Preapproval

A higher level of buyer/borrower prequalification required by a mortgage lender. Some preapprovals have conditions the borrower must meet.

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Planned unit development (PUD)

(1) Mixed-use development that sets aside areas for residential use, commercial use, and public areas such as schools, parks, and so on. (2) A planned unit development (PUD) is a housing community made up of single family residences, townhomes, and condominiums — as well as commercial units. PUDs offer many common areas owned by the HOA and […]

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Pending

A real estate contract that has been accepted on a property but the transaction has not closed.

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Payoff letter

A written document from a seller’s mortgage company stating the amount of money needed to pay the loan in full.

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Pugree

A hindi term for the security deposit given to landlord before renting a property. It is refundable at the expiry of the lease term to the outgoing tenant.

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Preleased

Refers to space in a proposed building that has been leased before the start of construction or in advance of the issuance of Occupancy Certificate.

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Prelaunch

Property available for purchase before its official launch. It is generally cheaper and may or may not have the requisite approvals from government authorities.

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Precast Technology

New age construction technology where parts of a building like slabs etc are manufactured at an industrial unit and then assembled on site

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