Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights. Property is generally classified into two groups, personal property and real property.

Property Tax
A tax levied by the local municipality or county on real and personal property.

Perorations
The allocation of expenses, such as taxes between buyer and seller at closing based on the number of days the property is owned during the month of closing.

Prorate
To divide in proportionate shares, such as taxes, insurance, rent, or other items.

Planned Unit Development (PUD)
A housing development where there is a homeowners association and common areas owned by the homeowners.

Pull-down list
On a web form, where the user chooses from a list of items. For example, if you are asked to identify which country you are from, this will typically be done using a pull-down list. A pull-down list is usually displayed with the first item within a box and a down arrow immediately to the right. Clicking on the down arrow will display the full list to choose from. Search engine spiders can't fill out forms or pull down on lists, so content that is only accessible through pull-down lists will not be indexed.

Purchase Money Mortgage
A mortgage used to finance the purchase of real property.

Purchase Agreement
A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.