Sewer that belongs to the building where it is installed but discharges into the public sewer. Also known as a building sewer.
Privity
A successive relationship to or a mutual interest in the same property or rights, established by law or legalized by contract. A private or secret knowledge, as shared between persons.
Pro forma statement
Latin for "according to form". Financially statement with amounts or other information that are completely or partially assumed. The assumptions supporting the amounts are usually provided. He statement may be prepared in determining the possible financial effects of buying or renting property.
Pro rata
An equal amount, according the fraction held by each.
Pro ration of taxes
The proportionate division of axes at the closing between the buyer and the seller.
Pro tanto
Partial fulfillment. Pro tanto is normally used in relation to the partial satisfaction of a claim.
Pro-rate
To allocate proportionate shares of income (such as rents) or of an obligation (such as taxes and insurance premiums), paid or due, between seller and buyer at closing.
Probate court
Court having the responsibility of performing probate of wills and administering estates. In certain states, a probate court can appoint guardians for minor children of an estate.
Probate or prove
Process of establishing the validity of a will in court. Probate court than administers the will as directed or as authorized by the court to settle financial obligations.
