Financial Dictionary - P

Article Index


Passed In

a property is 'passed in' at auction if the highest bid fails to meet the reserve price set by the vendor.


the person or entity to which a cheque is payable.


detailed illustration of a house that shows the internal layout and dimensions and the position of the house on the land.


where a new property may be substituted as security for an existing loan.


the capital sum borrowed on which interest is paid.

Principal and Interest Loan

a loan in which both the principal and the interest are paid during the term of the loan.

Private Sale

the sale of a a property without an estate agent.

Private Treaty Sale

a property sale where the buyer negotiates on a price set by the seller, as opposed to an auction sale.