- 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
- 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
- Those expenses of property which are paid in advance of their due
date and will usually be prorated upon sale, such as taxes, insurance,
- 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
- 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