PERIODIC TENANCY, a
lease of an indefinite duration, that can end at the completion of a specific
period. The period will be spelled out
in the lease, as in year-to-year, month-to-month, week-to-week or
day-to-day. For example, if a
month-to-month lease starts on the first day of the month, it will on the last
day of some month in the future, but the specific month in which the lease ends
will not be known at the beginning of the lease.
PERIODIC TENANCY (See PERIOD-TO-PERIOD LEASE)
PITI Principal, Interest, Taxes, Insurance. The four elements common in most real estate
loan payments.
PLANNED UNIT DEVELOPMENT (PUD) A community created
through a comprehensive plan, containing multiple property uses, coordinated to
meet the needs of the community.
POWER OF ATTORNEY A document giving another party the
authority to act on someones behalf for a single transaction or a range of
transactions.
PUD (See PLANNED UNIT DEVELOPMENT)
PURCHASE MONEY MORTGAGE Seller financing.