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Participation Quota (PQ)
The participation quota is used in a sectional title property to determine each individual owner’s monthly levy. It is calculated by dividing the size of each section into the total floor area of all the sections.
Related Topic: Sectional Title.

Patent Defect
A fault or flaw that is detectable, and not hidden from view, during a reasonable inspection of the property.

Percentage Lease
Refers to a provision of the lease calling for the landlord to be paid a percentage of the tenant’s gross sales as a component of rent. There is usually a base rent amount to which ‘percentage’ rent is then added. This type of clause is most often found in retail leases.
Related Topic: Basic Rental, Escalation Rate, Gross Lease, Huur Gaat Voor Koop, Lease, Lease with Option to Purchase, Leasehold, Long Lease, Natural Vacancy Rate, Net Lease, Notarial Deed of Lease, Occupation, Renewal Option, Rental Types, Rent-Free Period, Resolutive Condition, Right of Pre-Emption, Sale & Leaseback, Triple Net Lease, Turnover Rental.

PLS
Property loan stock, also known as variable loan stock (VLS) (type of listed property fund).
Related Topic: Property Loan Stock (PLS), PUT, Real Estate Investment Trust, REIT .

Plumbing Compliance Certificate
Required prior to tranfer of property. A certificate issued by an accredited Plumber certifying that the water supply to the property conforms with the requirements stipulated in the Water By-Laws The cost of the certificate and any repairs that need to be made are for the sellers account and is required by law for the property to be transferred to the buyer’s name.

Positive Equity
Positive equity exists in a property bond or home loan if the value of the property exceeds the amount owing on the home loan. There are an increasing number of financing products that allow homeowners to access positive equity, including home income plans for retirees.

Possession
When the buyer takes over legal control of the premises, as only an owner can, as opposed to taking occupation, as a tenant would. On registration of the transfer of the property, all obligations and rights to the property are passed from the seller to the new owner.

Power of Attorney
A legal document authorising one person to act on behalf of another in all matters, including opening bank accounts, buying and selling shares or immovable property and generally carrying out business duties.

PPP (Public Private Partnership)
Public Private Partnership is a joint venture project between Government and the Private Sector

Pre-Approval or Prequalification Certificate
Banks and even some bond originators can provide a preapproval or prequalification certificate confirming that the buyer qualifies for certain bond amount. This means that a bond is not yet granted, but the bank has made a commitment that if a loan is required, it will be willing to provide a loan up to the value of the pre-approval. The pre-approval is based on a preliminary credit screening based on the information provided by the buyer, which will be verified when a formal application is made. This gives a buyer more leverage when negotiating with a seller.

Price
The amount actually paid for an asset. Not the same as market value, because special circumstances may have applied when the transaction was concluded.
Related Topic: Asking Price.

Prior Occupation
A buyer’s right to take personal occupation of a property before transfer takes place. A rental, called occupational rent or occupational consideration, is agreed to in advance between the parties, and is payable by the buyer until registration of transfer. See ‘Occupational consideration’.

Property Loan Stock (PLS)
Also known as a variable loan stock – a type of listed property fund with the weight of nearly all the funds within the sector.
Related Topic: PLS, PUT, Real Estate Investment Trust, REIT .

PUT
Property unit trust (type of listed property fund).
Related Topic: PLS, Property Loan Stock (PLS), Real Estate Investment Trust, REIT .

 
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