| PACKAGE
MORTGAGE - A method of financing in which the loan that
finances the purchase of a home also finances the purchase of personal
items such as a washer and dryer, refrigerator, stove and other specified
appliances.
PARCEL - A
specific portion of a larger tract; a lot.
PARTIAL RELEASE
- A clause found in a mortgage which directs the mortgagee to release
certain parcels from the lien of the blanket mortgage upon the payment of
a certain sum of money.
PARTICIPATION
MORTGAGE - A mortgage in which the lender participates in the
income of the mortgaged venture beyond a fixed return, or receives a yield
on the loan in addition to the straight interest rate.
PARTITION
- The dividing of common interests in real property owned jointly by two
or more persons.
PARTNERSHIP
- "An association of two or more persons to carry on as co-owners a
business for profit," as defined in the Uniform Partnership Act,
which is in force in a majority of the states.
PARTY WALL
- A wall which is located on or at a boundary line between two adjoining
parcels and is used or is intended to be used by the owners of both
properties in the construction or maintenance of improvements on their
respective lots.
PENTHOUSE
- An apartment located on the roof of a building, or more commonly, an
apartment on the top floor of a building.
PERCENTAGE LEASE
- A lease whose rental is based on a percentage of the monthly or annual
gross sales made on the premises.
PERCOLATION TEST
- A hydraulic engineer's test of soil to determine the ability of the
ground to absorb and drain water.
PERFORMANCE BOND
- A bond, usually posted by one who is to perform work for another, which
assures that a project or undertaking will be completed as per agreement
or contract.
PERIODIC TENANCY
- A leasehold estate which continues from period to period, such as month
to month, year to year. All conditions and terms of the tenancy are
carried over from period to period, and continue for an uncertain time
until proper notice of termination is given.
PERMANENT FINANCING
- A long-term loan, as opposed to an interim loan.
PERSONAL PROPERTY
- Things which are tangible and moveable; property which is not
classified as real property; chattels; personalty.
PIGGYBACK LOAN -
A joint loan with two lenders sharing a single mortgage.
PLANNED UNIT
DEVELOPMENT (PUD) - A modern concept in housing designed to
produce a high density of dwellings and maximum utilization of open
spaces.
PLAT - A
map or a town, section, or subdivision indicating the location and
boundaries of individual properties.
PLOTTAGE -
The merging or consolidating of adjacent lots into one larger lot, with
the consequent result of improved usability and increased value; also
called assemblage.
POCKET LISTING -
A listing which is retained by the listing broker or salesperson, who does
not make it available to other brokers in the office or to other Multiple
Listing Service members.
POINT OF BEGINNING
- The starting point in a metes and bounds description of property,
which is usually a street intersection or a specific monument.
POINTS - A
generic term for a percentage of the principal loan amount which the
lender charges for making the loan; each point is equal to one percent of
the loan amount.
POLICE POWER -
The constitutional authority and inherent power of a state to adopt and
enforce laws and regulations to promote and support the public health,
safety, morals and general welfare.
PORTE COCHERE
- A roofed structure extending from the entrance of a building over an
adjacent driveway to shelter those getting into or out of vehicles.
POSSESSION -
The act of either actually or constructively possessing or occupying
property.
POWER OF ATTORNEY
- A written instrument authorizing a person (the attorney-in-fact)
to act as the agent on behalf of another to the extent indicated in the
instrument.
POWER OF SALE
- A clause written into a mortgage authorizing the mortgagee to sell the
property in the event of default.
PREMISES -
The subject property, such as the property which is deeded or the unit
that is leased.
PREPAID INTEREST -
The paying of interest before it is due.
PREPAYMENT PENALTY
- The amount set by the creditor as a penalty to the debtor for
paying off the debt prior to its maturity. The prepayment penalty is
charged by the lender to recoup a portion of interest that he had planned
to earn when he made the loan.
PREPAYMENT PRIVILEGE
- The right of the debtor to pay off part or all of the debt without
penalty prior to maturity, such as in a mortgage or agreement of sale.
PRE-SALE -
A pre-construction sale program by a condominium developer who is required
to sell a certain percentage of units before a lender will commit to
finance construction of the project.
PRESCRIPTION
- The acquiring of a right in property, usually in the form of an
intangible property right such as an easement or right-of-way, by means of
adverse use of property that is continuous and uninterrupted for the
prescriptive period.
PRESENT VALUE OF ONE
DOLLAR - A doctrine which is based on the fact that money has a
time value. The present worth of a payment to be received at some time in
the future is the amount of the payment less the loss of interest.
PRIME RATE
- The minimum interest rate charged by a commercial bank on short-term
loans to its largest and strongest clients(those with the highest credit
standings).
PRINCIPAL
- The capital sum; interest is paid on the principal. NOT spelled
principle.
PRINCIPAL BROKER -
The licensed broker directly in charge of and responsible for the real
estate operations conducted by a brokerage company.
PRIVATE MORTGAGE
INSURANCE - A special form of insurance designed to permit
lenders to increase their loan-to-market-value ratio, often up to 95
percent of the market value of the property.
PROBATE -
The formal judicial proceeding to prove or confirm the validity of a will.
The will is presented to the probate court, and creditors and interested
parties are notified to present their claims or to show cause why the
provisions of the will should not be enforced by the court.
PROCURING CAUSE
- That effort which brings about the desired result, as in producing the
buyer for the listed property.
PRO FORMA STATEMENT
- A projection of future income and expenses.
PROMISSORY NOTE
- An unconditional written promise of one person to pay a certain sum of
money to another, or order, or bearer, at a future specified time.
PROPERTY -
The rights or interests a person has in the thing owned; not, in the
technical sense, the thing itself. These rights include the right to
possess, to use, to encumber, to transfer and to exclude, commonly called
the "bundle of rights."
PROPERTY MANAGEMENT
- That aspect of real estate devoted to the leasing, managing, marketing
and overall maintenance of the property of others.
PROPERTY REPORT -
A disclosure document required under the federal interstate land sales act
where applicable to the interstate sale of subdivided lots.
PROPRIETARY LEASE
- A written lease in a cooperative apartment building, between the
owner-corporation and the tenant-stockholder, in which the tenant is given
the right to occupy a particular unit.
PRORATE -
To divide or distribute proportionately.
PROSPECT -
A person or corporation who may be interested in buying or selling real
property. The prospect does not become a client until the parties
establish a fiduciary relationship, such as upon signing a listing
contract or upon executing a DROA.
PROSPECTUS
- A printed statement distributed to describe, advertise and give advance
information on a business, venture, project or stock issue.
PUFFING -
Exaggerated or superlative comments or opinions not made as
representations of fact and thus not a grounds for misrepresentation. A
statement such as "the apartment has a fantastic view," is
puffing because the prospective buyer can clearly assess the view in each
case.
PUNCH LIST
- A discrepancy list showing defects in construction which need some
corrective work to bring the building up to standards set by the plans and
specifications.
PURCHASE MONEY
MORTGAGE - A mortgage given to the seller as part of the
buyer's consideration for the purchase of real property, and delivered at
the same time that the real property is transferred as a simultaneous part
of the transaction.
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Hernando
County Real Estate 
