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Partial payment |
A payment that is less than the agreed upon
monthly payment on a loan |
|
Partition |
The forced dividing of real estate among parties
who were previously its co-owners |
|
Patent |
A first in a series of documents by which the
federal or state government transfers ownership of public lands to an
individual |
|
Pay-off amount |
The total balance on an existing loan or
mortgage |
|
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 |
|
Personal property |
Property that does not qualify as real
property |
|
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 |
|
Plat, or Plot |
A map showing a piece of land subdivided into
lots, streets and common area, if applicable |
|
P.M.I, or Private Mortgage
Insurance |
Acronym for Private Mortgage Insurance, see
below |
|
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 |
|
Power of attorney |
A written legal document authorizing a person to
act as agent for another, to the extent outlined in the
document |
|
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 |
|
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 |
|
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 |
|
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 |
|
Prime rate |
The most favorable interest rate that banks
charge, usually to their preferred customers |
|
Principal |
The amount borrowed, not including interest or
other charges |
|
Principal balance |
The portion of the original amount borrowed that
is due on a loan or mortgage at any point in time |
|
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 |
|
Probate |
The court proceedings to prove that a will is
valid |
|
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 |
|
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 |
|
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 |
|
Purchase money mortgage |
An agreement whereby financing provided by the
seller is included in the purchase price |
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Sharon Jagoda Sigman
WEICHERT, REALTORSŪ - Graham Welch
5267 West 95th St.
Overland Park, KS 66207
913-381-6789
Toll Free: 800-291-1302
Property Hotline: 913-381-6789
Fax: 866-714-4532
Email: Sharon@HomesInKansasCity.com
As a native to Kansas and a former local high school English teacher in the Shawnee Mission school district, I am able to give buyers extra assistance and information on schools and the city. My license plate "REALTOR" lets everyone know my profession. My customers find that I am easy to work with and an excellent negotiator. My slogan "choose this LEFT handed realtor to help you make the RIGHT move" expresses my desire to help my buyers find the right home or my sellers to find the right buyer for the best price and terms.
I have had my brokers/realtors licenses for over 22 and have consistently been one of the top 10 realtors in the city on both the Kansas and Missouri sides. I hold various designations and degrees: CRS (certified real estate consultant), ABR (accredited buyers agent), SRES(senior citizen representative), CSP (certified new sales consultant-to build) and e-PRO. My education consists of BA and Masters from University of California at Berkeley. I have 3 daughters, 1 dog and 1 cat. My recently licensed Schipperke, Skipper, was rescued by me from a local animal shelter so he helps me find some DOG GONE good homes for my clients. I belong to various organizations like Friends of Art, Friends of the Zoo, Native Sons of Kansas City, Hadassah, Brandeis, local and national realtor organizations. My hobbies are art, traveling, reading, working out, and horse back riding. My other web sites are www.sharonsigman.com www.realestateinoverlandpark.com www.isellkansashomes. www.homesinkansascity.com. I have a toll free 800 number ( 800-291-1302 )that follows me wherever I go.       
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