Real Estate terms starting with P

94 terms

P&I Abbreviation for principal and interest.
Palladian Window A three-part window opening with a tall, round-arched center window flanked by smaller rectangular windows and separated by posts or pilasters.
panel A portion of a flat surface recessed, or raised from the surrounding area, distinctly set off by molding or some other decorative device.
Panel - HMDA Reporter Panel Listing The reporter panel listing is the universe of all institutions that reported under HMDA. A separate panel exists for each reporting year.
Panning An applied material, usually metal, that covers the front (exterior) surface of an existing window frame or mullion
Parapet A low wall that serves as a vertical barrier at the edge of a roof, terrace, or other raised area; in an exterior wall, the part entirely above the roof.
Partial Claim A loss mitigation option offered by the FHA that allows a borrower, with help from a lender, to get an interest-free loan from HUD to bring their mortgage…
Partial Payment A payment that is less than the scheduled monthly payment on a mortgage loan.
Participation Lender involvement in a development for a percentage of the gross sales or profit, as well as interest on the loan.
Parting strip The small member, usually wood and usually removable, that separates the upper and lower sash pockets in the jamb of a double-hung window
Partnership An agreement between two or more entities to go into business or invest. See also "general partnership;" "limited partnership;" "joint venture."
Paver A block of stone used in sidewalk or areaway paving.
Payment Cap A limit on the amount that your monthly mortgage payment on a loan may change, usually a percentage of the loan.
Payment Change Date The date on which a new monthly payment amount takes effect, for example, on an adjustable-rate mortgage (ARM) loan.
Payment Due Date The date on which a loan or installment payment is due. It is set by a financial institution.
Pediment 1. The triangular space forming the gable end of a roof above the horizontal cornice. 2. An ornamental gable, usually triangular, above a door or window.
Perils For homeowner's insurance, an event that can damage the property. Homeowner's insurance may cover the property for a wide variety of perils caused by…
Permanent mortgage A mortgage for a long period of time (over 10 years) in contrast to an interim loan or a construction loan.
Permit Any permit other than a Notice to Proceed issued by the Landmarks Preservation Commission in accordance with the Landmarks Law: (a) "PMW shall mean Permit…
Personal property All tangible property (other than land) that is either temporary or movable in some way, such as furniture, jewelry, electronics, etc.
Pier 1. A column designed to support concentrated load. 2. A member, usually in the form of a thickened section, which forms an integral part of a wall…
Piggyback loan A combination of the construction loan with the permanent loan commitment. Also, one mortgage held by more than one lender, with one lender having…
Pilaster An engaged pier or pillar, often with capital and base.
Pitched Sloping, especially referring to a roof.
PITI Common acronym for principal, interest, taxes, and insurance—used when describing the monthly charges on a mortgage.
PITI Reserves A cash amount that a borrower has available after making a down payment and paying closing costs for the purchase of a home.
PITIO Abbreviation for p rincipal, i nterest, t axes, i nsurance and o ther monthly non-housing costs.
Planned Unit Development (PUD) A real estate project in which individuals hold title to a residential lot and home while the common facilities are owned and maintained by a homeowners'…
Plinth A platform base supporting a column or pilaster.
PMI Private Mortgage Insurance; privately-owned companies that offer standard and special affordable mortgage insurance programs for qualified borrowers with…
point An amount equal to one percent of the principal amount of a mortgage. Loan discount points are a one-time charge assessed at closing by the lender to…
Pointing The treatment of joints between bricks, stone, or other masonry components by filling with mortar; also, called tuck-pointing
points (aka discount points) One point is equal to 1 percent of the principal amount of a mortgage loan. For example, if a mortgage is $200,000, one point equals $2,000.
Points (also called discount points) One point is equal to 1 percent of the principal amount of a mortgage loan. For example, if a mortgage is $200,000, one point equals $2,000.
Portico A small porch composed of a roof supported by columns, often found in front of a doorway.
Post-1939 Building Any building in the Riverdale Historic District built on or after January 1, 1940.
Potentially Responsible Parties (PRP) The Superfund law (CERCLA) allows EPA to respond to releases or threatened releases of hazardous substances into the environment.
Pounds per square inch (PSI) a term generally used when describing water pressure when cleaning a building
Power of Attorney A written instrument which authorizes one person to act as another's agent or attorney.
Pre-1940 Building Any building in the Riverdale Historic District built, in whole or in part, prior to January 1, 1940 including buildings which have undergone subsequent…
Pre-Approval A process by which a lender provides a prospective borrower with an indication of how much money he or she will be eligible to borrow when applying for a…
Pre-Approval Letter A letter from a mortgage lender indicating that you qualify for a mortgage of a specific amount. It also shows a home seller that you're a serious buyer.
Pre-foreclosure sale when the servicer allows the homeowner to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less…
Pre-foreclosure Sale A procedure in which the borrower is allowed to sell a property for an amount less than what is owed on it to avoid a foreclosure.
Pre-Qualification A preliminary assessment by a lender of the amount it will lend to a potential homebuyer.
Pre-Qualification Letter A letter from a mortgage lender that states that you're pre-qualified to buy a home, but does not commit the lender to a particular mortgage amount.
Pre-Qualify A lender informally determines the maximum amount an individual is eligible to borrow. This is not a guaranty of a loan.
Predatory Lending Abusive lending practices that include making mortgage loans to people who do not have the income to repay them or repeatedly refinancing loans, charging…
Predictive Variables The variables that are part of the formula comprising elements of a credit-scoring model.
Preferred Stock Some corporations issue preferred as well as common stock. Preferred stock can be an attractive investment because it typically pays a fixed dividend on a…
Preliminary Assessment / Site Inspection (PA/SI) The Preliminary Assessment (PA) and Site Inspection (SI) are used by EPA to evaluate the potential for a release of hazardous substances from a site.
Premium The price charged for insurance.
Prepayment The payment of a debt before it actually becomes due.
Prepayment Penalty A penalty imposed on a borrower for repaying the loan before its due date. (In the case of a mortgage, this applies when there is not a prepayment clause…
Prepayment penalty clause A clause in a mortgage that requires the borrower to pay a fee for retiring a loan before it becomes due.
Prepayment Penalty Mortgage (PPM) A type of mortgage that requires the borrower to pay a penalty for prepayment, partial payment of principal or for repaying the entire loan within a…
Prepayment penalty/prepayment premium A charge the mortgagor pays the mortgagee for the privilege to prepay the loan.
Price Range The high and low amount a buyer is willing to pay for a home.
Pricipal, interest, taxes, insurance and homeowners association dues (PITIA) Shorthand for principal, interest, taxes and insurance, which are the components of the housing expense.
Primary Façade A facade facing a street or a public thoroughfare that is not necessarily a municipally dedicated space, such as a mews or court.
Primary Mortgage Market The market for newly originated mortgages.
Primary or Principal Residence the property in which the homeowner will live most of the time, as distinct from a second home or an investor property that will be rented.
Primary residence/second home A property is classified as a primary residence if it is the place where the owner lives most of the time.
Prime See Subprime
Prime Mortgages A classification of mortgages that are considered to be of high quality.
Prime Rate The prime rate is a benchmark for interest rates on business and consumer loans.
Principal Face value of an obligation, such as a bond or a loan, that must be repaid at maturity.
Principal and interest payment (P & I) A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to amortization of the principal…
Principal Façade A facade facing a street or a public thoroughfare that is not necessarily a municipally dedicated space, such as a mews or court.
Principal, Interest, Taxes, and Insurance (PITI) Common acronym for principal, interest, taxes, and insurance—used when describing the monthly charges on a mortgage.
Principal, interest, taxes, and insurance payment (PITI) The periodic (typically monthly) payment required by an amortizing loan that includes escrow deposits.
Private Mortgage Insurance Insurance for conventional mortgage loans that protects the lender from loss in the event of default by the borrower. See Mortgage Insurance
Private Mortgage Insurance (PMI) Insurance offered by a private insurance company that protects the bank against loss on a defaulted mortgage up to the limit of the policy (usually 20 to…
Private-Label Mortgage-Backed Securities (Private-label MBS) MBS derived from mortgage loan pools assembled by entities other than GSEs or federal government agencies, such as private-sector finance companies.
Private-Label Mortgages loans that are not owned or guaranteed by Fannie Mae, Freddie Mac, Ginnie Mae, or another Federal agency.
Promissory Note A written promise to repay a specified amount over a specified period of time.
property For this survey, property means real estate; that is, land and anything permanently affixed to the land, such as buildings and those things attached to…
Property (Fixture and Non-Fixture) In a real estate contract, the property is the land within the legally described boundaries and all permanent structures and fixtures.
property appraisal See: appraisal.
Property Appreciation See Appreciation
Property insurance A form of insurance that protects real property against certain risks, such as from fires or storms; often called fire and hazard insurance.
Property tax The amount which the state and/or locality assesses as a tax on a piece of property.
Property Tax Deduction The U.S. tax code allows homeowners to deduct the amount they have paid in property taxes from there total income.
Property tax relief Same or similar to "tax relief." See also "tax relief."
Property Type Indicates whether the loan or application was for a one-to-four-family dwelling (other than manufactured housing), manufactured housing, or multifamily…
prorate To proportionally divide amounts owed by the buyer and the seller at closing.
Public Record Information Court records of events that are a matter of public interest such as credit, bankruptcy, foreclosure and tax liens.
Public Thoroughfare Any publicly accessible right of way including, but not limited to a street, sidewalk, public park, and path.
Punch List A list of items that have not been completed at the time of the final walk through of a newly constructed home.
Purchase agreement Same or similar to "contract to purchase." See also "contract to purchase" under "mortgage."
Purchase and Sale Agreement A document that details the price and conditions for a transaction. In connection with the sale of a residential property, the agreement typically would…
Purchase Money Mortgage A mortgage loan that enables a borrower to acquire a property.
Purchase Offer A detailed, written document that makes an offer to purchase a property, and that may be amended several times in the process of negotiations.
Purchase price The amount of money paid for the property, including down payment and mortgage, but excluding closing costs and other fees.