Paneling
Strips of wood or wood material applied as a finish to a wall.
Parcel
An officially described piece of land.
Patent defect
A visible deficiency in a piece of property, such as a cracked basement slab or a sagging porch.
Patio
An interior courtyard or a paved backyard area.
Payment cap
A legal limit on the amount a monthly payment can increase on an adjustable-rate mortgage.
Per-diem interest
Interest charged or accrued daily.
Percolation test
A test used to determine the ability of soil to accommodate a septic system.
Perennial
Any plant that produces leaves, flowers and seeds from year to year, such as irises or peonies.
Pergola
An arbor with an open roof of rafters supported by posts or columns.
Personal property
Any moveable property in a house such as furniture or appliances.
Pest-control inspection
A common pest-control inspection is a termite inspection, which is required in some states, such as California.
Plaster
A labor-intensive and more costly wall finish.
Pocket door
A sliding door that retreats into the wall when opened.
Porch
The structure can be a simple covered entrance to a home or a fully enclosed room on the outside of a residence.
Portico
A porch supported by a row of columns.
Possession
When a buyer signs the papers and receives the keys to the house, the buyer officially takes possession.
Power of attorney
A document that authorizes an individual to act on behalf of someone else.
Pre-approval letter
A letter from a lender that informs a seller about the amount of money that a potential buyer can obtain.
Pre-sold home
Homes that are sold before they are built.
Pressure relief valve
A safety vent that relieves excess pressure in a water heater.
Price range
The range of how much a buyer is willing to pay for a home.
Primer
The initial coat of paint that is applied before the final topcoat.
Principal
The amount of money that the borrower owes on a mortgage.
Privacy fence
A structure erected between two pieces of property.
Probate sale
A real estate sale triggered by the death of the owner, with proceeds to be divided among heirs or creditors.
Property line
The official dividing line between properties.
Property tax
Property taxes are calculated at about 1.5 percent of the current market value.
Purchase agreement
A document which details the purchase price and conditions of the transaction.
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