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  Real Estate Glossary  
Panel (1) A section, raised, lowered, or level, of a wall, ceiling, fence, etc., self contained, and usually in a border or frame. (2) sheets of gypsum, plywood, or other materials in similar form.
Parapet A short wall along the edge of a platform, such as a roof, terrace, etc., to protect the edge and divert rainwater.
Parkway (1) A highway through a park , usually restricting vehicles over a certain weight. (2) A freeway or expressway.
Parquet Floor Patterned, hardwood flooring, especially parquetry (a geometric design).
Parties (Party) Those entities taking part in a transaction as a principal, e.g., seller, buyer, or lender in a real estate transaction.
Partition (1) Any division of real or personal property between co-owners, resulting in individual ownership of the interests of each. (2) A wall, sometimes movable, and not load-bearing, used to divide a room
Party Wall A wall erected on the line between two adjoining properties, which are under different ownership, for the use of both properties.
Patio Originally, a courtyard, enclosed by columns, or an open courtyard . modernly, a paved area adjoining house, used for relaxation , outdoor cooking, eating, etc.
Pedestrian Overpass A bridge over a highway, railway, etc., for pedestrian traffic.
Pedestrian Underpass A tunnel, under highway, used for pedestrian traffic.
Penthouse (1) A condominium or apartment on the roof of a building, used as a residence. (2) A small building on a roof, which houses elevator machinery, ventilating equipment, etc.
Picture Window A large window used to let in light and a view, but not air.
Pillar A vertical support member, usually the main support. Is not attached at its sides.
Plans All drawings necessary to a construction project, including the subcontractors drawings.
Plaster of Paris Gypsum heated to form a fine white powder which, when wet, will dry hard.
Plat (Of Survey) A map of land made by a surveyor showing the boundaries, buildings, and other improvements.
Plot (1) An area of Ground for a specific use, such as a cemetery plot. (2) ground on which an improvement is to be built.
Plumbing The pipes, fixtures, etc., necessary for the flow of water to a building, and flow of sanitary waste from a building.
Plumbing Walls Wall provided along the areas like kitchens, washrooms, where there is no provision for pipe shafts.
Plywood A wood sheet made of layer (plies) of thin sheets, glued to a center sheet of thicker wood, the grain running at right angles.
Porch An extension from a structure, usually serving as part of the entrance. May be large enough for relaxation, and most often has its own roof, rather than a part of the structure roof.
Possession Right of an owner to occupy property, when occupied by a tenant, owner has constructive possession by right of title.
Power of Attorney An authority by which one person (principal) enables another (attorney in fact) to act for him/her. (1). General power – Authorizes sale, mortgaging, etc. of all property of the principal. Invalid in
Preemptive Right If an owner chooses to sell, the holder has the right to purchase on the same tems as offered to a third party.
Premises (1) Buildings and immediately surrounding areas. (2). In conveyancing, the part of a deed giving the names of the grantor and grantee, the consideration, and description of the property conveyed.
Premium A price paid in addition to the face value of a not. A premium rarely applies to the sale of mortgages, but is found in the sale of mortgage-backed securities. The premium reflects the price an invest
Principal (Prime) Meridian The meridian being used as a reference point in a specific property description.
Private Property property owned by a person, group, corporation, or other entity, not a governmental body.
Probate Probate procedure commences with a “Petition for probate” of a will or for letters of administration if there is no will. A hearing is held and a representative is appointed to handle the estate, this
Project The proposed property and its plan of development which is to be the subject of the investment. Single project indicates that the subject property is of one type and in one location. Diversified proje
Property Everything capable of being owned and acquired lawfully. The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfer
Property Management A branch of the real estate business involving the marketing, operation, maintenance and day-to-day financing of rental properties.
Public Housing A governmental housing project, usually to accommodate low income families.
Public Land Lands belonging to the government.
Pyramid Roof A roof resembling a pyramid, having 4 sloping sides, either forming a point, such as a church steeple, or running at a lesser angle to a horizontal ridge, as is common on free standing garages.
Patta Document in the name of the Owners, issued by the revenue Department, under the Seal of the Tehsildar.
Patwari Usually denotes the person appointed by a local government or land authority to maintain and update land ownership records for a specific area as well as to undertake the collection of land taxes.
Penal Rent A financial punishment of a tenant for failing to honour his obligation to pay rent at the proper time, taking the form of a vastly higher figure being payable during the period of default.
PITI Principal, Interest, Taxes, Insurance which are the components of a monthly mortgage payment.
Power of Attorney (POA) A written authorization by a person to another person to act for him on his behalf.
Premium Rent 1. A rent above the level at which a property could reasonably be expected to command in the open market on normal terms. Such rents may be justified in instances where the tenant receives a present o
Prepayment Penalty A fee paid to the lending institution for paying a loan prior to the scheduled maturity date.
Principal The amount of money owed to the lender not including interest.
Property Management The range of functions concerned with looking after buildings, including collection of rents, payment of outgoings, maintenance including repair, provision of services, insurance and supervision of st
Pugree An Indian term used to describe an interest free security deposit given to landlords which is refundable at the expiry of the lease term to the outgoing tenant by the successive tenant.
Purchase Contract A document that lists the price, terms and conditions under which a buyer is willing to purchase a property.
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