Real estate Terms..Part 7

Parking Ratio
Number of parking spaces per 1,000 square feet of gross leasable area.

Parking Spaces
The description of the parking in and around the property.

Partially Cultivated
Partial alteration to physical or chemical properties of the soil or vegetation by former agricultural use.

Pellet Stove
An appliance of steel or beautiful cast iron that burns wood bio-mass pellets. These have forced exhaust blowers, thermostats and can be horizontally or vertically vented.

Pending (P)
Contract Pending – An offer has been accepted on the property.

Pending Date
The date the status of the listing was changed to Pending or Pending Taking Back-Ups.

Pending Over 4 Months (PO)
The computer automatically changes that status to PO from P or PB after 4 months.

Pending Taking Backups (PB)
An offer has been accepted on the property; however, the owner would like to continue taking additional offers. This status needs to be used when there is an Option Period.

Perc Test
A procedure to measure the drainage characteristics of the soil on a lot.

Perimeter Fence
The percentage of the property where a fence encircles the entire property as a whole.

Perlite
A volcanic glass that can be expanded through heating to produce a light, airy material used, among things, as infill insulation

Per Person
Each individual pays the amount.

Per Pet
If the pet deposit is just a flat, all-covering fee, or if the deposit is per each pet.

Pet Addendum
A special addendum required for pet(s) on the premises.

Pet Deposit
This is a deposit for any pets on the premises.

Pet Description
Defining the type of pets that are allowed on the property

Pets
Are pets allowed on the property?

Pipe Fence
A fence constructed of metal plumbing pipe.

Pipeline
A conduit or network of pipes used to carry liquids such as water, sewage, gasoline, and oil.

PITI
Principal, interest, taxes and insurance — the components of a monthly mortgage payment.

Planned Unit Development
A zoning classification that allows flexibility in the design of a subdivision. Planned Unit Development zones generally set an overall density limit for the entire subdivision, allowing the dwelling units to be clustered to provide for common open space. A subdivision of five or more individually owned lots with one or more other parcels owned in common or with reciprocal rights in one or more other parcels.

Plans & Specs
The arrangement of rooms in a building; built without a tenant or buyer/user.

Plumbed for Icemaker
Plumbing is in place to the refrigerator for an automatic icemaker.

Points
Prepaid interest assessed at closing by the lender. Each point equals 1 percent of the loan amount. (2 points on a $100,000 mortgage would cost $2,000)

Polystyrene
A type of plastic foam. It is often used in insulation, plates, egg cartons, coffee cups and disposable food containers. Anything made of this product is not very biodegradable and is also difficult to recycle.

Pool on Property
A water-filled tank or depression, used as an ornamental feature in a garden or, when large enough, for swimming on the property.

Possession
The holding, control, or custody or property for one’s use, either as owner or person with another right.

Posted Date
The date the record was posted.

Post Fence
Long poles, either whole or split, are erected horizontally joining sections to form a zigzag pattern fence-line. May also be called a split rail fence.

Prepaids
Those expenses of property which are paid in advance of their due date and will usually be prorated upon sale, such as taxes, insurance, rent, etc.

Prepayment Penalty
A charge imposed by a mortgage lender on a borrower who wants to pay off part or all of a mortgage loan in advance of schedule.

Principal
Amount of debt, not including interest. The face value of a note or mortgage.

Private Mortgage Insurance (PMI)
Insurance provided by nongovernment insurers that protects lenders against loss if a borrower defaults. Fannie Mae generally required private mortgage insurance for loans with loan-to-value (LTV) percentages greater than 80%.

Private Golf Course
A Private Golf Courses is a facility where play is restricted to members and their guests.

Private Hanger
A large building at the airport where planes are stored or repaired that is privately used.

Private Landing Strip
An airfield without normal airport facilities that is privately used.

Probate
To establish the validity of the will of a deceased person.

Profit & Loss Statment
Summary of the revenues, costs, and expenses of a company during an accounting period.

Propane Available
The property is set up for propane.

Propane Needed
The property will need propane, but not currently on the property.

Propane on Property
The property has propane currently on it.

Property Address on Internet
Is the physical address of the property allowed to be displayed on the web sites to the general public?

Property Type
Determined by the Land Use Code in the County tax records.

Public Golf Course
A Public Access Golf Course is a facility that provides at least limited access and which may or may not offer memberships.

Public Hanger
A large building at the airport where planes are stored or repaired that is open to the public.

Public Landing Stip
An airfield without normal airport facilities that is open to the public for use

Public Water System
A government owned water system not from the city or water district.

Please visit www.NorthTexasHomeFinders.com for New home deals, or if you need immediate assistance in finding a home, please contact Amy Underwood at 940-464-7530