Glossary |
Terms that are on use on this site.
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| There are 14 entries in the glossary. |
| Pages: 1 |
| Parcel | A piece of land which is usually a part of a larger acreage. |
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| Pending Special Assessment | An assessment that has been approved but not levied. |
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| Per Diem | (Per Day) Typically used in reference to the daily rate of an expense. |
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| Personal Property | Property that is not attached or built in. |
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| Planned Unit Development | Usually a residential development with lots arranged in the design to allow for more open space than is typical in a traditional subdivision. |
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| Plat | A detailed map of a subdivision that is recorded in the county where the land is located. |
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| Point | One percent of the principal amount of a loan. |
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| Prepayment Penalty | The penalty a borrower pays for paying their loan in full prior to its maturity date. |
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| Primary Mortgage Market | A local market where mortgage loans are originated with lenders making loans to borrowers. |
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| Private Mortgage Insurance (PMI) | Insurance provided by private companies to conventional lenders for loans with loan to value ratios over 80%. |
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| Promissory Note | A written promise to repay a debt. |
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| Property | Rights of ownership to use, possess, transfer or encumber something. |
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| Proration | Proportionately dividing something such as money or an expense (utilities, taxes). |
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| Purchase agreement | Contract between seller and buyer where seller promises to convey title to real property to buyer in exchange for agreed upon purchase price. |
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Glossary V2.0 |
Real Estate Terms