Aasha Realtors : Real Estate Terms & Meaning(P)

Friday, August 30, 2013

Real Estate Terms & Meaning(P)

Aasha Realtors -Neeta Shah

http://aasharealtor.blogspot.com

Passed In

The highest bid fails to meet the reserve price of a property at an auction and consequently does not sell.

PIM (Project Information Memorandum)

A report giving information on items such as potential erosion, subsidence, hazardous contaminants, storm water. It may also include classifications under organizations such as the Dept. of Conservation or Historic Places Trust, as well as authorizations required by the Resource Management Act.

POA

A pricing method used by some Real Estate companies, meaning Price on Application.

Power-of Attorney

The person who has authority to execute documents on behalf of the grantor of the power. Also a legal document which 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.

Pre-qualification
The process of determining how much money a prospective home buyer will be eligible to borrow before he or she applies for a loan.

Prime Rate
The interest rate that banks charge their preferred customers. Changes in this rate can influence other rates including mortgage interest rates.

Principal

The amount borrowed or still to be repaid. The part of the monthly payment that reduces the balance of the mortgage.

Private Sale

The sale of property by the owner without the services of a real estate agent.

Private Treaty Sale

The sale of property, through a real estate agent, by negotiation.

Proxy

A person who represents another, particularly, in some meeting. Also, the document giving to another, the authority to represent.