Doug Barry, Associate Broker
   LONG & FOSTER REAL ESTATE, INC.

                     Licensed in Maryland
  Direct Line 410-207-4751  Office 410-583-5700  

 

        


A B C D E F G H I J K L M N O P Q R S T U V W X Y Z


FIND THE DEFINITION FOR ANY REAL ESTATE TERM

Click on the letters above for terms beginning with that letter, and then click on the term below.

Don’t see a term here?  Feel free to ask us.  (Unfortunately, however, we cannot give you real estate or legal advice.)

PACKAGE LOAN/PACKAGE MORTGAGE – A loan which applies to both real and personal property, for example if someone buys a house and furnishings and puts both on the same loan.

PANIC PEDDLING – The illegal practice of vigorously soliciting listings in an area using scare tactics based on some protected group of individuals (race, religion, etc.).

PARCEL – A lot, a distinct tract of land.

PAROL EVIDENCE RULE – A legal principle that says that the written terms of a contract cannot be changed orally or through an irrelevant written document.

PARQUET FLOOR – A hardwood floor made of individual pieces of wood laid out in patterns.

PARTY WALL – A wall shared by two owners, such as in a townhouse or condominium.  Neither party may damage the structural integrity of the wall, because the other party has the right for the wall to be there.

PAYEE – The party to whom a payment is made, for example, the lender in a real estate loan who is receiving payments from a borrower.

PERCENTAGE LEASE – A lease in which the tenant pays a percentage of their gross sales, or a percentage of sales over a certain dollar amount.  This could be done on a monthly, quarterly or yearly basis.  This would probably be paid in addition to a fixed rent and some operating expenses.  Common in shopping malls and other retail centers.

PERCOLATION (PERC, PERK) TEST – A test of the soil on a property to determine how easily the land can absorb liquid.  Normally required on properties that will require the construction or installation of a septic system.

PERIOD-TO-PERIOD LEASE – Also called PERIODIC TENANCY, a lease of an indefinite duration, that can end at the completion of a specific period.  The period will be spelled out in the lease, as in year-to-year, month-to-month, week-to-week or day-to-day.  For example, if a month-to-month lease starts on the first day of the month, it will on the last day of some month in the future, but the specific month in which the lease ends will not be known at the beginning of the lease.

PERIODIC TENANCY (See PERIOD-TO-PERIOD LEASE)

PITI – Principal, Interest, Taxes, Insurance.  The four elements common in most real estate loan payments.

PLANNED UNIT DEVELOPMENT (PUD) – A community created through a comprehensive plan, containing multiple property uses, coordinated to meet the needs of the community.

POWER OF ATTORNEY – A document giving another party the authority to act on someone’s behalf for a single transaction or a range of transactions.

PUD (See PLANNED UNIT DEVELOPMENT)

PURCHASE MONEY MORTGAGE – Seller financing.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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