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.

Michael & Cindy Morris
Coldwell Banker Residential Real Estate LLC.
Cindy: (727) 480-8247
Michael: (727) 251-7447
FAX (727) 397-5978

Contact Us!
michael@michaelkmorris.com

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Coldwell Banker Residential Real Estate LLC.
1988 Gulf to Bay Blvd.
Clearwater, FL 33765