Percentage Lease
A lease whereby all or part of the rental is derived as a percentage of turnover. This type of lease normally also incorporates a minimum or base rent and is generally restricted to retail premises.

PBN
Price by Negotiation

POA
Price on Application

Possession
When you have paid for the home and have the right to move in. Early possession is when it’s agreed you can move in before settlement date — you might have to pay rent until then.

Possession date
The date by which you must have left the house or business premises and handed over the keys to the new owner.

Principal
The amount of money you borrow, before interest is added.

Priority Amount
This is a term in the mortgage document that gives the bank first right to a certain amount of money if your home has to be sold up.

Private Sale
If the property is being sold by the owner, instead of through an real estate agent.

Purchaser
The formal word used to refer to the buyer of the property.