Residential, Commercial Moving & Storage Glossary | P | Matco Moving Solutions
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P


Packed by Carrier (PBC or CP)

Matco Moving Solutions packs the goods at origin.

Packed by Owner (PBO)

The owner packs the goods at origin.

Packing (PKG)

Either the services or the material required to prepare a shipment for safe transportation and handling.

Packing Date

A date set aside for packing. It is usually one day prior to loading the goods.

Packing List

A detailed listing of all packed items in a shipment. It is often combined as one document form with the inventory.

Packing Material

Materials used to safely pack items and prepare them for moving, including boxes, cartons, tape and wrap.

Packing Service Report

A document that provides a record of special services performed like packing and appliance services.

Pads

Blanket-like padded material used for covering articles of furniture during a shipment.

Pallet

A portable platform for holding material for storage or transportation. Also called Skid.

Palletized

A term denoting that storage containers are stacked on pallets.

Parcel

A container, article or object wrapped or packed up.
A lot or a specific portion of a larger tract of land.

Partial pack

Packing of only the breakable items in specialty containers to ensure safe transit.

Party Wall

A wall erected between two adjacent properties for use by both properties.

Patent

A deed of title to land owned by the government and transferred to an individual.

Per Diem

Charges paid by one carrier for use of freight cars, trailers or containers of another carrier.
A daily expense allowance to a transferred employee for temporary living expenses.

Performance Report

Another term for the additional services performed at origin/destination and delivery report or the operation excellence questionnaire.

Permanent Storage

The warehousing of a shipment indefinitely.

Permits

The federal authorization granted to a van operator to use a commercial vehicle.

Personal Property

Items included in a home that will not stay in the home when sold unless they are listed in the contract. Items that are moveable.

Personal Property Tax

A tax on personal property imposed by some provinces.

Physical Damage Insurance

Insurance to cover a tractor, trailer, van, etc., for fire, theft, combined additional coverage and collision.

Physical Deterioration

The physical depreciation of a structure that, in return, decreases its value. Physical deterioration can be either curable, where needed repairs are worth fixing, or incurable, where such repairs would be non-beneficial compared to the value of the structure.

Piano Board

A device used primarily to move pianos up or down stairs.

Pick Up and Delivery Rates

Separate transportation rates applicable between the storage in transit warehouse and the residence or other establishment.

Piggyback Loan

One mortgage on a property with two lenders.

Piti

The total of the principle, interest, taxes and insurance that make up the all-inclusive monthly mortgage payments.

Place of Delivery

Place where cargo leaves the care and custody of carrier.

Plat

A drawing of a piece of land including lots, streets, etc.

Plat Book

A book of maps in a particular county for public record.

Plot Plan

A diagram of improvements of an area of ground.

Point

A one-time charge on a mortgage principal, paid when the mortgage is taken out. One point equals one percent.

Port of Debarkation

A place where the cargo is off-loaded from a conveyance like a vessel or aircraft for purposes of transhipment to another point or for making cargo available to the consignee as per the bill of lading.

Port of Discharge

See Port of Debarkation.

Port of Embarkation

A place where the cargo is loaded onto a conveyance like a vessel or aircraft to commence the voyage or flight for which the cargo has been booked.

Portability

An option that allows a borrower to take a current mortgage with him or her to another property.

Possession Date

The date the buyer may take proprietorship of a property.

Power of Attorney

See Attorney-in-Fact.

Pre-Approved Mortgage

Qualifies a buyer before he or she begins shopping for a home, so that the buyer will know an exact price range and make an offer upon finding the right home.

Preclosing

A meeting used to settle outstanding issues and where documents are prepared, reviewed and signed before the formal closing.

Pre-Existing Damage

Damage that already existed on an item before being shipped.

Preferred Arrival Date (PAD)

The date the customer requests for delivery of goods.

Prepaid Expenses

Escrow items like taxes and insurance, credit reports, photographs or fees that require payment at closing.

Prepaid Shipment

A shipment on which all or part of the transportation charges have been paid to Matco Moving Solutions prior to its arrival at destination.

Prepayment

A payment on a principal before its due date.

Prepayment Penalty

A charge to the borrower if the mortgage is paid off before required.

Prepayment Privilege

A borrower's voluntary right to pay all or part of a debt before its maturity.

Principal

The amount remaining on a mortgage, not including interest.

Principal Agent

A mover who has a regular and ongoing agreement to act as an agent for a household goods van line and performs a range of services like selling, packing and hauling in the name of the van line.

Principal Balance

A loan's outstanding balance.

Principle of Change

A principle that no economic or physical condition remains the same.

Principle of Conformity

A principle that buildings be similar in design, construction and age with regard to other buildings in the neighbourhood.

Principle of Contribution

A principle that improvements to a property are worth only what the improvements add to the property's market value, not their actual cost.

Principle of Substitution

An appraisal theory that the market value of a property is influenced by the cost of purchasing a comparable property.
Insurance by a private company to protect the mortgage investor against loss by default.

Pro Number

A number used to identify individual freight bills or bills of lading.

Promissory Note

See Note.

Proof of Delivery (POD)

Same as delivery receipt (above)

Property

Land and chattel in which an individual may have a right or interest.

Property Damage Claim

A claim filed for damage to a home, lawn, driveway or landscaping, caused by the van operator during the loading or unloading of a shipment or damage to property due to an accident.

Property Damage Insurance

Insurance to cover property damage.

Property Taxes

Taxes imposed by the city or provincial government, determined by the size and location of a property.

Proration of Taxes

The balanced division of taxes between a buyer and a seller at closing.

Proviso

An old term for the classification of articles of a shipment. See First Proviso, Second Proviso and Third Proviso.

Purchase Agreement

A written agreement that states the seller's and the buyer's intentions, along with the terms of the sale. Also called Contract of Sale, Sales Contract and Agreement of Sale.

Purchase Order

A written authorization for billing a move to a company. It is sometimes used in place of the order for service form.

Purchase-Money Mortgage (PMM)

A mortgage given by the buyer to the seller for partial payment of a property.


Q


Quiet Title

A court action used to remove a cloud on the title.

Quitclaim Deed

A deed relinquishing all interest or title in a property a person might have.

Quotation

An offer to sell goods or provide a service (transportation) at a stated price and under stated terms.