|
P |
| passed in |
A property is passed in at auction if the highest bid fails to meet the reserve price set by the vendor and consequently does not sell. |
| payee |
The person or entity to which a cheque is payable. |
| portability |
When a new property may be substituted as security for an existing loan. |
| Power-of-Attorney |
Having the authority to execute documents on behalf of the person granting the power. |
| pre-qualification |
The process to determine how much money a buyer will be eligible to borrow before they apply for a loan. |
| prime rate |
The interest rate that banks charge their preferred customers. Changes in this rate affects other interest rates including mortgages. |
| principal |
The amount borrowed or still to be repaid. |
| private sale |
The sale of a property by the owner without the services of a real estate agent. |
| private treaty sale |
The sale of property where the buyer negotiates on a price set by the seller. |
| proxy |
A person who represents another, particularly in some meeting or a document giving authority to another to represent their wishes. |
| public housing |
Government-owned housing for low-income individuals and families provided at no cost or for nominal rental rates. |
