PantryA “pantry” is a small room or closet in which food, dishes, and utensils are kept.
Parcel NumberAn assessor's parcel number, or APN, is a number assigned to parcels of real property by the tax assessor of a particular jurisdiction(...)
Partially FinishedA partially finished basement is also called as a half-finished basement. It is mostly used by children and teenagers. It can be used(...)
Passive SolarIn passive solar building design, windows, walls, and floors are made to collect, store, reflect, and distribute solar energy in the(...)
PaydownPaydown is the process of reducing the amount owed on a mortgage or other loan over time by making partial payments toward the debt.
Pellet StoveA pellet stove is a stove that burns compressed wood or biomass pellets to create a source of heat for residential and sometimes(...)
Per Diem InterestPer diem interest is the amount of interest charged on a daily basis for a just-closed mortgage.
Perc Testis a test to determine the water absorption rate of soil (that is, its capacity for percolation) in preparation for the building of a(...)
Periodic RateThe periodic rate is the interest rate charged over a certain number of time periods. The periodic rate equals the annual interest(...)
Permeable Pavingis a method of paving vehicle and pedestrian pathways to enable infiltration of stormwater runoff.
Personal LiabilityThe personal liability portion of your homeowners insurance policy covers you against lawsuits for injury or property damage that you(...)
Personal PropertyPersonal property is essentially any property except for real estate.
Personal Property TaxesPersonal property taxes, also known as property taxes, are a form of taxation on what is termed personal property. Personal property(...)
Pest InspectionThe pest inspection is a separate process performed by a licensed pest inspector who’s trained to look for signs of infestations and(...)
PHIUS+is the largest Passive Building Certification in North America. It is a well-recognized proven construction standard and quality(...)
Photovoltaics Seller OwnedThe electrical features of the property include a solar photovoltaic system that is owned by the seller.
Photovoltaics Third-Party OwnedThe electrical features of the property include a solar photovoltaic system owned by a third party. This is typically a lease but may(...)
Piggyback LoanA piggyback loan is a second loan on top of a conventional mortgage loan that makes it possible to finance a real estate purchase(...)
Planned Developmentit is a designed grouping of both varied and compatible land uses, such as housing, recreation, commercial centers, and industrial(...)
POAA Property Owner's Association is a governing body that encompasses HOAs and COAs. POA fees are combined with HOA or COA fees. Serving(...)
PointsHomebuyers can buy points to reduce how much interest they pay on their mortgage loan over its lifetime. A point is equal to 1 percent(...)
Portfolio LenderA portfolio lender is a bank or lending institution that originates mortgages and holds them in its own portfolio instead of selling(...)
PossessionIn a real estate transaction, possession occurs when the buyer takes ownership of a property after signing closing documents.
Power of AttorneyPower of attorney is the designation given to someone who has the power to act on behalf of another person’s legal matters. It is in(...)
Power Purchase AgreementA power purchase agreement, or electricity power agreement, is a contract between two parties, one which generates electricity and one(...)
Pre-Wired for RenewablesIndicates the electric infrastructure on the property has been extended to more easily incorporate an on-site electric generation(...)
PreapprovalYour mortgagepreapproval is a statement of how much money a lender is willing to let you borrow to pay for a house.
Prepayment PenaltyPrepayment penalty is a provision in a mortgagecontract that requires the borrower to pay a penalty if the mortgage is paid off(...)
PrequalificationPrequalification is an initial evaluation of an applicant’s ability to qualify for a loan. Prequalification is used in the mortgage(...)
Prescriptive EasementAn easement upon another's real property acquired by continued use without permission of the owner for a legally defined period which(...)
Prime RatePrime rate is the interest rate that banks charge their preferred customers, or those with the highest credit ratings. It is used to(...)
PrincipalThe principal is the amount due on any debt before interest, or the amount invested before returns. All loans start as principal, and(...)
Principle of ProgressionPrinciple of progression is the idea that the value of a house increases when more valuable houses are built in the area.
Private EasementA private easement is when a property owner sells an easement to someone else—for example, to use as a path or driveway or for sewer(...)
Private Mortgage Insurance (PMI)Private mortgage insurance is what borrowers have to pay when they take out a mortgage from a commercial lender and pay a down payment(...)
ProbateProbate is the legal process of distributing a dead person’s assets.
Probate SaleThe sale of an owner’s property after his death is referred to as a “probate sale.” A probate sale may include real property, such as(...)
Promissory NoteA promissory note is a written promise that one party will pay the other party by a specified time.
Proof of ClaimWhen a person files for bankruptcy, if a creditor wants to seek payment from the debtor, he or she must file a proof of claim with the(...)
Property-Assessed Clean EnergyPACE financing is a means of financing energy efficiency upgrades, disaster resiliency improvements, water conservation measures, or(...)
Property ReportA property report includes a variety of documents that provide a comprehensive profile of a property. Prospective property buyers,(...)
Property TaxProperty tax is any tax on real estate or certain other forms of property.
Property Tax DeductionProperty taxes paid on real estate and personal property may be deducted from federal income taxes. If an individual pays property(...)
Property Tax Lien A legal claim against a property for unpaid property taxes which prohibits a property from being sold or refinanced.
Property ValueProperty value refers to the worth of a piece of real estate based on the price that a buyer and seller agree upon.
Proprietary LeaseA proprietary lease, also referred to as an occupancy agreement, gives a shareholder in a housing cooperative the right to occupy a(...)
Prudent Investor RuleThe prudent investor rule is a legal guideline for trustees of investment portfolios. It requires a fiduciary to act in the best(...)
Punch ListPunch lists, also known as snag lists, are used with building new properties and with remodeling or repairing older properties.
Purchase-Money MortgageA purchase-money mortgage is a loan that the seller of a property issues to the buyer of a home as part of the property transaction.
Purchase PriceThe amount of money someone pays for something (such as a house)
Purchase & Sale AgreementThe Purchase and Sale Agreement (also called a Property Sale Agreement) is a binding legal documents which spells out the terms of the(...)
Pyramid RoofA type of Hip roof, the Pyramid roof also comes to a point at the top having no vertical sides or gables. This style of roof is used(...)
