Glossary
P
Parcel - A piece of
property under one ownership; a lot in a subdivision.
Parcel Number - A
number given to a piece of property by the county for tax purposes.
Payment - An agreed
upon dollar amount paid in regular installments by a Purchaser. The most
common installment method for land contract payments is monthly payments.
Per Annum - In or
for each year; annually.
Personal Property -
Any property that is not real property. For example, the following are
personal property: appliances, cash, securities, furniture, and mobile homes
not permanently affixed to a site.
Plat - A plan or
map of a specific land area.
Plat Book - A
public record containing maps of land and showing the division of the land
into streets, blocks, and lots and indicating the measurements of the
individual parcels.
Power of Attorney -
An instrument authorizing a person to act as the agent of the person
granting it.
Premises - Land; an
estate; the subject matter of a conveyance.
Principal - The
original amount of the total due on a mortgage, trust deed or land contract;
the principal portion of a payment is that portion which is not interest.
(See "Amortization" for an example of a payment having both principal and
interest portions.)
Principal Balance -
The unpaid balance owed on a mortgage or land contract.
Principal and Interest
Payment - A periodic payment, usually paid monthly, that includes the
interest charges for the period plus an amount applied to the amortization
of the principal balance.
Purchase Money Mortgage
- A mortgage given by the Purchaser of real property to the Seller as part
of the consideration in the sales transaction.
Purchaser - One who
purchases property; also referred to as "Vendee" or "Buyer".
Have more questions? Try the RAM Funding
Note
Buyer Questions page. Unfamiliar with some of the terms used by
cash flow note buyers? Try the RAM
Cash Flow Note Definitions page.
To find out how we calculate the value of your cash flow, visit the
Present Value page.
You can find out about our
Cash Flow Purchase Options too.
What is a Cash Flow?
click here What is a Cash Flow Broker?
click here
If you still need something not covered
elsewhere, you can use our
Online Question Form or even
better yet -
Call one of our trust deed or land contract professionals TODAY at
1-800-397-3893.
Or use our trust deed fax form
click here, or get your free online
quote click here!
