- Pending Listing – is a Listing that is under contract; that means the buyer and seller have agreed on a price and have a signed contract to finalize the sale.
- Plat of land – a map of a piece of land, in which are marked the courses and distances of the different lines and the quantity of land it contains.
- PMI – see Private Mortgage Insurance (PMI)
- Points or Loan Points – loan points are a charge to the borrower in connection with obtaining a real estate loan. In theory, the more loan points paid up front, the lower the interest will be over the life of the loan. The term “points” is short for “percentage points”.
- Possession – possession date is often the date the buyer can occupy the property. Most times is on the closing date, however it can be later, if the seller needs longer time to vacate the property.
- Pre-Inspection – is a Home Inspection performed by home buyer prior to submitting an offer to the seller, while waiving the inspection contingency.
- Pre-Listing Inspection – is a Home Inspection performed by the seller and a copy of the inspection report is provided to the buyer.
- Pre-Payment – is the early repayment of a loan by a borrower, in part or in full, often as a result of Refinancing to take advantage of lower interest rates.
- Pre-Paids – Prepaids are expenses or items that the home buyer pays at closing before they are technically due. Prepaids can include taxes, hazard insurance, private mortgage insurance, HOA monthly/annual fees, and special assessments.
- Principal Amount – the principal amount on your Loan or mortgage is only one part of your monthly payment. The lender also includes loan interest. property tax, home insurance in the loan payment.
- Private Mortgage Insurance (PMI) – is a type of mortgage insurance from private insurance companies used with conventional loans. Similar to other kinds of mortgage insurance policies, PMI protects the lender if you stop making payments on your home loan. PMI can be arranged by the lender and provided by private insurance companies. PMI can be gotten rid of when either of two things happens:
— The homeowner paid down enough of the principal and they have 20%equity
— The home has appreciated value
- Protective Classes – a protected group or protected class is a group of people qualified for special protection by a law, policy, or similar authority.
— National Origin
— Familial Status
- Property Tax – is a real estate ad-valorem tax, considered a regressive tax, calculated by a local government, which is paid by the owner of the property. The tax is usually based on the Assessed Value of the owned property, including land.
- PSA — see Purchase and Sale Agreement (PSA)
- Purchase and Sale Agreement (PSA) – a contract in which the seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions spelled out in writing and signed by both parties.