| Term | Definition |
|---|
| party wall | Wall erected on line between adjoining properties for the use of both properties. |
| patio home | A single-family home that sits on a small lot, often with one outside wall of the structure sitting on the property line. Patio homes have no common structural walls with adjoining propeties, but their zero lot line wall may form part of their neighbors backyard fence/wall. These properties often have a small back or side yard large enough for a patio or garden area. Also known as a garden home. |
| percentage lease | Lease in which all or part of rental is a specified percentage of gross income from total sales made upon the premises. |
| person | An individual, a partnership, or a corporation, foreign or domestic. |
| personal property | Property which is tangible, movable, and not fixed to the land. Also called chattel and personalty. Contrast with real property. |
| personalty | Personal property; chattel. Contrast with Realty. |
| physical deterioration | The loss of value to real property from all causes due to the action of the elements and old age. Physical deterioration can be either curable or incurable. |
| PITI | Principal, Interest, Taxes and Insurance. |
| planned unit development (PUD) | In a PUD, the planned unit development association owns and maintains property in a real property development project for the benefit of its members, who are owners of individual parcels of real property in the development and are members of the association because of that ownership. The level of services and fees are similar to a condominium complex, but since each owner has title to a specific parcel of land, lenders may treat units as non-condominiums. This allows higher LTV loans and eliminates owner occupancy percentage requirements. |
| plat book | A record of recorded subdivisions of land. |
