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P

Partial payment	A payment that is less than the agreed upon monthly payment on a loan
Partition	The forced dividing of real estate among parties who were previously its co-owners
Patent	A first in a series of documents by which the federal or state government transfers ownership of public lands to an individual
Pay-off amount	The total balance on an existing loan or mortgage
Percolation test	A testing of the soil on a property to evaluate if its absorption and drainage capacity will allow installation of a septic system
Personal property	Property that does not qualify as real property
PITI	Acronym for principal, interest, taxes and insurance, the four components of a monthly mortgage payment, which are taken into account when a lender is evaluating a borrower's financial qualifications for a loan
Plat, or Plot	A map showing a piece of land subdivided into lots, streets and common area, if applicable
P.M.I, or Private Mortgage Insurance	Acronym for Private Mortgage Insurance, see below
Point	A one-time fee charged by the lender for originating a loan, one point being equal to one percent of the amount of the mortgage
Power of attorney	A written legal document authorizing a person to act as agent for another, to the extent outlined in the document
Power of Sale	A provision in a will, mortgage or trust agreement authorizing the sale or transfer of land in accordance with the terms of the provision
Pre-Approval	A commitment from a lender to loan a certain amount of money to a buyer at a designated interest rate and for a specified period of time, which gives the buyer an advantage in competing to purchase real estate or a home
Preforeclosure sale	The sale of a property by a mortgagor for less than the amount owed to the lender of the mortgage for the property, thereby allowing the mortgagor to avoid foreclosure, and done with the approval of the lender
Prepayment penalty	A fee that is charged by the lender to a borrower who pays off a loan earlier than the due date, thereby costing the lender interest and other income from charges
Pre-qualification	The process by which the amount of loan a prospective buyer will be eligible to borrow is determined, based on his or her income and expenses, which can be used to demonstrate the buyer's financial capability to the seller
Prime rate	The most favorable interest rate that banks charge, usually to their preferred customers
Principal	The amount borrowed, not including interest or other charges
Principal balance	The portion of the original amount borrowed that is due on a loan or mortgage at any point in time
Private mortgage insurance, or P.M.I.	A policy that insures that the lender will recover a specific percentage of the loan amount from the insurance company in the event that the borrower defaults; is not backed by any government agency; is usually required when a down payment of less than 20% is put on real estate or a home purchased
Probate	The court proceedings to prove that a will is valid
Procuring cause	The action or person who brings about the desired result; e.g., under an open listing, the broker who brings in the buyer who actually purchases the property
Promissory note	A written promise to pay a specified amount of money in a designated period of time, which is also transferable to a third party
Prorate	To divide the proportionate share of existing expenses on a piece of property between the seller and buyer, e.g., taxes owed at the time of a transfer of title from the seller to the buyer
PUD (Planned Unit Development)	A multi-unit property or subdivision that includes common property that is owned and maintained by a homeowners' association, for the use of the individual owners
Purchase and sale agreement	A written contract signed by the buyer and seller that states the conditions under which a property will be transferred or sold
Purchase money mortgage	An agreement whereby financing provided by the seller is included in the purchase price

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Holleay Parcker Broker/Owner SPINNAKER REALTY, LLC 6475 N. Croatan Hwy Ste 203 (MP 4) Kitty Hawk, NC 27949 Toll-free Direct: 877.207.1617 Local Mobile: 252.207.1617 Fax: 252.255.1115 Email Holleay now: holleay@OuterBanksRealEstateTips.com My desire is that you become thoroughly educated about the Outer Banks real estate market before making your purchase or selling decision. This is a process, and it is crucial to your success as an investor. I will take all the time necessary to answer your questions and assist you in achieving your real estate goals. Outer Banks Real Estate - The Most Important Tip You Need to Know Before Buying Property on the Outer Banks The most important decision you must make before purchasing Outer Banks real estate is selecting the agent you will work with. Choosing the right agent will save you time and money; choosing the wrong one may cost you both. More than 70% of real estate buyers deal with the first agent they speak with. Don't make this costly mistake! Research has shown that many people spend more money on their second home or investment property than they do on their primary residence. This means that your Outer Banks real estate purchase may well be the most valuable financial decision of your lives. With so much at stake, it's important that you secure the best possible agent to represent your interests. Why would you settle for less than the very best? When selecting the right Outer Banks real estate agent for your needs, consider these tips: 1. Is your agent a member of the Institute for Luxury Home Marketing? Members have received extensive training in handling exceptional properties in the upper tier market. Whether or not you are considering a home in the million dollar range, shouldn't you choose an agent who has received the highest level of training? I am a proud member of the Institute of Luxury Home Marketing. Only 4 other agents in the entire Outer Banks real estate market (936 agents strong) can make this claim. 2. Has your agent received the Certified Luxury Home Marketing Specialist designation? Unlike many other designations, this one is performance-based, which means that the agent has achieved a solid track record of sales in the upper 10% of their market. I have earned the coveted CLHMS designation, and only 2 other agents on the Outer Banks have received theirs. 3. Has your agent been recognized as a Million Dollar Guild member? Million Dollar Guild status is accepted by real estate consumers the world over as the industry's elite. Success in the million dollar and above arena has been demonstrated and certified. Simply put, it doesn't get better than this. My strong performance in the luxury home tier has earned me membership in the exclusive Million Dollar Guild club. Now that you realize that not all agents are alike, shouldn't you be calling the very best agent to assist you? Let's talk about your Outer Banks real estate needs today. You may reach me toll-free direct at 877.207.1617. I look forward to hearing from you. www.OuterBanksRealEstateTips.com is brought to you by Holleay Parcker NUMBER1EXPERT™ in real estate for Corolla, Outer Banks and Duck, North Carolina Read Holleay Parcker's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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