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party wall
A wall that is located on or at a boundary line between two adjoining parcels of land and is used or is intended to be used by the owners of both properties.
payment cap
The limit on the amount the monthly payment can be increased on an adjustable-rate mortgage when the interest rate is adjusted.
percentage lease
A lease, commonly used for commercial property, whose rental is based on the tenant's gross sales at the premises; it usually stipulates a base onthly rental plus a percentage of any gross sales above a certain amount.
personal property
Items, called chattels, that do not fit into the definition of real property; movable objects.
Planned Unit Development (PUD)
A subdivision of five or more individually owned lots with one or more other parcels owned in common or with reciprocal rights in one or more other parcels.
A detailed map that illustrates the geographic boundaries of individual lots.
plat map
A map of a town, section, or subdivision indicating the location and boundaries of individual properties.
The increase in value or utility resulting from the consolidation (assemblage) of two or more adjacent lots into one larger lot.
Principal, interest, taxes and insurance--the components of a monthly mortgage payment.
Charges levied by the mortgage lender and usually payable at closing.  One point represents 1% of the face value of the mortgage loan.
Those expenses of property which are paid in advance of their due date and will usually be prorated upon sale, such as taxes, insurance, rent, etc.
prepayment penalty
A charge imposed by a mortgage lender on a borrower who wants to pay off part or all of a mortgage loan in advance of schedule.
(1) Amount of debt, not including interest.  The face value of a note or mortgage.
(2) A main party to a transaction - the person for whom the agent works.
private mortgage insurance (PMI)
Insurance provided by non-government insurers that protects lenders against loss if a borrower defaults.  Fannie Mae generally requires private mortgage insurance for loans with loan-to-value (LTV) percentages greater than 80%.
A legal process by which a court determines who will inherit a decedent's property and what the estate's assets are.
promissory note
A financing instrument that states the terms of the underlying obligation, is signed by its maker, and is negotiable (transferable to a third party).
purchase-money mortgage (PMM)
A note secured by a mortgage or deed of trust given by a buyer, as borrower, to a seller, as lender, as part of the purchase price of the real estate.