Saturday, August 17, 2013

Real Estate Term & It's Meaning. (P)

Manish Sheth
Manish Sheth

 

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.
Contact :  Aasha Realtors :
Office :- 022 - 2895 32 32 / 022 - 2894 87 47 /  022 - 28906363
Mobile :-Neeta- 9821411063 
Skype Id :- neeta.shah30 
Shop No. 2 & 11 , Shailesh Apartments, Borivali West, Mumbai – 400103, India