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TermDefinition
- P TrapCurved, "U" section of drain pipe that holds a water seal to prevent sewer gasses from entering the home through a fixtures water drain.
- P-TrapA U-shaped portion of a drain pipe that prevents sewer gasses from entering a home.
- Pad Out, Pack OutTo shim out or add strips of wood to a wall or ceiling in order that the finished ceiling/wall will appear correct.
- PaddingA material installed under carpet to add foot comfort, isolate sound, and to prolong carpet life.
- Paid Outside of ClosingA reference on the closing disclosure indicating an item will be or has been paid (typically in advance of closing).
- POCA reference on the closing disclosure indicating an item will be or has been paid (typically in advance of closing).
- PaintA combination of pigments with suitable thinners or oils to provide decorative and protective coatings. Can be oil based or latex water based.
- PalletsWooden platforms used for storing and shipping material. Forklifts and hand trucks are used to move these wooden platforms around.
- PanelA board, typically rectangular in shape that is set in a frame. Usually refers to the panels within a door frame or cabinet.
- Pantry CabinetA pantry cabinet is a specialty cabinet designed with numerous shelves and sometimes drawers to hold kitchen supplies and tools. Pantry cabinets normally sit on the floor like a base cabinet, but may extend up so that they're even with the height of your wall cabinets. Pantry cabinets are available in several widths and configurations.
- Paper, BuildingA general term for papers, felts, and similar sheet materials used in buildings without reference to their properties or uses. Generally comes in long rolls.
- ParapetA wall placed at the edge of a roof to prevent people from falling off.
- Partial PaymentA payment that is less than the scheduled monthly payment on a mortgage loan.
- Particle BoardA wood product composed of sawdust and adhesives that is often used for furniture, underlayment, and substrate.
- Parting StopA small wood piece used in the side and head jambs of double hung windows to separate the upper sash from the lower sash.
- StripA small wood piece used in the side and head jambs of double hung windows to separate the upper sash from the lower sash.
- PartitionA wall that divides a room into parts.
- Pass-Through TaxationThe process in which a company that does not pay a corporate income tax passes all of its earnings to its owners. The owners then pay taxes on the company income.
- Single TaxationThe process in which a company that does not pay a corporate income tax passes all of its earnings to its owners. The owners then pay taxes on the company income.
- Passive InvestingAn investment method that does not require continuous or extensive effort from the investor to maintain. This includes Real Estate Investment Trusts (REITs), remote ownership, and real estate funds. A passive investor typically does not deal directly with the investment, but goes through 3rd parties, and may never even visit their properties.
- Patio HomeTypically refers to a free-standing individual home, but, similar to a condominium, the landscaping, common areas and exterior are maintained by an association.
- PaverPaving stone, tile, or brick-like concrete that is used to make a pathway.
- Paver, PavingMaterials-commonly masonry-laid down to make a firm, even surface.
- Payment CapFor an adjustable-rate mortgage (ARM) or other variable rate loan, a limit on the amount that payments can increase or decrease during any one adjustment period.
- Payment Change DateThe date on which a new monthly payment amount takes effect, for example, on an adjustable-rate mortgage (ARM) loan.
- Payment ScheduleA schedule of payments, usually included in the contract, that describes at what point(s) the customer will pay the contractor. May include a deposit, periodic payments for materials, work performed, and of course a final payment.
- PedestalA metal box installed at various locations along utility easements that contain electrical, telephone, or cable television switches and connections.
- Pedestal SinkA sink that is made up of an upper basin and a lower shaft.
- Penalty ClauseA provision in a contract that provides for a reduction in the amount otherwise payable under a contract to a contractor as a penalty for failure to meet deadlines or for failure of the project to meet contract specifications.
- Pencil DrawerA pantry cabinet is a specialty cabinet designed with numerous shelves and sometimes drawers to hold kitchen supplies and tools. Pantry cabinets normally sit on the floor like a base cabinet, but may extend up so that they're even with the height of your wall cabinets. Pantry cabinets are available in several widths and configurations.
- PendingPending means the seller has accepted an offer from a buyer but hasn’t yet closed (and can still fall through if contingencies are not met or if funding cannot be secured)
- PeninsulaA metaphorical term for an extended kitchen counter space connected to the wall on only one side.
- PennyAs applied to nails, it originally indicated the price per hundred. The term now series as a measure of nail length and is abbreviated by the letter "d". Normally, 16d (16 "penny") nails are used for framing
- Penny TileA small type of tile, usually between 0.75 inches and 1 inch wide, used to decorate kitchens, bathrooms, and pools.
- PennyweightA system of measurement for the size of a nail.
- Per DiemPer diem, meaning per day in Latin, refers to interest calculated per day or fee paid to the lender if a loan is not established by the initial closing date set for the home.
- Percentage FeeAn agreed-upon percentage from the property’s gross collectible income for a property management fee.
- Percolation TestA test that determines how much liquid the ground is able to absorb from a septic tank; it is typically performed by a soil engineer.
- Perc TestA test that determines how much liquid the ground is able to absorb from a septic tank; it is typically performed by a soil engineer.
- Performance BondAn amount of money (usually 10% of the total price of a job) that a contractor must put on deposit with a governmental agency as an insurance policy that guarantees the contractors' proper and timely completion of a project or job.