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The money a party will have pay for violating part or all of the terms of a contract or breaking a law.
See Principle, Interest, Taxes, Insurance.
|Planned Unit Development (PUD)||
A highly designed residential property project that commonly features relatively dense clusters of houses, that are usually surrounded by areas of commonly owned open space and recreational facilities maintained by a nonprofit community association.
A non-conforming loan that must be held by the original because it cannot be sold on the secondary market.
The fee charged for paying off a loan early within a specified period of time after the loan has closed.
The current outstanding dollar amount owed on a loan.
|Principal, Interest, Taxes, Insurance (P||
The monthly payments required by an amortizing loan, and may or may not have taxes and insurance escrowed. Used as a rough calculation in figuring a property's basic expenses.
|Private Mortgage Insurance (PMI)||
The insurance premium paid by a borrower to protect the lender against losses from loans with loan-to-value(LTV) ratios higher than 80%.
The presentation of data, such as a balance of income statement, where the amounts are real or hypothetical. For example, a pro forma of a property might show the current rental rates, as well as increased market value of rental rates.
The process of verifying the validity of a will before a duly authorized court or person. Once validated, the probate court then administers the sale of property as directed by the will or as authorized by the court to settle any and all financial obligations.
A promise to pay a specific sum to a specific person under specific terms.
|Purchase Money Mortgage||
A mortgage that secures a note written on a loan used for the purchase of a property.
|Purchase Subject to Mortgage||
A purchase in which the purchaser agrees to continue making the monthly mortgage payments on an existing mortgage and the original borrower remains liable if the purchaser does not make the payments as agreed.