Package Mortgage - A mortgage commonly used in subdivision developments whereby chattels such as appliances are “packaged” into the mortgage along with the real property.

Panic Peddling - Creating an atmosphere of fear in persuading owners to sell: a discriminatory act.

Parol - Oral; verbal.

Parol Evidence - Verbal or written testimony which precedes a written contract.

Partial Taking - The taking of a portion of a piece of property through condemnation,

Parties (Party) - Those entities taking part in a transaction as a principal, e.g., seller, buyer, or lender in a real estate transaction.

Partition - Court proceedings by which co-owners of commonly owned property seek to sever their common ownership; not with tenancy by entirety.

Partnership - A contract between two or more persons to carry on as co-owners of a business, and to share the profits in certain proportions.

Party Wall - A wall erected on the line between adjoining properties which are under separate ownership, for the use of both owners.

Patent - A conveyance for the transfer of title to land owned by the government; land patent.

Payment Bond - The part of a performance bond which assures the owner that material and labor furnished in the construction of the building will be fully paid for and no mechanic’s liens will be filed.

Percentage Lease - A lease of property in which the rental is based upon the volume of gross sales made on the leased premises.

PerformanceBond - A bond which provides assurance of the completion of an undertaking in accordance with an agreement, such as that supplied by a contractor guaranteeing the completion of a building project.

Periodic Tenancy - A lease running from period to period, such as week to week, or month to month.

Personal Property - Any property not real property, personality.

Pertinent - Relevant, applicable.

Piggy-Back Loan - One lender originates loan, another joins in as co-operating lender, with neither junior. One property. two lenders.

Plain Language - Hawaii law requiring certain contracts (under $25,000) and leases to he written in ordinary, everyday, non-legal language.

Plan Manager - A person who undertakes the duties, responsibilities and obligations of managing a time share plan.

Planned Unit Development - A development and zoning concept which is designed to produce a high density of dwelling units with maximum utilization of open spaces.

Plat - A plan map of a certain piece or pieces of land.

Plat Field Book - A public record containing facts pertaining to land.

Plottage - The land increment produced by combining smaller individually owned plots into a large tract under a single ownership; see Assemblage.

Points - See Discount Points.

Police Power - The inherent right of a government to enact such legislation as may be deemed necessary to protect and promote the health, safety and general welfare of the public, such as zoning.

Power Of Attorney - A written instrument authorizing a person (an attorney in fact) to act as the agent on behalf of another to the extent indicated in the instrument.

Power Of Sale - A provision in a mortgage permitting the lender, upon borrower’s default, to sell the secured property at public auction without need to have a court foreclose.

Prepayment Clause - The clause in a mortgage or note stating the penalty, if any, for payment before it actually becomes due.

Prescription - An easement or title obtained by possession for a prescribed period; prescriptive rights.

Prima Facie Evidence - Evidence which is good and sufficient on its face (“at first view”) to establish a given fact or case, unless rebutted or contradicted.

Primary Money Market - The source of loan funds available directly to borrowers, whether for first or second mortgages; loan originations.

PrimeRate - The minimum interest rate charged by a hank on short term loans to its best clients.

Principal - The employer of an agent or broker; a sum of money owed as a debt upon which interest is calculated, not spelled Principle.

Probate - An action of the court to determine the validity and legality of a last will and testament.

ProcuringCause - The cause of a series of events which leads to the Consummation of a sale.

Promulgate - To publish, announce or declare.

Proprietary Lease - A lease in a cooperative apartment between the Owner-Corporation and the tenant- stockholder.

Proprietorship - A business held by a person who has legal title or exclusive right thereto.

Prorate To divide or distribute proportionately; to divide monies, usually at time of closing, proportionately between seller and buyer.

Prospectus - A printed statement distributed to describe and to advertise a new business venture, a real estate project or stock issue.

Purchase Money Mortgage - A mortgage on property given by a buyer, either to the seller or to a third party in order to secure a portion of the purchase price.