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

P

Partial payment	A payment that is less than the agreed upon monthly payment on a loan
Partition	The forced dividing of real estate among parties who were previously its co-owners
Patent	A first in a series of documents by which the federal or state government transfers ownership of public lands to an individual
Pay-off amount	The total balance on an existing loan or mortgage
Percolation test	A testing of the soil on a property to evaluate if its absorption and drainage capacity will allow installation of a septic system
Personal property	Property that does not qualify as real property
PITI	Acronym for principal, interest, taxes and insurance, the four components of a monthly mortgage payment, which are taken into account when a lender is evaluating a borrower's financial qualifications for a loan
Plat, or Plot	A map showing a piece of land subdivided into lots, streets and common area, if applicable
P.M.I, or Private Mortgage Insurance	Acronym for Private Mortgage Insurance, see below
Point	A one-time fee charged by the lender for originating a loan, one point being equal to one percent of the amount of the mortgage
Power of attorney	A written legal document authorizing a person to act as agent for another, to the extent outlined in the document
Power of Sale	A provision in a will, mortgage or trust agreement authorizing the sale or transfer of land in accordance with the terms of the provision
Pre-Approval	A commitment from a lender to loan a certain amount of money to a buyer at a designated interest rate and for a specified period of time, which gives the buyer an advantage in competing to purchase real estate or a home
Preforeclosure sale	The sale of a property by a mortgagor for less than the amount owed to the lender of the mortgage for the property, thereby allowing the mortgagor to avoid foreclosure, and done with the approval of the lender
Prepayment penalty	A fee that is charged by the lender to a borrower who pays off a loan earlier than the due date, thereby costing the lender interest and other income from charges
Pre-qualification	The process by which the amount of loan a prospective buyer will be eligible to borrow is determined, based on his or her income and expenses, which can be used to demonstrate the buyer's financial capability to the seller
Prime rate	The most favorable interest rate that banks charge, usually to their preferred customers
Principal	The amount borrowed, not including interest or other charges
Principal balance	The portion of the original amount borrowed that is due on a loan or mortgage at any point in time
Private mortgage insurance, or P.M.I.	A policy that insures that the lender will recover a specific percentage of the loan amount from the insurance company in the event that the borrower defaults; is not backed by any government agency; is usually required when a down payment of less than 20% is put on real estate or a home purchased
Probate	The court proceedings to prove that a will is valid
Procuring cause	The action or person who brings about the desired result; e.g., under an open listing, the broker who brings in the buyer who actually purchases the property
Promissory note	A written promise to pay a specified amount of money in a designated period of time, which is also transferable to a third party
Prorate	To divide the proportionate share of existing expenses on a piece of property between the seller and buyer, e.g., taxes owed at the time of a transfer of title from the seller to the buyer
PUD (Planned Unit Development)	A multi-unit property or subdivision that includes common property that is owned and maintained by a homeowners' association, for the use of the individual owners
Purchase and sale agreement	A written contract signed by the buyer and seller that states the conditions under which a property will be transferred or sold
Purchase money mortgage	An agreement whereby financing provided by the seller is included in the purchase price

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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Real Estate Tips

Closing or Settlement >Real Estate Repairs

In most real estate transactions there are a few responsibilities that the sellers need to handle before the closing, such as repairs and termite extermination. The deadline for completing these obligations usually coincides with the actual closing. Many sellers barely make that deadline. Those who wait until the last minute to handle these matters may miss the deadline altogether or pay high rates in order to get a plumber, roofer or electrician on an emergency basis.

Your buyers will probably get a structural inspection done after the contract is ratified. Within 10 days of the contract's acceptance by all parties, the pest inspection should be scheduled. Even though sellers usually know well in advance what is needed, they sometimes put things off until the buyers have finalized the loan approval process. Since these repairs will have to be made anyway, it is a good idea to get them done promptly.

	See All Tips In The "Closing or Settlement" Category >
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Real Estate Trivia

Q	What four states in the Southwest are noted for having boundaries that touch.
A	New Mexico, Arizona, Utah and Colorado, referred to as the "Four Corners", have adjoining boundaries.
See More Real Estate Trivia >

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Tracy Wilson Eco-Broker, E-Pro, GRI, CSP, and ABR The Group Inc. 5401 Stone Creek Circle Loveland, CO 80538 Office: 970-613-0700 Fax: 970-667-7955 Tracy@TracysTeam.com For Tracy Wilson, it’s all about building lasting relationships with both buyers and sellers—and for her, this is a lifetime commitment. After the deal is done, she removes her “Realtor Hat” and walks out with her friends. Tracy continues to nurture her buyer and seller friends for years. One key to her success at making such lasting relationships is her belief in the “Team Concept” approach to her work, a top-producing team that stays on the cutting edge of technology and constantly continues their Real Estate education. Tracy makes sure that through the efforts and expertise of each of her team members, lines of communication are kept open and clients are kept well informed through every step of every transaction. Tracy’s clients never feel left in the dark when working with her and her team of experts. Because Tracy believes that excellent communication is the key to success, she has also developed the ability to listen carefully to the needs of both buyers and sellers. In this way, she is always in the position to be able to assist her clients and play a part in making their dreams come true! Clients have appreciated this about Tracy for years. Tracy also strongly believes in investing back in her sellers! She feels that it is a privilege to list a person’s home and she enjoys conveying that. She enjoys letting sellers know that because they are bestowing on her and her team the honor of listing their home, which is such a large investment, she and her team in turn will be using top marketing means, top advertising, and so on, in response. In sum, if you want your dream to come true, contact Tracy Wilson today for the best that Loveland, Greeley and Ft. Collins, Colorado, has to offer! She’ll be a friend for life! www.TracysTeam.com is brought to you by Tracy Wilson, real estate for Loveland, Greeley and Ft. Collins, Colorado Read Tracy Wilson's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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