Terms Beginning with P

  1. Package mortgage

    A kind of financing in which the acquisition of land also...

  2. Parcel

    In real estate terms, a parcel refers to a specific piece of...

  3. Parol evidence rule

    A rule of law that stipulates that the terms of a contract...

  4. Partial eviction

    A situation in which the tenant is prevented from using all...

  5. Participation financing

    A mortgage in which the lender obtains a yield on the loan...

  6. Partition

    Court processes are used to divide cotenants' interests in...

  7. Partnership

    A group of two or more people who run a continuous company...

  8. Party wall easement

    A wall that is constructed on or near the boundary line...

  9. Payee

    The person who is on the receiving end of the payment.

  10. Payor

    The party who is responsible for making payments to another.

  11. Percentage lease

    A kind of lease that is often used for retail property and...

  12. Performance bond

    A legally enforceable agreement, which is sometimes...

  13. Periodic estate

    An interest in leased property that is maintained from one...

  14. Permanent reference marker

    A point of reference marker, often known as a PRM, is a...

  15. Personal assistant

    A person who is employed by a broker or salesperson who is...

  16. Personal property

    Items, sometimes known as chattels, that are not considered...

  17. Physical deterioration

    A decrease in usefulness brought on by a degradation of...

  18. Plat book

    A book that documents the many land divisions that have been...

  19. Plat

    A map of a municipality, sector, or subdivision that shows...

  20. Point of beginning

    In a description using metes and bounds, the place at which...

  21. Point

    One point is equivalent to one percent of the total amount...

  22. Police power

    The authority of the government to enact laws, regulations,...

  23. Power of attorney

    A legal document that gives one person (the...

  24. Premises

    The particular portion of a deed that specifies the names of...

  25. Prepayment clause

    In a mortgage, the declaration that outlines the parameters...

  26. Prepayment penalty

    A fee that a lending institution levies on a borrower in the...

  27. Principal meridian

    One of the thirty-five survey lines running north and south...

  28. Principal

    An amount of money that has been leased out or used as a...

  29. Principle of conformity

    The appraisal theory that states that buildings that are...

  30. Priority

    The sequence of events or positions in time. The...

  31. Probate

    The formal legal process that is followed to verify or...

  32. Procuring cause

    The action that is necessary to achieve the aimed-for...

  33. Property disclosure acts

    Disclosure reports that are required to be provided by...

  34. Property management

    The use of one party's property in return for monetary...

  35. Property tax

    Taxes are financial obligations imposed by the government on...

  36. Proration

    The process of proportionately dividing or distributing the...

  37. Prospectus

    A piece of printed advertising, often in the form of a...

  38. Public utility easement

    A right that is given by a property owner to a public...

  39. Pur autre vie

    Latin phrase that literally translates to "for the life of...

  40. Purchase-money mortgage

    A note that is secured by a mortgage or deed of trust that...