overhang is one of the possible translations for peto. It means that it sticks out from the wall. Most likely they mean balcony (I've heard many Spanish people refer to balconies as terrazas)

Two examples with terrace. See google refs for those with balcony.

Plaza - The north and south entrances of the building house in-ground planters filled with vibrant annuals and the walkways are lined with Queen palm trees. The South entrance contains a terrace overhang providing a shaded covering to the benches and patio.
http://www.equityoffice.com/properties_space/building.aspx?B...

Pilasters are usually built using block or brick and then covered with brick or stone. They may be decorative, freestanding pilasters attached to walls and gates, or they may be used as supporting columns for a terrace overhang or balcony. Pilasters often feature sculptured brick designs.
http://www.waltonsons.com/pilasters.html