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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

Real Estate Tips Investment Real Estate >Tenant Tips When you buy an investment property, finding and keeping a tenant is very important. It's been said that a little caution during the screening process can save a lot of headaches later on. You can rely on an intuitive sense of how a prospect feels to you. While this is an important aspect of a landlord's decision-making process, following up on your intuition by checking on the facts is definitely worthwhile. Have prospective tenants fill out an application giving employment references and the names and addresses of previous landlords. The application should also include written permission for you to run a credit check. In most areas, it is difficult and expensive to evict someone who turns out to be less than a model tenant. Only after you check their references and credit history should you allow them to move in. See All Tips In The "Investment Real Estate" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories > Real Estate Trivia Q  What was the first land designated by the US government as a National Park? A  Yellowstone was established "as a public park or pleasuring ground for the benefit and enjoyment of people" in March 1872. See More Real Estate Trivia >

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Mike and Amy King King Real Estate, Inc. 15308 Morningmist Ln Silver Spring, Maryland 20906 Office: 240-242-4346 Amy's cell: 301-467-1877 Mike's cell: 301-467-5677 David's cell: (301) 706-8254 Fax: 301-598-1446 Email: king@NUMBER1EXPERT.com Real Estate License: 5191 Amy's email: amyking@mris.com Mike's email: mking@mris.com David's email: dnmarshall@hotmail.com Amy & Mike King have 24 years of combined experience in the Real Estate, Mortgage and Home Building industries! Their specialty is Real Estate in Montgomery County, but also have extensive experience in Howard and Price Georges counties. They are #1 when it comes to helping families make a smooth transition when moving here. Amy & Mike are a successful team who work together with you and for you! www.montgomerymdhomes.com is brought to you by Mike and Amy King, real estate for Montgomery County, Howard County, Silver Spring, Rockville and Olney, Maryland Read Mike and Amy King's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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