Real Estate Markets are very different and many things are handled differently from one state to another. We have assembled a glossary of the most common terms used in the Florida Real Estate Market to assist our American clients and the many international clients from Canada, United Kingdom and other countries across the world.

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Package mortgage

A loan covering both real and personal property.

 

Penalty clause

A provision in a mortgage that requires the borrower to pay a penalty in money if the mortgage payments are made in advance of the normal due date or if the mortgage is paid in full ahead of schedule

 

Per diem

By the day, per day, an allowance for daily expenses.

 

Performance

Point when a party or parties to a contract fulfill the promises or obligations in the contract

 

Personal property

Tangible and movable property (transferred by bill of sale); property not classified as real property

 

Personal representative

Administrator of a deceased person's estate.

 

Pier

A type of building foundation that uses columns of masonry to support the structure

 

Pitch

The slope of a roof.

 

Planned unit development (PUD)

A residential protect with mixed land uses and high residential density

 

Planning

Devising ways and means for achieving desired goals

 

Plat (plat map)

(See Subdivision plat map.)

 

Point, mortgage discount

A charge of 1 percent of the mortgage value, assessment by a lender to increase the interest yield to compete with the interest yield from other types of investments.

 

Potential gross income

The total annual income a property would produce with 100 percent occupancy and no collection or vacancy losses.

 

Power of attorney

(See Attorney, power of.)

 

Prepayment clause

A provision in a mortgage that allows the mortgagor to pay the mortgage debt ahead of schedule without penalty

 

Repayment penalty

The amount set by the creditor that the debtor is charged for retiring the debt early

 

Present value

The worth of all future benefits of an investment in terms of today's dollars

 

Price

The amount paid for something.

 

Primary lender

Financial institution that makes mortgage loans directly to borrowers (eg, savings association, bank)

 

Principal

The party employing the services of a real estate broker; amount of money borrowed in a mortgage loan, excluding interest and other charges

 

Private mortgage insurance (PMI)

Needed to insure all of the mortgage representing more than 80 percent of appraised value or purchase price

 

Procuring cause

The person whose efforts are the cause of an executed sale contract, regardless of who actually writes the contract

 

Profit

The amount one makes over and above one's cost

 

Pro forma statement

An estimate of the economic results of a proposed project, a projected income statement

 

Promissory note

A written promise to pay a specific amount

 

Property

A bundle of legal rights

 

Property Insurance

(See Hazard insurance)

 

Property management

The leasing, managing, marketing, and overall maintenance of property for others

 

Proprietary lease

A written agreement between the owner-corporation and the tenant- stockholder in a cooperative apartment.

 

Prorate

To divide or assess proportionate shares of charges and credits between the buyer and the seller according to their individual period of ownership

 

Purchase-money mortgage (PMM)

Any new mortgage taken as part of the purchase price of real property by the seller

 

We hope you found the above links useful, and remember, if you have any questions regarding buying or selling your Florida Holiday Home or permanent residence in the Disney Orlando area please contact us - we look forward to your call.