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Home Advice
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Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Other
- Parcel An officially described piece of land.
- Partition An interior wall.
- Partnership There are several partnership options for unmarried individuals to buy a piece of property, such as live-in partnerships (in which both buyers share the residence) or a shared-equity partnership (in which one buyer lives in the home and the other is an investor in the property).
- 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.
- Passive solar system A system that supplies solar heat without the use of electric fans or pumps.
- Patent defect A visible deficiency in a piece of property, such as a cracked basement slab or a sagging porch.
- Payment cap A legal limit on the amount a monthly payment can increase on an adjustable-rate mortgage.
- Percolation test A test used to determine the ability of soil to accommodate a septic system.
- Per-diem interest Interest charged or accrued daily.
- Panel A section or division of a wall, ceiling or a flat piece of building material that forms the part of the surface of a wall, door or cabinet.
- Paneling Strips of wood or wood material applied as a finish to a wall.
- Parking strip The strip of grass between the sidewalk and the street in front of a house.
- Partition Any kind of structure dividing one room or space from another.
- Patio An interior courtyard or a paved backyard area.
- Perennial Any plant that produces leaves, flowers and seeds from year to year, such as irises or peonies.
- Pergola An arbor with an open roof of rafters supported by posts or columns.
- Personal property Any moveable property in a house such as furniture or appliances.
- Pest-control inspection A common pest-control inspection is a termite inspection, which is required in some states, such as California.
- Pier A rectangular masonry support column.
- PITI (Principal, Interest, Taxes, Insurance) When a buyer applies for a loan, the lender will calculate the principal, interest, taxes and insurance. The figure is designed to represent the borrower's actual monthly mortgage-related expenses.
- Planned communities The concept began in the 19th century and describes any town or neighborhood built with certain guidelines and goals.
- Planned-unit development Residents own the home and the land, and share the use and financial responsibility for common areas.
- Plaster A labor-intensive and more costly wall finish.
- Pocket door A sliding door that retreats into the wall when opened.
- Point Fees charged by lenders at the time a loan is originated. A point is equal to 1 percent of the total loan amount.
- Porch The structure can be a simple covered entrance to a home or a fully enclosed room on the outside of a residence.
- Porte cochere A porch-like roof extending over a driveway.
- Portfolio lender A lender who makes loans with its own funds and keeps the loans on the company's books--in other words, inside the institution's "portfolio"--rather than selling the loan on the secondary market.
- Portico A porch supported by a row of columns.
- Possession When a buyer signs the papers and receives the keys to the house, the buyer officially takes possession.
- Power of attorney A document that authorizes an individual to act on behalf of someone else.
- Pre-approval letter A letter from a lender that informs a seller about the amount of money that a potential buyer can obtain.
- Prepaid expenses The costs for taxes, insurance and assessments paid before the due date.
- Prepaid interest Interest paid before it is due. For example, at the close of a real estate transaction borrowers usually pay for the interest on their loan that falls between the closing period and the first monthly payment.
- Prepayment penalty Lenders can impose a penalty on a borrower who pays a loan off before its expected end date.
- Prequalification Many lenders will prequalify a borrower who is shopping for a loan by completing a preliminary assessment of the buyer's ability to pay for a home.
- Pre-sold home Homes that are sold before they are built.
- Pressure relief valve A safety vent that relieves excess pressure in a water heater.
- Price range The range of how much a buyer is willing to pay for a home.
- Primer The initial coat of paint that is applied before the final topcoat.
- Principal The amount of money that the borrower owes on a mortgage.
- Principle of conformity The idea that a house will more likely appreciate in value if its size, age, condition and style are similar to, or conform 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 too many lower-end properties.
- Privacy fence A structure erected between two pieces of property.
- Private mortgage insurance (PMI) A special type of loan insurance that many lenders require borrowers to purchase if the borrower's down payment is less than 20 percent of the home's purchase price.
- Probate sale A real estate sale triggered by the death of the owner, with proceeds to be divided among heirs or creditors.
- Production home Homes that are mass-produced by one builder in a project.
- 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 report A disclosure issued by the state when a time-share project is located or sold.
- Property tax Property taxes are calculated at about 1.5 percent of the current market 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 is based on the price a buyer will pay at a certain time.
- Proration Agreed-upon percentages of certain expenses associated with a piece of property that must be paid by the buyer or the seller at the time of closing.
- Punch list Buyers compile a punch list during the final walk-through detailing items to be fixed before closing.
- Purchase agreement A document which details the purchase price and conditions of the transaction.
- Purchase-money mortgage A mortgage that a borrower obtains to acquire a property.
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Home Advice
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Joe Tassia CRB, CRS, RECS
Phone
(508) 634-7907
E-Mail Me
Able Realty
PO Po Box 315
Southborough, MA 01772
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