Real Estate Information
Florida Real Estate Glossary – P
Costs not paid through escrow or closing.
Horizontal guidelines in the United States Government Survey.
Income from investments for income tax purposes.
Loss resulting from passive activity; under the Tax Reform Act, there are limitations on taking passive losses, i.e., passive losses can be taken only from passive income and not from wages and other income as many taxpayers had done in the past to maximize the benefits of real estate ownership.
Form of multiunit housing that generally includes a closed-in yard or patio area.
Federal law with many aspects designed to curb terrorist activities; impacts real estatetransactions because of disclosure requirements imposed on escrow agents regarding transfer of title and deposits of cash; imposes new disclosure and signature requirements for buyers and sellers.
In construction, a bond on the general contractor to ensure payment to subcontractors and suppliers; i.e., if the general contractor does not pay, the surety will pay.
Sum bonding company must pay to have project completed if contractor fails to perform.
Method of allocation of intestate property among heirs; basic principle is that each heir gets an equal share.
Method of distributing property to heirs whereby those closer in relation to the decedent get greater shares.
Rent for commercial properties expressed as a percentage of net or gross income.
Process of gaining priority on an Article 9 security interest; requires a filing of a financing statement to give public notice of the creditor's interest.
Bond on general contractor that guarantees performance; if the general contractor does not perform, the surety will provide performance or payment for damages resulting from noncompletion of the work.
Temporary possessory interest in land that runs on a period-to-period basis such as a month-to-month lease.
Once construction is complete, the lender who will carry the permanent financing on the project; pays the construction lender and assumes priority.
Under the IRC, a doctrine that permits taxation of certain corporations as though they were not formed and the individuals are personally liable for the tax.
Party responsible for the probate of a will under the Uniform Probate Code; formerly referred to as an executor.
Subdivision that includes a development of a full community.
Method of land description that relies on a recorded map of a subdivision, with each deed making reference to the map and the particular lot being transferred.
Discharge point where water leaves land and runs into streams, rivers, and so on.
Future interest in the grantor that follows a fee simple determinable.
Heirs born after the death of the decedent.
In a deed-of-trust financing arrangement, the right of the trustee to sell the property on default by the trustor-borrower.
Future interest in the grantor that follows a fee simple subject to a condition subsequent.
Contracts that serve to waive marital property rights of the spouses; must be voluntary and carefully drafted.
The words of conveyance in a deed; e.g., "do hereby grant and convey."
Agreements in advance of marriage that alter statutory marital property rights.
Clause in mortgage or promissory note that requires the mortgagor to pay an additional charge for paying off the loan early.
Process of acquiring an easement through adverse use of the easement over a required period of time.
A testator's child conceived prior to testator's death but born after testator dies.
Part of 1977 Clean Air Act amendments establishing emission standards for clean areas to prevent pollution.
General contractor on a project.
The key vertical lines in the United States Government Survey.
See Prime meridians.
Water allocation policy of first to use the water gets the rights to that water.
Laws between individual parties; e.g., landlord's rules and regulations or the terms of acontract.
Process of collecting the assets of a decedent; paying the decedent's debts, determining the decedent's heirs, and distributing property to the heirs.
Standard of determining commission among brokers under an open listing agreement.
Rights of removal in another's property; shorthand for profit a prendre.
Right to enter another's land for the purpose of removing soil, water, minerals, or another resource.
Two-party debt instrument that,in real estate, is generally secured by a mortgageor deed of trust or some other interest in real estate.
Summary of facts about undeveloped land required to be given to purchasers (part of ILSFDA).
Assessor's formal records of parcels of land; the valuation and assessment.
Interest of cooperative owner in a dwelling unit.
Allocation of prepaid insurance, taxes, and rent; generally done at close of escrow between buyer and seller.
Rules that limit oil and gas production at the well site.
In development, covenants regarding nature and/or use of structures.
Statutes that require disclosure regarding property that creates psychological reaction in buyers and affects market value; e.g., the fact that a home has been the site of a murder or that those who lived there were infected with the AIDS virus.
A mortgage used to secure a debt for the funds used to buy the mortgaged property.
Under Article 9 of the UCC, a security interest given to a lender who financed the purchase of the property that is the collateral.
Recording priority statute that awards title (in the event of multiple conveyances) to the first purchaser to record.
Real Estate Information
- Florida Real Estate Info
- Real Estate Buyer’s Guide
- Florida Real Estate Cities
- Find Your Dream Home
- Florida Real Estate Taxes
- Florida Real Estate Glossary
- Useful Florida Links