Provided by the Real Estate Institute of Australia

PANEL HEATING – Radiant heating with pipes or ducts embedded in walls, floor or ceiling serving as heating panels.

PARCEL – A piece of land, regardless of size, in one ownership.

PASSED-IN – If a property is not sold at auction because the owner’s reserve price has not been reached, it is passed in. The highest bidder having first option to purchase at the reserve price. It is then possible to negotiate for the purchase, either on the same day or afterwards. Properties so passed in are mostly sold shortly afterwards at a price close to the passed-in figure.

PENTHOUSE – An apartment build on a portion of the roof or top floor of a building. Typically, such units are larger and more luxurious than most apartments.

PEPPERCORN RENT – When land is let free of rent and the landlord wishes to be able to obtain an acknowledgement of the tenancy when necessary, a nominal rent is frequently reserved, consisting of one peppercorn a year to be paid by the tenant when demanded as evidence that he is occupying land as a tenant and is not thereby developing rights adverse to those of the landowner himself.

PERGOLA – An open framework over a path, terrace, patio, etc.

PERIODIC LEASE – Where the tenant continues to rent the property after the lease has formally expired. Notice to terminate the agreement may be given by either party during this period.

PERMEABILITY – A term used when discussing the behaviour of water in

PHYSICAL DEPRECIATION – The decline in property value due to the physical action of time and the elements, as well as through usage. Deterioration through the physical depreciation is normally as a result of inadequate maintenance or normal weathering and decay.

PREFABRICATED HOUSE, PREFAB – A house, manufactured, and sometimes partly assembled before delivery to the site.

PREFERRED LISTINGS – Entrusting the sale at least in the first instance to one agent only.

PRIVATE SALE – An owner sells a property without using an estate agent.

PRIVATE TREATY SALES – An owner sells a property using an estate agent who deals directly with the buyer/s. The property is not offered for auction.

PROPERTY MANAGEMENT – A division of a real estate office composed of leasing of space, collection of rents, selection of tenants and generally the overall maintaining and managing of real estate properties for clients.

PUBLIC LIABILITY – It is common practice for business people to insure against this liability to others for death, injury or damage accidentally caused by their negligence or by their employees, servants or agent.

PURCHASE AND LEASE BACK – A real estate transaction wherein an investor purchased a property and allows the seller to remain in possession as a tenant.

PURCHASE PRICE – The price paid; the amount for which a property is sold.

PURCHASER – The buyer. The one who acquires title to a property or an interest therein.


P of the A-Z Glossary Provided by the Real Estate Institute of Australia you will find Glossary P, Glossary, A-Z Glossary, Provided by the institute of Australia, if offers you Information, Advice, Help, in regards to Property, properties, apartments, units, buying, selling, and Real Estate, any further questions contact Alan McGillivray, at Alan McGillivray Real estate
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