Passed In

The highest bid fails to meet the reserve price of a property at an auction and consequently does not sell.

Price on Application (POA)

A pricing method used by some Real Estate companies, meaning Price On Application.

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.

Pre Approval

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.

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.

Private Sale

The sale of property by the owner without the services of a real estate agent. The homeowner takes on all the responsibility for selling their property.