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There are 24 entries in the definition.
Pages: 1
Term Definition
P.M.I.Private Mortgage Insurance. An insurance contract which insures that the named lender will re cover a specific percentage of the loan amount from the insurer in the event the loan goes bad. Many lenders require this on higher percentage loans.
 
ParcelAny area of land contained within a single description.
 
PartnershipAn association of two or more persons who have contracted to join in business and share the profits.
 
Party WallA wall erected on a property boundary or between two lots for the common benefit and use of the property owners on either side.
 
PatentA conveyance of title to land by the Federal or State Government.
 
Personal PropertyAny property that is not designated by law as real property (i.e., money, goods, evidences of debt, rights of action, furniture, automobiles).
 
Personal RepresentativeA person appointed by the probate court to administer a decedent's estate. See also "Executor."
 
PITIAbbreviation for principal, interest, taxes and insurance, all of which are lumped together in your monthly mortgage payment.
 
PlatA map or chart of a lot, subdivision or community drawn by a surveyor showing boundary lines, buildings, improvements on the land and easements.
 
PointsA one-time-only fee you pay up front to your lender, sometimes in exchange for a slightly lower mortgage rate. One point equals one percent of the total amount you plan to borrow.
 
PolicyA general term used to describe all contracts of insurance.
 
Power of AttorneyA document by which one person (called the "principal") authorizes another person (called the "attorney-in-fact") to act for him/her in a specific manner in designated transactions.
 
Power of SaleA clause in a will, mortgage, deed of trust or trust agreement authorizing the sale or transfer of land in accordance with the terms of the clause.
 
Preliminary Title ReportA written report issued by a title company, prior to issuing title insurance, which shows the recorded condition of title of the property in question. See Commitment.
 
PremiumThe amount paid for an insurance policy.
 
PrepaymentPayment of mortgage loan, or part of it, before due date. Mortgage agreements often restrict the right of prepayment either by limiting the amount that can be prepaid in any one year or charging a penalty for prepayment. The Federal Housing Administration does not permit such restrictions in FHA insured mortgages.
 
Prescriptive EasementA right to use another's property that is not inconsistent with the owner's rights and that is acquired by an open, notorious, adverse and continuous use for the statutory period, for example 20 years.
 
PrincipalThe basic element of the loan as distinguished from interest and mortgage insurance premium. In other words, principal is the amount upon which interest is paid.
 
PriorityThe order of preference, rank or position of the various liens and encumbrances affecting the title to a particular parcel of land. Usually, the date and time of recording determine the relative priority between documents.
 
Priority InspectionA title term referring to the type of inspection made in connection with insuring a new construction loan. In making the inspection of the property, the title company must be assured that the work of improvement had not yet begun when the lender's deed of trust was recorded.
 
Pro rateTo allocate between seller and buyer their proportionate share of an obligation paid or due.
 
Public DomainLand owned by the government and belonging to the community at large.
 
Public RecordsThe records of all documents which are necessary to give notice and are available to the public.
 
Purchase Money MortgageA mortgage given by a purchaser to a seller on the subject property to secure payment of a part of the purchase price. 
 


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