- PrincipalThe amount of money borrowed or the amount of the loan that has not yet been repaid to the lender. This does not include the interest you will(...) Read More
- Principal and InterestPrincipal and interest is the dollar portion to repay the loan. All interest that occurs is calculated on the current balance owing. The(...) Read More
- Principal, Interest, Taxes, and InsuranceThe four components of a mortgage payment. Read More
- Principal, Interest, Taxes, Insurance, and Association DuesOften used to calculate the debt service ratio for a property, PITIA is an acronym for the sum of Principal, Interest, Taxes, Insurance, and(...) Read More
- Principal ReductionA principal reduction is a decrease in the amount owed on a mortgage. It’s an alternative to a home foreclosure, sometimes offered by lenders as(...) Read More
- Prior to DocumentsThe standards which must be satisfied before a lender will issue loan documents. As part of the lender’s internal underwriter review process,(...) Read More
- Prior to FundingWhile requested after a loan is committed, these conditions are similar to “Prior to Documents,” and must be satisfied in order to approve the(...) Read More
- Private LenderPrivate lenders offer short-term loans with higher interest rates, similar to a hard money lender. While private lenders and hard money lenders(...) Read More
- Private Money LoanPrivate money lending means borrowing money from an individual investor. Real estate investors use private lenders to finance deals that either(...) Read More
- Private Mortgage InsuranceInsurance for conventional mortgage loans that protects the lender from loss in the event of default by the borrower. The type of insurance(...) Read More
- Pro FormaDescription of financial statements that have one or more assumptions or hypothetical conditions built into the data. Often used with balance(...) Read More
- Pro-formaA pro-forma is the estimated financials for an investment. Pro-formas combine known revenue and expenses with estimates to create reasonable(...) Read More
- ProbateA legal procedure in which the validity and probity of a document, such as a will, is proven. Read More
- Probate SaleA probate sale is the death of a homeowner occurs before writing a will or giving the property to someone. Consequently, the probate court(...) Read More
- ProcessingThe preparation of a mortgage loan application and supporting documentation for consideration by a lender or insurer. Read More
- Profit and Loss StatementA financial report generated on an annual basis that shows the real net profit before any taxes. Read More
- Projected Annual AppreciationThis is a projection of the potential increase in value for the property typically based on 3rd party valuation tools. Read More
- Promissory NoteA written promise to pay or repay a specified sum of money at a stated time, or on demand, to a named person. In addition to the payment of(...) Read More
- Proof of FundsA statement from a financial institution that the buyer has enough funds to proceed with an offer to the seller Read More
- PropertyA real estate asset that includes land and any accompanying permanent structures, such as houses or other buildings. Read More
- Property ClassificationProperties are classified as either residential, non-residential, farmland, linear or machinery and equipment. Some properties have more than(...) Read More
- Property InspectionA visual inspection of a building that has to be carried out by a qualified professional in a non-invasive manner. Read More
- Property ManagementA company or person contracted by a real estate owner to support accounting, maintenance, and administrative tasks on an investment property. Read More
- Property Ownership by NominationA process under which a property owner can give someone the right over his immovable property and other assets, in the event of his death. This(...) Read More
- Property ShowingA scheduled appointment that allows prospective tenants to make a walk-through tour in the property. Read More
- Property SurveyA survey to determine the boundaries of your property. The cost depends on the complexity of the survey. Read More
- Property TaxesA tax based on the property’s value that is paid by the property owner to the local government. Read More
- Property TypeReal estate listings have property types (or building types) fields to describe the kind of property for sale. For example; townhouse, duplex,(...) Read More
- Property valueThe value of a piece of property based upon a recent appraisal and the amount a buyer will pay. Read More
- ProrationThe process of breaking down and dividing expenses proportionally based on each party’s share of owning or renting a property. Read More
- Public RecordsThe transcriptions in a recorder’s office of instruments that have been recorded, including the indexes pertaining to them. Read More
- Pull a PermitGetting a building permit from the local building department that ensures a building inspector has reviewed the blueprints and will inspect the(...) Read More
- Pump MixSpecial concrete that will be used in a concrete pump. Generally, the mix has smaller rock aggregate than regular mix. Read More
- Punch ListA document prepared towards the end of construction that should be corrected by a contractor before final payment. Read More
- Punch OutTo inspect and make a discrepancy list. Read More
- Purchase and Sale AgreementA contract that details the price and conditions for a transaction. In connection with the sale of a residential property, the agreement(...) Read More
- PuttyA type of dough used in sealing glass in the sash, filling small holes and crevices in wood, and for similar purposes. Read More
- PVPhotovoltaics solar panels that use sunlight as a source to generate renewable energy. They are often installed on the roofs of homes. Read More
- PVCOr "CPVC". A type of pipe, typically used for water supply or plumbing, made of a white, water-insoluble thermoplastic resin, or composed of(...) Read More
- PVC-UAn unplasticized version of PVC; made from polymere. It was once referred to as uPVC (for unplasticized PVC); the term was changed to PVC-U in(...) Read More