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GLOSSARY
Probate
Probate is the process of establishing a will's legal validity.
Probate sale
Upon the death of the owner, the sale of the property as supervised by the court. The proceeds are divided upon the heirs and creditors.
Proceeds
Probate is the process of establishing a will's legal validity.
Production home
Homes that are mass produced by one builder or developer.
Profile
A profile, in general, is a summary of data, such as the set of information kept on file for customers, vendors, students, employees, etc.
Progressive tax
Progressive tax is an assessment that's charged at a higher rate to higher-income individuals. Income taxes are usually progressive.
Projected maturity date
Projected maturity date is an estimate of the date on which an obligation will be fulfilled. In collateralized mortgage obligations (CMOs), the projected maturity date is the date the final payment is expected to be made.
Promissory note
A written agreement to repay a loan.
Proof of claim
A proof of claim is a written filing made by a creditor during bankruptcy proceedings, which describes the nature of the debtor's obligation to the creditor.
Property
Property is something owned. There are several types of property, such as personal, real estate, and intangible. Personal property includes movable objects, such as boats, cars, clothes and jewelry. Real estate property is land. Intangible property includes patents and trademarks.
Property report
A property report is a compilation of data on undeveloped land that's filed with the U.S. Housing and Urban Development's Office of Interstate Land Sales Registration.
Property tax
A tax assessed by the state or local government on real estate and personal property whose amount varies depending on the property's value and the various services provided to the property. Property taxes are most often paid into an escrow account and the lender is responsible for paying the taxes when it is due.
Property tax deduction
An expense on a home loan that the federal government allows homeowners to deduct from their income before computing their income tax
Property value
How much a piece of real estate is worth based on the price a buyer and seller would negotiate.
Proportional tax
Proportional tax is an assessment system that calculates taxes at the same rate for all individuals within the tax jurisdiction. The U.S. and Canada do not use proportional taxes.