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Passed In
a property is 'passed in' at auction if the highest bid fails to meet the reserve price set by the vendor.
Payee
the person or entity to which a cheque is payable.
Plan
detailed illustration of a house that shows the internal layout and dimensions and the position of the house on the land.
Portability
where a new property may be substituted as security for an existing loan.
Principal
the capital sum borrowed on which interest is paid.
Principal and Interest Loan
a loan in which both the principal and the interest are paid during the term of the loan.
Private Sale
the sale of a a property without an estate agent.
Private Treaty Sale
a property sale where the buyer negotiates on a price set by the seller, as opposed to an auction sale.