Oscar Castillo
"Residential" Real Estate

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    - Glossary

 

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Package loan   a real estate loan used to finance the purchase of both real property and personal property, such as in the purchase of a new home that includes carpeting, window coverings and major appliances.

Partial Claim  (Loan) a no-interest or low-interest loan given by a lender to help pay back any missing or partial mortgage payments and default-related fees. This is a one-time only loan. The partial claim loan is paid back when the mortgage loan is paid off.

Partial release clause   a mortgage provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money by the mortgagor. The clause is frequently found in tract development construction loans.

Partition   co-tenants who wish to terminate their co-ownership may file an action in court to partition the property. Partition is a legal way to dissolve the relationship when the parties do not voluntarily agree to its termination. If the court determines that the land cannot be divided physically into separate parcels without destroying its value, the court will order the real estate to be sold. The proceeds of the sale will then be divided among the co-owners according to their fractional interests.

Partnership   an association of two or more individuals who carry on a continuing business for profit as co-owners. Under the law a partnership is regarded as a group of individuals rather than as a single entity.

Party wall   a wall that is located on or at a boundary line between two adjoining parcels of land and is used or is intended to be used by the owners of both properties.

Party wall easement   a party wall can be an exterior wall on a building that straddles the boundary line between two lots, or it can be a commonly shared partition wall between two connected properties. Each lot owner owns the half of the wall on his or her lot, and each has an appurtenant easement in the other half of the wall. A written party wall agreement must be used to create the easement rights. Expenses to build and maintain the wall are usually shared. A party driveway shared by and partly on the land of adjoining owners must also be created by written agreement, specifying responsibility for expenses.

Passive income   is income generated when a person is not active in a business or occupation. Examples of situations where passive income is generated include limited partnerships or rental income remaining after allowable deductions.

Passive losses   are losses left over when deductions for annual operating expenses, loan interest, and depreciation exceed annual rents. For tax purposes, passive losses can only be used to offset passive income.

Pass-throughs   are payments on securities sold in the secondary market that are sent directly to investors.

Pass-through security   a security issued by the Government National Mortgage Association (Ginnie Mae) to mortgage investors. Cash flows from the underlying block individual mortgage loans are "passed through" to the holders of the securities in pro rata share, including loan prepayments. With a mortgage-backed security, the timely payment of principal and interest is guaranteed by Ginnie Mae. In 1982, the Federal National Mortgage Association (Fannie Mae) instituted its own mortgage-backed securities program designed to attract billions of dollars into the conventional mortgage market from pension funds and other investors.

Payee   the person to whom a debt instrument, such as a check or promissory note, is made payable to. Known as obligee, the "receiver."

Payment cap   the limit on the amount the monthly payment can be increased on an adjustable-rate mortgage when the interest rate is adjusted.

Payoff - The receipt of funds from the buyer and the payment of the obligations of the seller in conjunction with a real estate transaction. The "payoff function" is performed by the Title company.

Payoff (good funds) - A Title company must be in receipt of "Good Funds" prior to disbursing monies on a "payoff".  Common types of Good Funds: (1) Funds wired into a Title companies sub-escrow account (2) a cashiers check drawn from an FDIC insured bank.

Payoff Statement - (also known as a "Demand for Payoff " or "Letters of Demand") is a statement prepared by a lender showing the remaining terms on a mortgage or other loan. The payoff statement shows the remaining loan balance and number of payments and the rate of interest. It also states the amount of interest that will be rebated due to prepayment by the borrower.  Payoff statements are prepared whenever a borrower considers paying off a loan early. Although payoff statements can apply to any type of loan, they are most commonly prepared for mortgages.

Payor   the debtor on a promissory note or the party who makes payment to another. (known as obligor)

PCS order - In the United States armed forces, a Permanent Change of Station (PCS) is the official relocation of an active duty military service member (along with any family members living with her or him) to a different duty location - such as another military base.  The PCS order that is issued details the destination of relocation and generally lasting one year or longer. A permanent change of station (PC) applies until it is overridden by another PCS order, a completion of active duty service or some other such Department of Defense action/event. 

Percentage fee   a property management fee expressed as a percentage of the gross collectable income from a property.

Percentage lease   a lease, commonly used for commercial property, whose rental is based on the tenant's gross sales at the premises. It usually stipulates a base monthly rental plus a percentage of any gross sales above a certain amount.

Periodic tenancy   a leasehold interest from period to period that renews automatically unless a notice of termination is given.

Permanent Change of Station (PCS) - In the United States armed forces, a Permanent Change of Station (PCS) is the official relocation of an active duty military service member (along with any family members living with her or him) to a different duty location - such as another military base.  The PCS order that is issued details the destination of relocation and generally lasting one year or longer. A permanent change of station (PC) applies until it is overridden by another PCS order, a completion of active duty service or some other such Department of Defense action/event.

Personal income   a person's gross income from wages, salaries, commissions, interest and profits from businesses or investments.

Personal property   things that are tangible and movable; property that is not classified as real property, such as chattels. Title to personal property is transferred by way of a bill of sale, as contrasted with a deed for real property. Items of personal property frequently become the object of dispute between buyer and seller, most often due to whether an item is considered a fixture or due to the seller's attempt to substitute a similar item. Some cautious buyers insert a clause in their purchase contracts to the effect that the buyer will get the appliances "as currently installed and used in the premises." A tree is real property while it is rooted in the ground, but when severed it is transformed into personal property. When lumber is assembled, however, and used as material to construct a house, it once again becomes a fixture or real property.

Personal representative   a person appointed by the probate court to administer a decedent's estate. See also "Executor" or "Administrator."

Phantom Income - which is the amount of forgiven debt (mortgage debt cancellation) absent the tax relief provision.  The tax law provides that such forgiven debt is income in a Short-Sale or loan modification and the difference of sold amount vs principal owed is taxable Phantom Income.

Physical deterioration   a reduction in a property's value resulting from a decline in physical condition; can be caused by action of the elements or by ordinary wear and tear.

Piggyback loans   ‘Piggy back” is a slang term, which really is another way of describing 1st and 2nd mortgages done at same time.  In today’s mortgage lending environment, obtaining a piggy back loan can be very difficult if a borrower has less than 20% for a down payment. In such instances, obtaining one mortgage with private mortgage insurance may be the only option. (ie: FHA loan)

PIK Loan   is a type of loan which typically does not provide for any cash flows from borrower to lender between the drawdown date and the maturity or refinancing date, not even interest or parts thereof (see mezzanine loan), thus making it an expensive, high-risk financing instrument. PIK (payment in kind) is to be interpreted as interest accruing until maturity or refinancing.   PIK loans are typically unsecured (ie. non-recourse, or not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien). Maturities usually exceed five years and in a standard offer, the loan carries a detachable warrant (the right to purchase a certain number of shares of stock or bonds at a given price for a certain period of time) or a similar mechanism to allow the lender to share in the future success of the business, making it a hybrid security.

PITI   acronym for Principal, Interest, Taxes & Insurance.  This is a homeowners monthly payment.

Planned Unit Development (PUD)   a relatively modern concept in housing designed to produce a high density of dwellings and maximum use of open spaces. This efficient use of land allows greater flexibility for residential land and development. It also usually results in lower-priced homes and minium maintenance cost. Often, PUDs are specifically provided for in zoning ordinances or are listed as a conditional permitted use, sometimes called planned development housing. Within the PUD, the owner does own the lot including the structure and improvements which has been conveyed to them-as shown in the recorded Tract Map or Parcel Map.  The owner will also benefit from an Home owners Association (HOA) that provides services to common areas and some amenities (ie; a pool or clubhouse).  However, there are restrictions CC&R's and duties which come with ownership of a PUD that buyers should be aware of prior to purchase.

Plat - plan out or make a map of (an area of land, especially a proposed site for construction).

Plat map   a map of a town, section or subdivision indicating the location and boundaries of individual properties.

Plottage   the increase in value or utility resulting from the consolidation (assemblage) of two or more adjacent lots into one larger lot.

PMI – Private Mortgage Insurance -   A policy provided by private mortgage insurers to protect lenders against loss if a borrower defaults. Most lenders require PMI for loans with loan-to-value (LTV) percentages in excess of 80%. This allows the borrower to make a smaller down payment of as low as 3.5%, instead of about 20%, and usually requires an initial premium payment and possibly an additional monthly fee depending on the loan's structure.

Point of beginning  (POB)   in a metes-and bounds legal description, the starting point of the survey, situated in one corner of the parcel; all metes-and-bounds descriptions must follow the boundaries of the parcel back to the point of beginning.

Points  (loan)    a percentage of the principal conventional loan amount. A lender often charges a borrower "service-charge" points for making a loan. Points may cover expenses in origination of the loan to increase a lender's yield or to "buy down" the rate. In conventional financing, points may be paid by the buyer or seller.

Polybutylene piping - is a form of plastic resin that was used extensively in the manufacture of water supply piping from 1978 until 1995. Due to the low cost of the material and ease of installation, polybutylene piping systems were viewed as "the pipe of the future" and were used as a substitute for traditional copper piping.  The piping was used for underground water mains and as interior water distribution within the walls.  Will the Polybuteylene Pipes Fail ?... While there is little scientific evidence, it is believed that oxidants in the public water supplies, such as chlorine, react with the polybutylene piping and acetal fittings causing them to scale and flake and become brittle. Micro-fractures result, and the basic structural integrity of the system is reduced. Thus, the system becomes weak and may fail without warning causing water damage to the building structure and personal property.  Throughout the 1980's lawsuits were filed complaining of allegedly defective manufacturing and defective installation causing hundreds of millions of dollars in damages. Although the manufacturers have never admitted that polybutylene was defective, they have agreed to fund the Class Action settlement with an initial and minimum amount of $950 million.

Pool Mastic - (also known as "mastic") is a self leveling joint compound (Deck-o-Seal or Sika Flex) that helps prevent water damage.  It is flexible and grout-like in appearance.  It is a necessary step in maintaining your pool and concrete joints.  Pool mastic, caulking or sealant as it is commonly referred to is the "waterproof expansion barrier" between your pool and your deck.  It's purpose is to allow movement between your pool and your concrete or paver deck surface without damaging the deck or your coping stones. Pool caulking or mastic also waterproofs to stop water from penetrating underneath your "coping stones" then down behind your pool tiles. If you allow water to penetrate through this opening or expansion joint the tiles will lose their bond to the pool wall, loosen, and eventually fall off.  You may be having this effect already or not, but the pool mastic serves a very important duty and should be kept in proper condition.  Mastic can also be used to seal expansion joints in the concrete decking, patios, driveways, sidewalks or any concrete joint.  Also know that unsightly plastic dividers around a pool can be removed and apply mastic in its place.

Portfolio loan   a loan originated and maintained by the lender and not sold in the secondary mortgage market.

Postponement Request   a request submitted by the Short Sale Specialist to the investor, asking to delay the foreclosure sale. There is no guarantee that this request will be granted.

Potentially responsible party (PRP)   Any individual or company that is potentially responsible for or has contributed to a spill or other contamination at a Superfund site (toxic site: a site where toxic wastes have been dumped). Whenever possible, EPA can and will require PRP's to clean up sites they have contaminated.

Power-of-attorney   a written instrument authorizing a person, the attorney-in-fact, to act as the agent on behalf of another to the extent indicated in the instrument.

Power-of-sale clause   a clause in a mortgage authorizing the holder of the mortgage to sell the property in the event of the borrower's default. The proceeds from the public sale are used to pay off the mortgage debt first, and any surplus is paid to the mortgagor. A power-of-sale clause is also found in trust deeds, giving the trustee authority to sell the trust property under certain circumstances.

Pre-approval letter    A letter written by a loan officer (also known as the loan originator) that says the borrower’s credit, bank references and employment have been verified. The letter is not binding on the lender because it is subject to other conditions such as an appraisal of the property and full underwriter approval.   A pre-approval letter from a loan officer carries substantial weight with a seller because it shows to the seller that the buyer is serious and the pre-approval letter itself can help sway the seller’s decision in your favor with regards to whom the seller perceives is more serious/qualified.  Real estate experts tell first-time home buyers that it's critical to apply for a loan before shopping for a home, and it's true; this is an essential first step. But do you know that it's far better to be preapproved for a loan than to be prequalified?  There are more advantages to gaining preapproval than one would initially think. When the lender hands a borrower a preapproval letter  the potential buyer will  (1) know up-to-what amount they qualify for, (2) it saves the buyer time by looking at homes within their purchase cap, (3) You can minimize anxiety and remove last-minute loan surprises and (4) the buyer can enjoy a smoother and faster closing period.

Pre-foreclosure    before a home is actually put into foreclosure, the process begins with what is frequently called pre-foreclosure.  In many cases, this can mean as little as a homeowner has missed two mortgage payments and the bank has filed a notice of default.  In other cases, a pre-foreclosure notice is the bank’s last step before actually filing for possession.  The length of time that a home is in pre-foreclosure can vary depending on the bank and whether the bank is prepared to commit the assets that are necessary to go through the foreclosure process.  Banks generally would prefer to avoid foreclosure if possible.  They almost always lose money in the process, and they are not equipped with the personnel or the procedures to manage and care for houses.  Banks are not in the home ownership business.

Pre-qualified    means a loan officer has determined a borrower is credit worthy and has financial potential to qualify for a certain loan.  Prequalification differs from pre-approval because pre-qualified is based on a lender's opinion, not on more in-depth credit verification.  The lender's process of judging if a borrower is creditworthy and capable of making payments on a loan.

Pressure relief valve   a valve used on hot water heating appliances to help keep the pressure in the heated tank or boiler from getting too high by allowing the relief of pressure from the valve.

Preliminary notice   notifies a customer that work to be completed is subject to the lien rights of the contractor. Preliminary notice must be given prior to recording of a mechanic's lien, and should be filed by a contractor at least 20 days prior to the start of work. If notice is given later, liens will cover only the work starting 20 days prior to filing.

Preliminary report   a title report that is made before a title insurance policy is issued or when escrow is opened. A preliminary report or policy of title insurance reports only on those documents having an affect on the title and should not be relied on as being an abstract. An abstract of title, on the other hand, reflects all instruments affecting title from the time of the original grant and also includes a memorandum of each instrument, and makes no attempt to determine which of the documents currently affects record title. The "preliminary" is not a binder or commitment that the title company will insure the title to the property, although this commitment may be obtained at an added cost.

Prepayment   the payment of mortgage loan - or part of it - before due date. Mortgage agreements sometimes restrict the right of prepayment either by limiting the amount that can be prepaid in any one year or charging a penalty for prepayment. The Federal Housing Administration does not permit such restrictions in FHA insured mortgages

Prepayment penalty   the amount set by the creditor as a penalty to the debtor for paying off the debt before it matures; an early-withdrawal charge. The prepayment penalty is charged by the lender to recoup a portion of interest that the lender had planned to earn when the loan was made. It covers the lender for initial costs to set up the loan, to service it and to carry it in the early years of high risk. This punitive device also may represent the loss of income to the lender for the time the mortgage is paid off and the funds remain uncommitted. The reason most lenders are willing to allow prepayment after five years without penalty is that much of the total note's interest has been paid in by that time.

Prequalify   determine the maximum loan amount a prospective buyer qualifies for prior to showing them properties. Failing to prequalify may result in wasted efforts showing the prospect properties they cannot afford to purchase.(SEE PRE-APPROVAL)

Prescription   acquiring a right in property, usually in the form of an intangible property right such as an easement or right-of-way, by means of adverse use of property that is continuous and uninterrupted for the prescriptive period established by state statute. Use of land is adverse when it is made under a claim or right. Therefore, there is no adverse use if the owner has granted permission, or if the user has paid for the use of the property, or if the user has admitted that the owner has a superior right in the property.

Present worth   the discounted present-day value of money to be collected in the future.

Pressed wood products   materials used in building and furniture construction that are made from wood veneers, particles, or fibers bonded together with an adhesive under heat and pressure.

Preventive maintenance   includes regularly scheduled activities such as painting and seasonal servicing of appliances and systems. Preventive maintenance preserves the long-range value and physical integrity of the building. This is both the most critical and the most neglected maintenance responsibility. Failure to perform preventive maintenance invariably leads to greater expense in other areas of maintenance.

Priced out - is common in the real estate market. For example, potential buyers of areas with extremely high average home prices would be said to be "priced out" of the market if they could not afford even an entry-level home. The options available to someone who is priced out of a real estate market would include (1) buying in a different area (2) waiting for the supply of housing to increase enough to lower housing prices or (3) seek a higher-paying job that would allow them to afford a higher valued and desirable property.

Prima facie   at first sight; on the first appearance; on the face of it; so far as can be judged from the first disclosure; presumably; a fact presumed to be true unless disproved by some evidence to the contrary.

Prime rate   the minimum interest rate a commercial bank will charge to its largest clients. Prime rates are determined in part by the rate the bank pays for the money they lend to borrowers. Decisions of the Federal Reserve Bank (The Fed) to increase or decrease the supply of money can cause the prime rate that banks charge to fluctuate.

Primary lenders   originators of real estate loans including commercial banks, savings and loan associations and mutual savings banks.

Primary mortgage market   the mortgage market in which loans are originated and consisting of lenders such as commercial banks, savings and loan associations and mutual savings banks.

Primary personal residence   the dwelling in which a taxpayer lives and occupies most of the time.

Principal    is looked upon as  (1) One of the main parties to a transaction. For example, the buyer and seller are principals in the purchase of real property. And (2) in a fiduciary relationship, the person who hires a real estate broker to represent him or her in the sale of property. The phrase, "principals only," often found in real estate ads, is meant to exclude real estate agents from contacting the owners of the property.

Priority    the order of position, time or place. The priority of liens is generally determined by the chronological order in which the lien documents are recorded; tax liens, however, have priority even over previously recorded liens. Thus the old adage "prior in time is prior in right" is applicable.

Private mortgage insurance (PMI)   insurance provided by private carrier that protects a lender against a loss in the event of a foreclosure and deficiency. A special form of insurance designed to permit lenders to increase their loan-to-market-value ratio, often up to 95 percent of the market value of the property. Many lenders are restricted to 80 percent loans by government regulations, special loss reserve requirements or internal management policies related to mortgage portfolio mix. A lender, however, may lend up to 95 percent of the property value if the excess of the loan amount, over 80 percent of value, is unsured by a private mortgage guaranty insurer.

Private transfer fee (PTF) - is a Fee paid to a private (ie: non-governmental) 3rd-party upon the sale or transfer of real property.  This fee is separate from (1) HOA transfer fees and (2) HOA document preparation fees, which in themselves vary from HOA to HOA, and is imposed upon the sale of a Home or Condo that is in a Homeowner Association.  For example:  A Developer contracts with a Freehold /a Trustee and/or  leading company establishing PTFs) to impose a private transfer fee on lots being sold by the Developer and long after the original sale of the home.  The Freehold/Trustee arranges to record the PTF obligation in the Homeowner’s Association (HOA) declaration as a covenant/agreement and/or in the deed to the first buyer and the next buyers following original sale from the developer.  Under the Developer/Freehold arrangement, the Freehold/Trustee is entitled to collect 1% of the sales price each time the property is sold in the next 99 years.  The payments collected may then be distributed back to the developer, investors, Charitable housing funds (low income housing) with the Freehold/Trustee retaining a portion of the payments.  It is recorded that this PTF applies to newer homes that are under the"umbrella" of a Homeowner Association.  One of the first PTF covenants created in California was noticed about the year 2000 at Roseville CA benefitting the Sierra Club and the Audubon Society environmental protections beliefs.

Privity of contract   the relationship between contracting parties (mortgagor-mortgagee or assignee-assignor).

Probate   the formal judicial proceeding to prove or confirm the validity of a will, to collect the assets of the decedent's estate, to pay the debts and taxes and to determine the persons to whom the remainder of the estate is to pass.

Procuring cause   that effort which brings about the desired results. Also called predominant efficient cause or the contributing cause.

Profit and loss statement   a detailed statement of income and expenses of a business that reveals the operating position of the business over a period of time.  Commonly referred to as a P&L statement.

Progression   an appraisal principle that states that, between dissimilar properties, the value of the lesser-quality property is favorably affected by the presence of the better-quality property.

Promissory note   an unconditional written promise of one person to pay a certain sum of money to another person, order or bearer at a future specified time. A broker who accepts a promissory note as a deposit from a prospective purchaser must generally disclose to the seller that the buyer's deposit is in the form of a promissory note. A real estate promissory note is a document signed by a buyer who get a mortgage loan from a mortgage lender. It provides that the loan taken by the borrower must be paid back.  A real estate promissory note is distinct from other promissory notes.  In a real estate promissory note, the lender arranges a mortgage or lien to secure the loan. The principle behind a real estate promissory note is that, if the borrower defaults on the loan, it is the borrower's obligation to pay back the loan amount.

Property analysis   a study made to familiarize a property manager with the nature and condition of a building, its relative market position, and its estimated income and operating expenses.

Property brief   produced by the listing agent, a property brief is simply a one-page flier about the property pointing out attractive features. It usually contains a drawing or photograph of the home, and is given to people the agent feels are especially interested in the property.

Property management   that aspect of the real estate industry devoted to marketing, leasing, managing, and the maintenance of the property of others.

Property manager   someone who manages real estate for another person for compensation. Duties include collecting rents, maintaining the property and keeping up all accounting.

Property reports   the mandatory federal and state documents compiled by subdividers and developers to provide potential purchasers with facts about a property prior to their purchase.

Property taxes   assessment made by county or city assessor's office for real property taxes. Payment dates may vary according to state regulation.

Proposed Close of Escrow (PCOE)   the projected close of escrow date, or the day the property is projected to close escrow or change title from the old owner to the new owner.

Proposition 13 - the state of California passed a law called Proposition #13 in 1978 and thereby created a property tax system different from any other state. The law not only sets every property's assessed value at 100 percent of FMV, but also sets the property's annual tax at 1 percent. Furthermore, this law states that a homeowner's property tax may never increase by more than 2 percent from one year to the next, even if its FMV doubles in value.  Lastly, "Proposition 13" defines conditions under which a property will be reassessed  (properties will be reassessed upon their sale and also if a permit is issued for reconstruction or renovation of the property.  Also know that: f a property's FMV decreases, a homeowner can request an informal review by the county recorder's office for a reassessment).

Prorations    expenses, either prepaid or paid in arrears, that are divided or distributed between buyer and seller at the closing.

Prospecting   locating owners of properties who are interested in selling, or buyers who are interested in purchasing property.

Protected class   any group of people designated as such by the Department of Housing and Urban Development (HUD) in consideration of federal and state civil rights legislation. Currently includes ethnic minorities, women, religious groups, the handicapped and others.

Proxy - a legal instrument authorizing someone to act as the grantor's agent.  The authority to act for another.  A "written" authorization to act in place of another.  A written authorization empowering another person to vote or act for the signer.

"P" trap    A drainage plumbing pipe in the approximate shape of a "p" laid on its face, providing a trap that prevents sewer gasses from entering the living space.

Public records   records which by law give constructive notice of matters relating to property.

Public report   a disclosure statement required by the Subdivided Land Law stating that a buyer is not obligated until he or she has read the report and signed a receipt.

Public water system   a system that provides piped water for human consumption.

Puffing   exaggerated or superlative comments or opinions not made as representations of fact and thus are not grounds for misrepresentation, such as, "This property is a real good buy." One test used is whether a reasonable person would have relied on the statement. A statement such as, "The apartment has a fantastic view, " is puffing because the prospective buyer can clearly assess the view for himself or herself, whereas a statement such as "The apartment has a fantastic view of the lake," when in fact all its windows face the street, would be misrepresentation.

Punitive damages  damages awarded to one party to punish another party for dishonest conduct. Meant to deter others from committing a similar offense.

Purchase-money mortgage   a mortgage given as part of the buyer's consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a part of the transaction. It is commonly a mortgage taken back by a seller from a purchaser in lieu of purchase money. A purchase-money mortgage is usually used to fill a gap between the buyer's down payment and a new first mortgage or mortgage assumed, as when the buyer pays 10 percent in cash, gets an 80 percent first mortgage from a bank, and then the seller takes back a purchase-money second mortgage for the remaining 10 percent.

Pyramiding    relative to Real Estate, it is the process of acquiring properties by refinancing properties already owned and investing the loan proceeds in additional properties.

 

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