| package mortgage |
A method of financing in which the
loan that finances the purchase of a home also finances the purchase of
certain items of personal property, such as a washer, dryer,
refrigerator, stove, and other specified appliances.
|
| participation financing |
A mortgage in which the lender
participates in the income of the mortgaged venture beyond a fixed
return, or receives a yield on the loan in addition to the straight
interest rate.
|
| partnership |
An association of two or more individuals
who carry on a continuing business for profit as co-owners. Under the
law, a partnership is regarded as a group of individuals, rather than as
a single entity. A general partnership is a typical form of joint
venture, in which each general partner shares in the administration,
profits, and losses of the operation. A limited partnership is a
business arrangement whereby the operation is administrered by one or
more general partners and funded, by and large, by limited or silent
partners, who are, by law, responsible for losses only to the extent of
their investments.
|
| party wall |
A wall that is located on or at a
boundary line between two adjoining parcels and is used or is intended
to be used by the owners of both properties.
|
| patent |
A grant or franchise of land from
the United States government.
|
| Payment Caps |
Payment caps are a feature of some
adjustable rate mortgages which
limit monthly payment increases to a negotiated percent of previous
payments. It is possible to get into a negative amortization position,
in which your payments do not cover principal and interest. In
this situation, your loan balance may actually increase in size rather
than diminish. |
| percentage lease |
A lease commonly used for commercial
property whose rental is based on the tenant’s gross sales at the
premises; generally stipulating a base monthly rental plus a percentage
of any gross sales above a certain amount.
|
| periodic estate |
An interest in leased property that
continues from period to period—week to week, month to month, or year to
year.
|
| personal property |
Items, called chattels, that
do not fit into the definition of real property; movable objects.
|
| pilaster |
A
pilaster is a rectangular support which resembles a flat column. The
pilaster projects only slightly from the wall, and has a base, a shaft,
and a capital. Greek Revival homes often have pilasters. |
| planned unit development
|
A planned combination of diverse land
uses, such as housing, recreation, and shopping, in one contained
development or subdivision.
|
| PMI (Private Mortgage Insurance) |
If your down payment on a home is less than 20
percent of the appraised value or sale price, you must obtain private
mortgage insurance, known as PMI, with your lender. This will enable you
to obtain a mortgage with a lower down payment because your lender is
now protected against any default on the loan. |
| point of beginning |
In a metes and bounds legal
description, the starting point of the survey situated in one corner of
the parcel; all metes and bounds descriptions must follow the boundaries
of the parcel back to the point of beginning.
|
| Points |
A one time sum of money paid at closing. A point equals to 1%
of the loan amount (see also
discount points) |
| Prepaid points |
Points typically paid on the closing day of a mortgage home loan.
These fees may include loan origination fees or a point used to buy-down
interest rates over the term of the mortgage. |
| prepayment penalty |
a penalty clause built into some contracts for early payment
of a loan. These fees can sometimes be substantial.
Prepayment penalties are often negotiable prior to closing the initial
loan. |
| price fixing |
The illegal arrangement between
two competitors to establish pricing of common products. See
ANTI-TRUST LAWS.
|
|
primary
mortgage market |
The
market in which lenders make loans to end users.
The market is made up with lenders who supply funds
directly to borrowers and hold the mortgage until the debt is paid.
(See
SECONDARY MORTGAGE MARKET |
| principal |
1.the amount of debt remaining on a home mortgage excluding any
interest that may be owed. This is the amount still owing tom the
lender from the original sum borrowed.
2. A sum lent or employed as a fund
or investment, as distinguished from its income or profits. 3.
The original amount (as in a loan) of the total due and payable at a
certain date.
4.
A main party to a transaction—the person
for whom the agent works. |
| principal meridian |
One of 35 north and south survey
lines established and defined as part of the rectangular survey system
(government survey method).
|
|
prior appropriation |
A concept of water ownership in
which the landowner’s right to use available water is based on a
government-administered permit system.
|
|
priority |
The order of position or time. The
priority of liens is generally determined by the chronological order in
which the lien documents are recorded; tax liens, however, have priority
even over previously recorded liens.
|
| Private Mortgage Insurance (PMI) |
insurance offered by a private insurance company to protect
the lender from liability or loss on a defaulted mortgage loan. Usually,
PMI is required only for loans where the borrower places less than 20%
down payment on the assessed value of the home . The borrower pays the
PMI premiums to protect the lender. PMI is typically charged to the
borrower when the loan-to-value
(LTV) ratio is greater than 80
percent. The Homeowners Protection Act of 1998 requires that lenders
notify a borrower when the LTV falls below 80 percent, at which time the
borrower is allowed to cancel the PMI coverage. see also PMI |
| procuring cause |
The effort that brings about the
desired result. Under an open listing, the broker who is the procuring
cause of the sale receives the commission.
|
| property manager |
One who manages real estate,
including collection of rents, maintenance of the property, and upkeep
of all accounting, for another for compensation.
|
| puffing |
Exaggerated or superlative comments
or opinions not made as representations of fact and thus not grounds for
misrepresentation.
|
| pur autre vie |
For the life of another. A life estate pur
autre vie is a life estate that is measured by the life of a person
other than the grantee.
|
| purchase-money mortgage |
A note secured by a mortgage or
trust deed given by a buyer, as mortgagor, to a seller, as mortgagee, as
part of the purchase price of the real estate.
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
