To allocate percentages of certain expenses to be paid by the buyer and seller at the time of closing. …
Punch List
A list compiled by a buyer prior to a sale detailing items to be fixed before closing. …
Purchase Agreement
A document that details the purchase price and conditions of the transaction. …
Purchase Contract
A legal document that binds a buyer to purchase a piece of property for a set price, and also binds the seller to sell that property to the buyer. …
Purchase-Money Mortgage (PMM)
A mortgage obtained by a borrower as partial payment for a property. …
Qualifying Ratio
A ratio calculated by a lender to determine how much a potential buyer can borrow. …