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Panel
A section or division of a wall, ceiling or flat piece of building
material that forms part of the surface of a wall, door or cabinet.
Panel
Electrical distribution box with circuit breakers, fuses and
terminals to which household wiring is connected.
Panel door
A door with a frame of horizontal rails and vertical stiles that
surround raised or recessed panels. A type of construction that
allows a door to expand and contract with changes in moisture and
weather without cracking or warping.
Paneling
Strips of wood or wood-like material applied as a finish to a wall.
PARCEL
Any area of land contained within a
single description.
Parget
A coating applied to a foundation wall to prevent water leakage.
Parking strip
The strip of grass between the sidewalk and the street in front of a
house.
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 payments up to date.
Party wall
A wall built along the boundary between two properties.
Particleboard
A board composed of wood chips glued together under pressure.
Particleboard is similar to chipboard but has a higher density.
Partition
Any kind of structure dividing one room or space from another.
PARTNERSHIP
An association of two or more persons who have
contracted to join in business and share the profits.
PARTY WALL
A wall generally erected on a property boundary or
between two lots for the common benefit and use of the property
owners on either side.
Pass-through
An opening in a wall between the kitchen and breakfast or dining
room used to pass dishes.
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.
PATENT
A conveyance of title to land by the Federal or State
Government.
Patent defect
A visible deficiency in a piece of property, such as a cracked
basement slab or a sagging porch.
Patio
An interior courtyard or a paved backyard area.
Payment cap
A limit on the amount a monthly payment can increase on an
adjustable rate mortgage.
Payment Change Date
The date when a new monthly
payment amount takes effect on an adjustable-rate mortgage (ARM) or
a graduated-payment mortgage (GPM). Generally, the payment change
date occurs in the month immediately after the adjustment date.
Pediment
Peaked, rounded or other decorative panel above a doorway.
Per-diem interest
Interest charged or accrued daily.
Percolation test
A test used to determine the ability of soil to accommodate a septic
system.
Perennial
Any plant that produces leaves, flowers and seeds from year to
year.
Pergola
An arbor with an open roof of rafters supported by posts or columns.
Periodic Payment Cap
A limit on the amount that payments can increase or decrease during
any single adjustment period.
Periodic Rate Cap
A limit on the amount that the interest rate can increase or
decrease during any one adjustment period, regardless of how high or
low the index might be.
PERSONAL PROPERTY (movable)
Any property that is not designated
by law as real property (i.e., money, goods, evidences of debt,
rights of action, furniture, automobiles).
Photoelectric switch
A switch that turns lights or other electrical devices on or off
depending upon the light.
Pier
A rectangular masonry support column.
Pigtail
A short wire connected to another wire, usually with a wire nut.
Pigtail cord
A short electrical cord with an integral plug designed to be
attached to an appliance.
Pilasters
Decorative vertical columns attached to the wall or frame at each
side of a doorway.
Pilot
The flame or electronic control that ignites gas or oil burners.
Pilot light
A small, continually burning gas flame inside a gas-fired water
heater, dryer, range or similar appliance. This flame ignites the
appliance's gas burner.
Pipestem lot
A lot connected to the street by a narrow strip of land.
Pitch
The slope of a roof. Pitch is the ratio of vertical rise to
horizontal run.
PIQ
A title term referring to property in question.
PITI (principal, interest, taxes, and insurance)
Principal, Interest, Taxes, and Insurance - the four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance (homeowner's and mortgage, if applicable) goes into an escrow account to cover the fees when they are due.
Planned community
Any town or
neighborhood built with certain guidelines or goals in mind.
Planned unit development (PUD)
A residential project that features relatively dense
clusters of houses which are usually surrounded by areas of
commonly owned open space maintained by a nonprofit community
association.
Plaster
A labor-intensive wall finish consisting primarily of lime, sand
and water.
PLAT
A plan, map or chart of a tract or town site dividing a
parcel of land into lots.
Plat book
A public record containing maps showing the division of streets,
blocks, and lots. Also indicates the measurements of the individual
parcels.
Plate
The bottom or top piece of a wall.
Pledged Account Mortgage (PAM)
A type of mortgage that is tied to a pledged savings account and
this fund (plus earned interest) is gradually used to reduce
mortgage payments.
Plenum
A heat distribution box on a furnace or central air-handling unit.
PMI
Principal, Interest, Taxes, and Insurance - the four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance (homeowner's and mortgage, if applicable) goes into an escrow account to cover the fees when they are due.
Pocket door
A sliding door that recesses into the wall when opened.
Point
Fees charged by a lender to provide a
lower interest rate. One point equals one percent
(1%) of the loan amount. Also referred to as a discount point.
Porch
A structure that can be a simple covered entrance to a home or a
fully enclosed room on the outside of a residence.
Porte-cochère
A porch-like roof extending over a driveway.
Portico
A porch supported by a row of columns.
Possession
A buyer officially takes possession of a house upon signing the
closing papers and receiving the keys.
POWER OF ATTORNEY
A document by which one person (called the
principal) authorizes another person (called the attorney-in-fact)
to act for him/her in a specific manner in designated transactions.
Pre-approval
A lender commits to lend to a potential borrower; commitment remains as long as the borrower still meets the qualification requirements at the time of purchase.
Pre-approval
letter
A letter from a lender that states the amount of money a potential
buyer can obtain.
Pre-foreclosure sale
Allows a defaulting borrower to sell the mortgaged property to satisfy the loan and avoid foreclosure.
Pre-sold home
A home that is sold before it is built.
PRELIMINARY REPORT, "PRE," or "PRELIM"
A
written report issued by a title company, preliminary to issuing
title insurance, which shows the recorded condition of title of the
property in question. (See
"Commitment")
Premium
An amount paid on a regular schedule by a policyholder that maintains insurance coverage.
Prepaid expenses
Expenses including taxes, insurance, and assessments that are paid
before the due date.
Prepaid fees
Funds collected by the lender from the borrower to pay certain
recurring items in advance, including interest, property taxes,
hazard insurance and, if applicable, private mortgage insurance
(PMI).
Prepaid interest
Interest paid before it is due.
Prepayment
Payment of the mortgage loan before the scheduled due date; may be Subject to a prepayment penalty.
Prepayment penalty
A penalty that a lender may impose on a borrower who pays a loan off
before its expected end date.
Prequalification
A lender's preliminary assessment of a buyer's ability to pay for a
home and an estimate of how much the buyer may borrow.
Pressure relief valve
A safety vent that relieves excess pressure in a water heater.
Price range
The upper and lower limit of what a buyer is willing to pay for a
home.
Primer
The initial coat of paint or sealant applied to a surface to prepare
it for painting.
Principal
The amount borrowed from a lender; doesn't include interest or additional fees.
Principal paid over life of loan
The sum of scheduled principal payments calculated by the lender
to equal the face amount of the loan.
Principle of conformity
The idea that a house will more likely appreciate in value if its
size, age, condition and style are similar 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 lower-end properties.
PRIORITY
The order of preference, rank or position of the
various liens and encumbrances affecting the title to a particular
parcel of land. Usually, the date and time of recording determine
the relative priority between documents.
PRIORITY INSPECTION
A title term referring to the type of
inspection made in connection with insuring a new construction loan.
In making the inspection of the property, the title company must be
assured that the work of improvement had not yet begun when the
lender's deed of trust was recorded.
Privacy fence
A structure erected between two pieces of property.
Private
mortgage insurance (PMI)
A form of insurance required by a lender when the borrower's down
payment or home equity percentage is less than 20 percent of the
home value.
Probate
The process of establishing the validity of a will before a duly
authorized court or person. Once validity is confirmed, the probate
court then administers the sale of property as directed by the will
or as authorized by the court to settle any financial obligations.
Processing fee
A fee charged by some lenders for gathering information necessary to
process the loan.
Procuring cause
Legal term used to determine whether a broker is entitled to a
commission.
Production
home
Homes that are mass-produced by one builder.
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 tax
Tax paid on privately owned property. Property taxes are usually
paid semiannually, or monthly if the lender requires. The amount is
based on local tax rates and assessed property 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, based on the price a buyer will
pay at a given time.
PUBLIC DOMAIN
Land owned by the government and belonging to the
community at large.
PUBLIC RECORDS
The transcriptions in a recorder's office of
instruments that have been recorded--including the indexes
pertaining to them.
Punch list
A list compiled by a buyer prior to a sale detailing items to be
fixed before closing.
Purchase agreement
A document that details the purchase price and conditions of the
transaction.
Purchase contract
A legal document that binds a buyer to purchase a piece of property
for a set price and also binds the seller to sell that property to
the buyer.
Purchase-money mortgage (PMM)
A mortgage obtained by a borrower as partial payment for a property.
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