Property Legal Terms (P)

parkway

A broad landscape highway, often divided by a planted median trip.

partial payment

A payment that is not sufficient to cover the scheduled monthly payment on a mortgage loan. Normally, a lender will not accept a partial payment, but in times of hardship you can make this request of the loan servicing collection department.

pa-si-bum-rung-thong-thi

Local development tax only that's applied to land. Typically it ranges from baht 0.5 to baht 400 per rai (1,600 sq. m) (2005)

pa-si-mul-la-ka-perm

Value added tax (VAT), which is a consumption tax based on the value of goods and services offered by traders, business or persons in Thailand. It is calculated from the price of the goods and services. The standard rate is 7% (2005)

pa-si-rong-ruen

House and land tax. This is a tax on assessed rental income and only applies to properties that are rented out. Rental contracts are typically split into three components that are taxed separately as follows 1) rental : subject to a house land and tax of 12.5% of annual rental receipts;2) lease of furniture: subject to a 7% VAT; and 3) service charge: subject to 7% VAT (2005)

patio

An area adjoining the house that is paved with concrete, flagstones, brick, etc., and is used for relaxation or recreation purposes

payment change date

The date when a new monthly payment amount takes effect on an adjustable-rate mortgage (ARM) or a graduated-payment mortgage (GPM). Generally, the payment change date occurs in the month immediately after the interest rate adjustment date.

pedestrian overpass

Bridge constructed over a highway, railway, roads, etc., for the use of pedestrian.

per annum

By the year On a yearly basis. For each year.

perimeter

The boundary lines of a property expressed in terms of measurement in length

periodic payment cap

For an adjustable-rate mortgage where the interest rate and the minimum payment amount fluctuate independently of one another, this is a limit on the amount that payments can increase or decrease during any one adjustment period.

periodic rate cap

For an adjustable-rate mortgage, a limit on the amount that the interest rate can increase or decrease during any one adjustment period, regardless of how high or low the index might be.

perpetuity

The condition of being never ending. In legal terms it refers to an interest under which property is less than completely alienable for longer than the law allows

personal property (also called movable property)

• Any property that which can be moved from one place to another.
• Any property that is not real property.

phang-muang

Town plan

pile

Perpendicular support piece of structure, driven into the ground, which supports the foundation

pillar

A long, slender, perpendicular used as a support

pitch

Slope of roof. Pitch is the ratio of vertical rise to horizontal run

PITI

This stands for principal, interest, taxes and insurance. If you have an "impounded" loan, then your monthly payment to the lender includes all of these and probably includes mortgage insurance as well. If you do not have an impounded account, then the lender still calculates this amount and uses it as part of determining your debt-to-income ratio.

PITI reserves

A cash amount that a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower would have to pay for PITI for a predefined number of months.

planned unit development (PUD)

A type of ownership where individuals actually own the building or unit they live in, but common areas are owned jointly with the other members of the development or association. Contrast with condominium, where an individual actually owns the airspace of his unit, but the buildings and common areas are owned jointly with the others in the development or association.

plat (plat map)

A map or a parcel of land showing the boundaries of individual properties that has been divided into lots

plot

1. an area of land is used for a specific purpose such as a cemetery plot
2. The term may refer to a piece of land on which a structure or improvements are to be built.

plot plan

Plan represented in the form of a scale diagram that shows the proposed or existing use of a specific parcel of land such as the location of the structures within boundaries of the property, utility services, compass direction, etc.

point

A point is 1 percent of the amount of the mortgage.

policy

A team used to describe all insurance contracts.

possession

Actual or physical holding or occurency of a property with or without rightful ownership

Postdated

Incorporating a later date on an instrument such as check or dead than the date on which it was signed

power of attorney

A legal document that authorizes another person to act on one's behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time.

practical completion

When a facility is completed to a stage where it is fit for occupation (minor defects may remain at this time)

pre-approval

A loosely used term which is generally taken to mean that a borrower has completed a loan application and provided debt, income, and savings documentation which an underwriter has reviewed and approved. A pre-approval is usually done at a certain loan amount and making assumptions about what the interest rate will actually be at the time the loan is actually made, as well as estimates for the amount that will be paid for property taxes, insurance and others. A pre-approval applies only to the borrower. Once a property is chosen, it must also meet the underwriting guidelines of the lender. Contrast with pre-qualification

pre-commitment

Space directly pre-leased in buildings prior to their completion or refurbishment

pre-emption certificate

the document showing authorization of temporary occupation of land.

pre-emption right

The right of first refusal or to make an offer before others.

prefabricated house

A modular structure built of blocks manufactures elsewhere and assembled at the site.

prefabrication

A technique whereby a large units of a building or a part of it are produced in factories to be assembled, ready-made, on the building site

preliminary title report

A report filed by a lawyer who has conducted a preliminary search of a property's title. Preliminary title reports are followed by final title reports that may confirm the findings of the earlier report or provide data on additional facts which come to light following a more detailed search.

premises

The preliminary or explanatory statements or facts of a documents, as in a deed.

premium

1. a sum of money or bonus paid in addition to a regular price, salary, or other amount.
2. The amount paid, often in addition to the interest, to obtain a loan.
3. The amount paid or payable, often in installments, for an insurance policy
4. The amount at which something is valued above its par or nominal value, as money or securities
5. The amount at which a securities option is bought or sold

prepayment

Any amount paid to reduce the principal balance of a loan before the due date. Payment in full on a mortgage that may result from a sale of the property, the owner's decision to pay off the loan in full, or a foreclosure. In each case, prepayment means payment occurs before the loan has been fully amortized.

prepayment penalty

A fee that may be charged to a borrower who pays off a loan before it is due.

pre-qualification

This usually refers to the loan officer's written opinion of the ability of a borrower to qualify for a home loan, after the loan officer has made inquiries about debt, income, and savings. The information provided to the loan officer may have been presented verbally or in the form of documentation, and the loan officer may or may not have reviewed a credit report on the borrower.

price

1. the amount as of money or goods, asked for or given in exchange for something else
2. the cost at which something is obtained

prime rate

The interest rate that banks charge to their preferred customers. Changes in the prime rate are widely publicized in the news media and are used as the indexes in some adjustable rate mortgages, especially home equity lines of credit. Changes in the prime rate do not directly affect other types of mortgages, but the same factors that influence the prime rate also affect the interest rates of mortgage loans.

principal

The amount borrowed or remaining unpaid. The part of the monthly payment that reduces the remaining balance of a mortgage.

principal balance

The outstanding balance of principal on a mortgage. The principal balance does not include interest or any other charges. See remaining balance.

Principal contractor

The contractor responsible for the site and all activities that are carried out on it whilst under construction (has a major implication regarding safety)

principal, interest, taxes, and insurance (PITI)

The four components of a monthly mortgage payment on impounded loans. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged for borrowing money. Taxes and insurance refer to the amounts that are paid into an escrow account each month for property taxes and mortgage and hazard insurance.

private mortgage insurance (MI)

Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require MI for a loan with a loan-to-value (LTV) percentage in excess of 80 percent.

private property

Property owned by a private individual, company, corporation or a non-governmental body

project

A piece of planned work or an activity which is completed over a period of time and intended to achieve a particular aim, normally the construction of a facility

project management

The process of planning organizing, staffing, directing and controlling a project

property

The right and interest in lands and chattels to the exclusion of others. Something owned; any tangible or intangible possession that is owned by someone.

property line

Official dividing line between two properties. Legal boundary of property

property management

The range of functions concerned with looking after a building, including collection of rents, payment of outgoings, maintenance including repair, provision of services, insurance and supervision of start employed for services, together with negotiations with tenants or prospective tenants. The extent of an responsibility for management between landlord and tenants.

promissory note

A written promise to repay a specified amount over a specified period of time.

public auction

A meeting in an announced public location to sell property to repay a mortgage that is in default.

Planned Unit Development (PUD)

A project or subdivision that includes common property that is owned and maintained by a homeowners' association for the benefit and use of the individual PUD unit owners.

purchase agreement

A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.

purchase money transaction

The acquisition of property through the payment of money or its equivalent.