NZ Buyers Guide Buyers Guide - Ray White_2019_NZ - single page no | Page 32

P
Passed In
The highest bid fails to meet the reserve price of a property at an auction and consequently
does not sell.
PIM (Project Information Memorandum)
A report giving information on items such as potential erosion, subsidence, hazardous
contaminants, stormwater. It may also include classifications under organisations such as
the Dept. of Conservation or Historic Places Trust, as well as authorisations required by
the Resource Management Act.
Power-of Attorney
The person who has authority to execute documents on behalf of the grantor of the power.
Also a legal document which authorises another person to act on one’s behalf. A power
of attorney can grant complete authority or can be limited to certain acts and/or certain
periods of time.
Pre-qualification
The process of determining how much money a prospective home buyer will be eligible to
borrow before he or she applies for a loan.
Principal
The amount borrowed or still to be repaid. The part of the monthly payment that reduces
the balance of the mortgage.
Private Treaty Sale
The sale of property, through a real estate agent, by negotiation.
Q
Qualified Buyer
A buyer who has satisfied a lender that he or she is financially able to qualify for a loan.
Qualifying the buyer is one of the primary steps taken by the lender as part of the
loan process.
R
Rateable Value (RV)
A value used to calculate local body rates (formerly known as Government Value or GV).
Real Estate Agency
A company performing real estate work through its agents, branch managers and
salespersons.
Real Estate Agent
A person licensed to negotiate and transact the sale or lease of real estate on behalf of the
property owner.