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Real Estate Dictionary



Parcellation - The division into parcels of a block into separate lots.

Patio - Usually paved outdoor area adjoining a residence. An inside yard.

Penthouse - An apartment located on the top floor of a building.

Pentcottage - A cottage (two story and more) located on the top floor of a building.

"Per Annum" - Yearly, annually.

"Per Diem" - Daily.

Pergola - A framework that supports climbing plants. An open structure on the roof, balcony or separately on the ground.

Permit Money - A payment to the "Minhal" for the changes it permits in the leasing contract of the lessees: increase land utilization percentages for building, changes in the purpose of the land (for instance, from agriculture into building), parcellation of the land. Called in Hebrew "Dmei Heter".

Perpetuity - Continuing forever. In real property terms any condition extending the inalienability of property beyond the time of a life or lives in being twenty-one years.

"Per Se" - By itself; of itself; inherently.

Personal Property - Any property which is not designated by law as real property.

Planning Scheme - A general and detailed plan, which describes the land for building, including all the blocks and lots for all kinds of building and infrastructures. All the license permits are based on it.

Plans - All drawings necessary to a construction project.

Plot - Known also as building plot. A measured area of land, which its purpose is for building. The gross ground size including the size for building, the walls around and the yard. See also Land.

Possession - Being in physical control of land or personal property, whether the owner or not. Possession may be lawful or wrongful.

Power of Attorney - An authority by which one person (principal) enables another (attorney in fact) to act for him.

Prime Lending Rate - The most favorable interest rates charged by commercial banks on short term loans, (not mortgages). The interest rate that banks charge to their preferred customers. Changes in the prime rate are widely publicized in the news media and are used as the indexes in some adjustable rate mortgages, especially home equity lines of credit. Changes in the prime rate do not directly affect other types of mortgages, but the same factors that influence the prime rate also affect the interest rates of mortgage loans.

Principal - The amount borrowed or remaining unpaid. The part of the monthly payment that reduces the remaining balance of a mortgage.

Private Land - The owner is 100% owner of the land and this right is written in the Tabu, as opposed to "Minahl" Land.

Property - Anything which is owned by someone. Usually refer to real estates, such as: apartment, plot, building, villa and more. See also Asset.

Proprietor - The owner of any kind of asset.

Property Insurance - A property which is mortgaged for the bank as a consequence of a mortgage is obligated to have an insurance of the structure.

Property Line - The boundary line of a parcel of land.

Property Tax - Generally, a tax levied on both real and personal property; the amount of the tax is dependent of the assessed value of the property.

Prospectus - A final and approved registration statement including the price at which the security issue is offered. A brochure, presenting for a prospective buyer or investor the details of the offering.

Protected Tenant - A tenant who doesn't has to leave the leases property at the end of the lease period or the cancel of the lease contract. This right is personal and can be passed only for a relative, who must live in the apartment for at least half a year.

Proxy - The term legally encompasses any agent who has written authority to act on behalf of another. An instrument empowering an agent to vote in the name of the shareholder.

Public Land - Land belonging to the government.

Public Sale - An auction open to the public. Could be due to a foreclosure, tax sale, and excess state land sale etc. required notice (advertising) and must be held in a place accessible to the general public.

Purchase and Sales Agreement - An agreement between the buyer and seller of real property setting the price and terms of the offer and acceptance.

Purchase Tax - A steps tax system in Israel calculated as a cumulative percentage of the purchase price. The one who purchase a right in real estate pays it. Starts from 0.5% until 5%.

Put Option - The right to sell an asset at a specified exercise price on or before a specified expiration date.

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