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P Terms

Planned Unit Development (PUD) – A housing development that usually consists of any combination of homes (one-family to four-family), condominiums, mixed-use (retail store and residential units sometimes all under one building roof) and various other styles.  In most PUDs, the individual housing or retail unit and the land upon which it sits are owned by the unit/homeowner; however, the homeowner’s association owns common facilities.

Partial Sales – The sale of an interest in real estate that is less than a 100% interest.  Some partial sales include easement rights, parcel of land or retail pad, or a single structure of a multi-building investment.

Partial Taking – The legal definition of condemning of part of an owner’s property under eminent domain laws.

Percentage Rent Or Lease – A rent structure, commonly used for large retail stores, where rent payable under a lease is calculated as a percentage of a tenant’s gross sales or gross revenues.

Plat – Map of a specific area, such as a subdivision, delineating the boundaries of the overall specific area of land and its individual lots along with the easements, streets, and other public improvements.

Pre-Cut Home – Typically a kit house, log or dome-style house in which building materials are factory-cut to design specifications, transported to the site and assembled in place.

Preleased – Area in a planned building that is leased prior to the start of construction or the issuance of a certificate of occupancy.

Premium – The payment made by a policyholder on a regular schedule that maintains insurance coverage.

Property Taxes – Taxes assessed and payable on real property, improved or not.  Property taxes are based on valuations by local and or state governments. Failure to pay property taxes results in a tax lien. After a specified period of time, a county government may auction land to satisfy a tax lien.

Pro Rata – From the Latin “according to a percentage or rate”.  In regards to a tenant, a proportionate share of expenses for the maintenance and operation of the property, usually proportioned by the number of units.

Punch List – An itemized list drawn up by the owner or buyer to document incomplete or unsatisfactory items after the contractor has notified the owner or buyer that the new constructed space is substantially complete.

Purchase Agreement – A written contract between a seller and buyer of real estate that states the price and terms of the sale.

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