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Athens GA Homes and Condos
Athens Real Estate | Abbreviations, Terms and Phrases
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panic peddling
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The illegal practice of inducing panic selling
in a neighborhood by making representations of the entry, or prospective
entry, of members of a minority group; blockbusting.
See Fair Housing.
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party wall
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Wall erected on line between adjoining properties
for the use of both properties.
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patio home
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A single-family home that sits on a small
lot, often with one outside wall of the structure sitting on the property
line. Patio homes have no common structural walls with adjoining
propeties, but their zero lot line
wall may form part of their neighbors backyard fence/wall. These
properties often have a small back or side yard large enough for a patio
or garden area. Also known as a garden home.
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percentage lease
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Lease in which all or part of rental is a
specified percentage of gross income from total sales made upon the premises.
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person
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An individual, a partnership, or a corporation,
foreign or domestic.
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personal property
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Property which is tangible, movable, and not
fixed to the land. Also called chattel and personalty. Contrast with real
property.
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personalty
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Personal property; chattel. Contrast with
Realty.
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physical deterioration
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The loss of value to real property from all
causes due to the action of the elements and old age. Physical deterioration
can be either curable or incurable.
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PITI
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Principal, Interest, Taxes and Insurance.
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planned
unit development (PUD)
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In a PUD, the planned unit development association
owns and maintains property in a real property development project for
the benefit of its members, who are owners of individual parcels of real
property in the development and are members of the association because
of that ownership. The level of services and fees are similar to
a condominium complex, but since each owner has title to a specific parcel
of land, lenders may treat units as non-condominiums. This allows
higher LTV loans and eliminates owner occupancy percentage requirements.
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plat book
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A record of recorded subdivisions of land.
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PMI
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Acronym - private
mortgage insurance.
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points
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Fees paid to induce lenders to make mortgage
loans at a particular interest rate. Each point is equal to one percent
(1%) of the loan principal. Same as discount
points.
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police power
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The authority of a government to adopt and
enforce law governing the use of real estate based on the need to promote
public safety, health, and general welfare.
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power of attorney (POA)
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A written authorization by a person to another
person to act for him on his behalf.
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prepayment
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Paying off all or part of the mortgage before
the scheduled date.
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prepayment clause in a mortgage
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Statement of the terms upon which the mortgagor
(borrower) may pay the entire or stated amount on the mortgage principal
at some time prior to the due date.
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prepayment penalty
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A fee paid to the lending institution for
paying a loan prior to the scheduled maturity date.
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primary mortgage market
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Lenders who originate loans and makes funds
available directly to the borrowers. Contrast with secondary
mortgage market.
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prime rate
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The interest, or discount rate charged by
a commercial bank to its largest and strongest customers.
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principal
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The amount of money owed to the lender not
including interest.
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principle of conformity
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An appraisal principle which holds that the
maximum value is realized when a reasonable degree of homogeneity (sameness)
exists in a neighborhood.
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private
mortgage insurance (PMI)
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Default insurance on conventional loans, normally
insuring the top 20%-25% of the loan and not the whole loan.
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promulgated contracts
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The Texas Real Estate Commission has prepared
and authorized various standard contracts which must be used by all licensees
when acting as agents in real estate transactions with limited exceptions.
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property taxes
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Taxes that are paid yearly on real property.
Property taxes are ad valorem, based on the assessed value of the real
property. In Texas the assessed value is determined by the County
Appraisal District. Each taxing authority multiplies this appraised
value by its annual tax rate. Taxing authorities include local school
districts, counties, cities, water districts(MUD's,
PUD's,
LID's,
etc.), and other special tax districts.
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pro-rate
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To divide or distribute proportionally. At
closing, various expenses such as taxes, insurance, interest, rents, etc.
are prorated between the seller and buyer.
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Public
Utility District (PUD)
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A water district, created by a city or county,
promoting development of a designated area by providing water and sewer
services. The PUD operates in the same manner as a Municipal
Utility District, but is created by a local government, not
a private developer.
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PUD
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Acronym - planned
unit development.
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Acronym - Public
Utility District.
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puffing
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Non-factual or extravagant statements and
opinions made to enhance the perceived desirability of a property. The
is a fine line between legal puffing and illegal misrepresentation, and
puffing is best avoided. An example of puffing would be, "This home has
the best view in the city". Also known as puffery.
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purchase offer
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A document that lists the price, terms and
conditions under which a buyer is willing to purchase a property.
Compare with grant deed.
Athens GA Homes and Condos
Athens Real Estate | Abbreviations, Terms and Phrases
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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