There are 78 names in this directory beginning with the letter P.
Imaginary lines running east and west, parallel to the equator. Also called latitude lines.
When one party to a con_tract has not completely accomplished all of the terms of the agreement, but the other party agrees to accept the incomplete performance and consider the contract discharged.
The instrument given to the borrower when part of the security prop_erty is released from a blanket mortgage under a partial release clause.
The division of a property among its co-owners, so that each owns part of it in sev_erally; this may occur by agreement of all the co-owners (voluntary partition), or by court or_der (judicial partition).
A partner who has the au_thority to manage and contract for a general or limited partnership, and who is personally li_able for the partnership's debts.
A partner in a limited part_nership who is primarily an investor and does not participate in the management of the busi_ness, and who is not personally liable for the partnership's debts.
An association of two or more per_sons to carry on a business for profit. The law generally regards a partnership as a group of individuals, not as an entity separate from its owners. Compare: Corporation.
All property that part_ners bring into their business at the outset or later acquire for their business.
A partnership in which each member has a right to manage the busi_ness and share in the profits, as well as respon_sibility for the partnership's debts. All of the partners are general partners.
A partnership made up of one or more general partners and one or more limited partners.
A wall located on the boundary line between two adjoining parcels of land that is used or intended to be used by the owners of both properties.
In a promissory note, the party who is entitled to be paid; the creditor or lender. Com_pare: Maker.
A test to determine the abil_ity of the ground to absorb or drain water; used to determine whether a site is suitable for con_struction, particularly for installation of a sep_tic tank system.
Any property that is not real property; movable property not affixed to land. Also called chattels or personalty.
Loss in value (depre_ciation) resulting from wear and tear or deferred maintenance.
An estimate of the time a build_ing will remain structurally sound and capable of being used. Compare: Economic Life.
The shorthand way of stating the most usual elements of a residential mortgage payment, which may consist not only of the Principal and Interest (PI) but the property taxes (T) and hazard insurance (I) as well. In the case where all four elements are part of the payment, the lender escrows the T and I and pays them on behalf of the borrower when they come due. Some loans are written such that the payment to the lender consists only of the P and I in which case the borrower pays the taxes and ins
Planned Unit Development (PUD)
A devel_opment (usually residential) with small, clus_tered lots designed to leave more open space than traditional subdivisions have.
A local government agency responsible for preparing the community's master development plan.
A detailed survey map of a subdivision, recorded in the county where the land is located. Subdivided property is often called platted prop_erty.
The transfer of possession of property by a debtor to the creditor as security for re_payment of the debt. Compare: Hypothecate.
A plan showing lot dimensions and the layout of improvements (such as buildings and landscaping) on a property site.
The increment of value that results when two or more lots are combined to pro_duce greater value. Also called the plottage in_crement.
Point of Beginning (POB)
The starting point in a metes and bounds description; a monument or a point described by reference to a monu_ment.
Discount charges imposed by the lenders to buy down the interest rate of a new mortgage. One(1) point equals 1% of the loan amount. (Example: $100,000 loan; 1 point (1%) = $1,000).
The constitutional power of the state government (delegated to local govern_ments) to enact and enforce laws for the pro_tection of the public's health, safety, morals, and general welfare.
A non-conforming loan that is held by the original lender rather than being sold on the secondary market.
An interest in property that includes the right to possess and occupy the property. The term includes all estates (lease_hold as well as freehold), but does not include encumbrances.
Power of Sale Clause
A clause in a mortgage giving the lender the right to foreclose nonjudicially (sell the security property with_out a court action) if the borrower defaults.
A borrower's right to pay off a loan before it is due, in the absence of a prepayment penalty provision.
Acquiring an interest in real prop_erty (usually an easement) by using it openly and without the owner's permission for the pe_riod prescribed by statute.
Primary Mortgage Market
The market in which mortgage loans are originated, where lenders make loans to borrowers. Also called the local market. Compare: Secondary Mort_gage Market.
1. One who grants another person (an agent) authority to represent him or her in deal_ings with third parties. 2. One of the parties to a transaction (such as a buyer or seller), as op_posed to those who are involved as agents or employees (such as a broker or escrow agent). 3. In regard to a loan, the amount originally borrowed, as opposed to the interest.
Principal Residence Property
Real property that is the owner's home, his or her main dwell_ing. Under the federal income tax laws, a per_son can only have one principal residence at a time.
Principal, Interest, Taxes, Insurance (PITI)
Monthly payments required by an amortizing loan that includes escrow deposits for taxes and insurance in addition to the principal and interest
Private Mortgage Insurance (PMI)
Insurance premium paid by a borrower to protect lenders against losses from loans with loan-to-value ratios higher than 80%, default insurance for lenders.
Restrictions on the use of land that are contained in deeds or contracts; as opposed to public restrictions, which are im_posed by zoning laws and other government regulations.
A legal relationship between people who have simultaneous or successive interests in a property. For example, the dominant and servient tenants in an easement agreement are in priv_ity to one another; so are the seller and the buyer of a property.
A judicial proceeding in which the va_lidity of a will is established and the executor is authorized to distribute the estate property; or, when there is no valid will, in which an admin_istrator is appointed to distribute the estate to the heirs.
A court that oversees the dis_tribution of property under a will or intestate succession.
The real estate agent who is primarily responsible for bringing about a sale; for example, by negotiating the agreement be_tween the buyer and seller. The agent who pro_duces a buyer ready, willing, and able to buy the property on the seller's terms.
A nonpossessory interest; the right to en_ter another person's land and take something (such as timber or minerals) away from it.
Someone who has been promised something; someone who is supposed to receive the benefit of a contractual promise.
1. The rights of ownership in a thing, such as the right to use, possess, transfer, or encumber it. 2. Something that is owned.
Property Management Agreement
An employment contract between an income producing property owner and a real estate broker, appointing the broker as the owner's general agent for the purpose of leasing and managing the property.
A person hired by a prop_erty owner to administer, market, and maintain property, especially rental property.
Property Used in a Trade or Business
Prop_erty such as business sites and factories that are used in a taxpayer's trade or business.
In a cooperative, the right of a shareholder/resident to occupy a particu_lar unit.
The process of dividing or allocat_ing something (especially a sum of money or an expense) proportionately, according to time, interest, or benefit.
The official collection of legal documents that individuals have filed with the county recorder in order to make the informa_tion contained in them public.
Superlative statements about the qual_ity of a property that should not be considered assertions of fact.
A contract in which a seller promises to convey title to real property to a buyer in exchange for the purchase price. Also called a purchase and sale agreement, de_posit receipt, earnest money agreement, sales contract, or contract of sale.
Purchase Money Mortgage
A mortgage received by an owner of real property from a new buyer. Similar to a Contract For Deed, except that the Deed is transferred and the owner is selling the property, and taking back a mortgage rather than having the buyer go down to the bank and get a new mortgage to pay off the seller.
Purchase Subject to Mortgage
A purchase in which a buyer agrees to make the monthly mortgage payments on an existing mortgage and the original borrower remains liable if the purchaser fails to make the payments as agreed.