Glossary P

PARTITION
The forced division of land among parties who were formerly co-owners. A partition suit may ask to divide the land, or if that is not practical, sell the land and divide the proceeds.

PAY-OFF AMOUNT
A total balance; amount of a full payment on existing loan or lien.

PENTHOUSE
A large residential unit located at the highest level of a building with a roof garden.

PIPESTEM LOT
A lot connected to a public street by a narrow strip of land. Usually several adjacent pipe stems are combined to form one driveway with each owner having a mutual-reciprocal easement to use and maintain the driveway to the street.

PITI
Principal, Interest, Taxes and Insurance. Also called monthly housing expense.
POINTS (loan discount points)
Prepaid interest assessed at closing by the lender. Each point is equal to 1 percent of the loan amount (e.g., two points on a $100,000 mortgage would cost $2,000).

PLANNED DEVELOPMENTS
Projects on which construction has not started, comprising projects with planning approval or are under consideration, as well as public projects and projects on Government Land Sales sites for which plans have not been submitted to URA for planning approval.

PLANNING REGION
Singapore is divided into 5 areas called planning regions to facilitate the planning of the use and development of land for the whole of Singapore. The 5 regions are Central Region, East Region, North East Region, North Region and West Region. Each Planning Region consists of several planning areas which are further divided into sub-zones. A Development Guide Plan (DGP) is prepared for each planning area.
see Development Guide Plan

PLAT
A map showing the division of a piece of land with lots, streets and, if applicable, common area.

POWER OF ATTORNEY
A written document authorizing another to act on his behalf as an ATTORNEY IN FACT. One does not need to be a licensed attorney to act as an attorney in fact, but power of attorney forms are powerful legal documents that should be used only under advice of a licensed attorney at law.

PREPAYMENT PENALTY
An additional charge imposed by the lender for paying off a loan before the due date.

PRIME RATE
The most favorable interest rate charged by lenders on short-term loans to qualified customers.

PRIVATE APARTMENT
A residential unit located in a building occupied by more than one residential unit, built by non-governmental entities. When people refer to Private Apartment, usually it means those with less communal facilities. Apartments usually sits on a site land of not more than 44,000 sq ft.

PRIVATE MORTGAGE INSURANCE (PMI)
In the event that you do not have a 20 percent down payment, lenders will allow a smaller down payment— as low as 3 percent in some cases. With the smaller down payment loans, however, borrowers are usually required to carry private mortgage insurance. Private mortgage insurance will usually require an initial premium payment and may require an additional monthly fee depending on your loan’s structure.

PROBATE
Court process to prove a valid will.

PROGRESSIVE PAYMENT SCHEME
This scheme is based on the developer’s predetermined schedule of payment (payments are normally called for in percentages). This schedule is set out based on the different stages of development; as such payments made for the purchase would be spread out throughout the course of the development process.

PROMISSORY NOTE
A written unsecured note promising to pay a specified amount of money on demand, transferable to a third party.

PUBLIC SALE
Sale, auction open to the public.

PURCHASE MONEY MORTGAGE (PMM)
Seller financing as a part of the purchase price.
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