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- Parcel An officially described
piece of land.
- Partition An interior wall.
- Partnership There 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 loss A 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 estate.
- Passive solar system A system
that supplies solar heat without the use of
electric fans or pumps.
- Patent defect A visible
deficiency in a piece of property, such as a
cracked basement slab or a sagging porch.
- Payment cap A legal limit on
the amount a monthly payment can increase on
an adjustable-rate mortgage.
- Percolation test A test used to
determine the ability of soil to accommodate
a septic system.
- Per-diem interest Interest
charged or accrued daily.
- Panel A 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 cabinet.
- Paneling Strips of wood or wood
material applied as a finish to a wall.
- Parking strip The strip of
grass between the sidewalk and the street in
front of a house.
- Partition Any kind of structure
dividing one room or space from another.
- Patio An interior courtyard or
a paved backyard area.
- Perennial Any plant that
produces leaves, flowers and seeds from year
to year, such as irises or peonies.
- Pergola An arbor with an open
roof of rafters supported by posts or
columns.
- Personal property Any moveable
property in a house such as furniture or
appliances.
- Pest-control inspection A
common pest-control inspection is a termite
inspection, which is required in some
states, such as California.
- Pier A 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 communities The concept
began in the 19th century and describes any
town or neighborhood built with certain
guidelines and goals.
- Planned-unit development Residents
own the home and the land, and share the use
and financial responsibility for common
areas.
- Plaster A labor-intensive and
more costly wall finish.
- Pocket door A sliding door that
retreats into the wall when opened.
- Point Fees charged by lenders
at the time a loan is originated. A point is
equal to 1 percent of the total loan amount.
- Porch The structure can be a
simple covered entrance to a home or a fully
enclosed room on the outside of a residence.
- Porte cochere A porch-like roof
extending over a driveway.
- Portfolio lender A 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.
- Portico A porch supported by a
row of columns.
- Possession When a buyer signs
the papers and receives the keys to the
house, the buyer officially takes
possession.
- Power of attorney A document
that authorizes an individual to act on
behalf of someone else.
- Pre-approval letter A letter
from a lender that informs a seller about
the amount of money that a potential buyer
can obtain.
- Prepaid expenses The costs for
taxes, insurance and assessments paid before
the due date.
- Prepaid interest Interest 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 penalty Lenders can
impose a penalty on a borrower who pays a
loan off before its expected end date.
- Prequalification Many lenders
will pre-qualify 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 home Homes that are
sold before they are built.
- Pressure relief valve A safety
vent that relieves excess pressure in a
water heater.
- Price range The range of how
much a buyer is willing to pay for a home.
- Primer The initial coat of
paint that is applied before the final
topcoat.
- Principal The amount of money
that the borrower owes on a mortgage.
- Principle of conformity The
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 progression An
appraisal term which states that real estate
of lower value is enhanced by the proximity
of higher-end properties.
- Principle of regression An
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 fence A 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 sale A real estate sale
triggered by the death of the owner, with
proceeds to be divided among heirs or
creditors.
- Procure / Procuring Cause
The originating cause of sale. To
bring about.
- Production home Homes that are
mass-produced by one builder in a project.
- Programming A written summation
by an architect of a project's design
objectives, constraints and criteria.
- Project budget A 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 line The official
dividing line between properties.
- Property report A disclosure
issued by the state when a time-share
project is located or sold.
- Property tax Property taxes are
calculated at about 1.5 percent of the
current market value.
- Property tax deduction The U.S.
tax code allows homeowners to deduct the
amount they have paid in property taxes.
- Property value The value of a
piece of property is based on the price a
buyer will pay at a certain time.
- Property Transfer Affidavit
Legal document used for recording property
transfer at local municipality.
- Pro-ration Agreed-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 list Buyers compile a
punch list during the final walk-through
detailing items to be fixed before closing.
- Purchase agreement A document
which details the purchase price and
conditions of the transaction.
- Purchase-money mortgage A
mortgage that a borrower obtains to acquire
a property.
Answer's to your questions or
concerns,
Call 248 684-9000 or
E-Mail us for further assistance
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1999-Present ©
Michigan Real Estate Today™
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