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Partial payment |
A payment that is less than the agreed upon
monthly payment on a loan |
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Partition |
The forced dividing of real estate among parties
who were previously its co-owners |
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Patent |
A first in a series of documents by which the
federal or state government transfers ownership of public lands to an
individual |
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Pay-off amount |
The total balance on an existing loan or
mortgage |
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Percolation test |
A testing of the soil on a property to evaluate
if its absorption and drainage capacity will allow installation of a septic
system |
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Personal property |
Property that does not qualify as real
property |
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PITI |
Acronym for principal, interest, taxes and
insurance, the four components of a monthly mortgage payment, which are taken
into account when a lender is evaluating a borrower's financial qualifications
for a loan |
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Plat, or Plot |
A map showing a piece of land subdivided into
lots, streets and common area, if applicable |
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P.M.I, or Private Mortgage
Insurance |
Acronym for Private Mortgage Insurance, see
below |
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Point |
A one-time fee charged by the lender for
originating a loan, one point being equal to one percent of the amount of the
mortgage |
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Power of attorney |
A written legal document authorizing a person to
act as agent for another, to the extent outlined in the
document |
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Power of Sale |
A provision in a will, mortgage or trust
agreement authorizing the sale or transfer of land in accordance with the terms
of the provision |
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Pre-Approval |
A commitment from a lender to loan a certain
amount of money to a buyer at a designated interest rate and for a specified
period of time, which gives the buyer an advantage in competing to purchase
real estate or a home |
|
Preforeclosure sale |
The sale of a property by a mortgagor for less
than the amount owed to the lender of the mortgage for the property, thereby
allowing the mortgagor to avoid foreclosure, and done with the approval of the
lender |
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Prepayment penalty |
A fee that is charged by the lender to a
borrower who pays off a loan earlier than the due date, thereby costing the
lender interest and other income from charges |
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Pre-qualification |
The process by which the amount of loan a
prospective buyer will be eligible to borrow is determined, based on his or her
income and expenses, which can be used to demonstrate the buyer's financial
capability to the seller |
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Prime rate |
The most favorable interest rate that banks
charge, usually to their preferred customers |
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Principal |
The amount borrowed, not including interest or
other charges |
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Principal balance |
The portion of the original amount borrowed that
is due on a loan or mortgage at any point in time |
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Private mortgage insurance, or
P.M.I. |
A policy that insures that the lender will
recover a specific percentage of the loan amount from the insurance company in
the event that the borrower defaults; is not backed by any government agency;
is usually required when a down payment of less than 20% is put on real estate
or a home purchased |
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Probate |
The court proceedings to prove that a will is
valid |
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Procuring cause |
The action or person who brings about the
desired result; e.g., under an open listing, the broker who brings in the buyer
who actually purchases the property |
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Promissory note |
A written promise to pay a specified amount of
money in a designated period of time, which is also transferable to a third
party |
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Prorate |
To divide the proportionate share of existing
expenses on a piece of property between the seller and buyer, e.g., taxes owed
at the time of a transfer of title from the seller to the buyer |
|
PUD (Planned Unit
Development) |
A multi-unit property or subdivision that
includes common property that is owned and maintained by a homeowners'
association, for the use of the individual owners |
|
Purchase and sale
agreement |
A written contract signed by the buyer and
seller that states the conditions under which a property will be transferred or
sold |
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Purchase money mortgage |
An agreement whereby financing provided by the
seller is included in the purchase price |
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| Q |
What is the world's oldest wooden structure?
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| A |
The oldest wooden buildings are the Pagoda, Chumanar Gate and Temple of Horyu in Nara, Japan, dating from A.D. 670.
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 See More Real Estate Trivia > |
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Valerie Bertsch
Prudential Fox and Roach Realtors
352 Stokes Road, Suite 1
Medford, NJ 08055
(609) 654-1888 ext. 123
Fax: (609) 953-1714
valeriebertsch@NUMBER1EXPERT.com
Selling or buying a home is one of the biggest decisions of your life. And it is not an easy one. Selling or buying a home can be a complicated and involved process. That is why the right real estate agent can make all the difference. You need an agent who will be there for you. An agent who knows real estate inside and out. An agent who will get the results you're looking for.
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Valerie is a native of South Jersey who knows the Medford area and its neighborhoods as well as anyone. After being in the real estate industry for over a decade, she has been awarded the New Jersey Association of Realtors Gold Award for 2001, 2003 & 2004, the New Jersey Association of Realtors Distinguished Sales Club Award, and Top Producer of the Medford Home Marketing Office for 2003, 2004 & 2005.
As her resume highlights, Valerie has won many awards for her distinctive work with home buyers and sellers like you. Valerie is also a Certified Residential Specialist (CRS) earned by only 5% of the nation’s Realtors, a Graduate Real Estate Institute (GRI), a Fine Homes Specialist, E-Certified, a Certified Corporate and Relocation Specialist, and an active member of the National Association of REALTORS®. But ultimately, as a real estate professional, Valerie wouldn't have all these great titles and awards if it wasn't for one thing. Results. Valerie knows how to get them. And as your agent, she will get them for you. In addition to helping people move around town, Valerie is also an expert in helping people move to town. As an experienced relocation expert and a familiar name in the industry, Valerie puts into effect her comprehensive knowledge of the South Jersey area, its neighborhoods and its people. She knows the market, she knows value and she knows homes.
In addition to Valerie's individual success, she is backed by the Tri-State area’s premier broker, Prudential Fox & Roach Realtors--an industry leader, woven into the fabric of our communities since 1886. Valerie also has a team of real estate professionals working with her to make sure her clients' needs are always being met--and usually exceeded. Valerie and her team are totally committed to helping buyers and sellers. Seven days a week - even 24 hours a day, if necessary. Whatever it takes to bring a buyer and seller together.   
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