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There are 20 names in this directory beginning with the letter P.
Passed-In
If a property is not sold at auction because the owner’s reserve price has not been reached, it is passed in.
Periodic Lease -
Where a tenant continues to rent / occupy the property after the lease has formally expired.
Planning Approval
Approval from the relevant authority to use property for a specified use.
POA
Price on application. You may see this in a real estate advertisement.
PPOR or PPR
Principal place of residence.
Pre-Approval (Finance)
This is an indication from a finance institution that they are willing to lend a certain amount of funds to an individual. It is not a formal or final approval as it will always be re-assessed when you submit an actual property as security. Whilst it is not a pre-requisite to start looking for an investment, it does help to tease out your ability to borrow funds and any issues the banks might have with you as a borrower. If you are thinking of investing, speaking to your mortgage broker sooner rather than later can assist with getting the process underway.
Premises
A house, building or other structure together with the surrounding grounds that form part of the title.
Principal
(a) a term used in lieu of ‘client’ or ‘proprietor’; (b) A licensed estate agent holding responsibility for an agency’s legislative compliance activities including legal responsibility for trust accounts.
Principle
The original sum of a loan, before interest in added.
Private Sale
Where an owner offers a property for sale without engaging an agent.
Professional Services Program (PSP)
This is a Sound Property program which has been designed for accountants, solicitors, mortgage brokers and financial planners to diversify and add value to their client offering by having an end-to-end property investment solution through the use of the Sound Property team's assistance.
Property Cycle
Property values usually follow a cycle of growth, a slowdown, a bust and an upturn. History shows this occurs every seven to ten years.
Property Expenses
Property Expenses are calculated based on most recent bills and expenses including water rates, council rates, maintenance, property admin fees, landlord insurance, strata fees, etc.
Property Management
This is the management of a property on behalf of the owner. For example, the leasing of space, collection of rents, selection of tenants and generally the overall maintaining and managing of real estate properties for clients.
Property Management Agreement
A written contract recording the agreement between the owner and manager of real estate concerning the duties, responsibilities and liabilities of the owner and the manager in the management of that real estate.
Property Management Fee
The fee charged by the property manager to the landlord for the service of managing a property or properties. This service typically includes collecting rents, paying recurrent property expenses, selecting and supervising property service contractors such as cleaners, plant service providers and security. It may also include negotiating new leases, marketing of the property, rent reviews and overseeing building refurbishment. In respect of property trusts, it refers to the fee levied on unit holders by the responsible entity to cover the cost of trust administration.
Property Manager
A real estate agent authorised to manage the business affairs in connection with the property of another. See also Property Management.
Property Portfolio
Two or more investment properties owned by the same individual, company or SMSF.
Purchase Date
The date the property was settled.
Purchase Price
Sale price of property at the date purchased, which can be made up of equity and / or debt.