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Please select the first letter in the dictionary.
Partial interest - Any interest less than the whole. Payee - The individual named in an instrument as the recipient of the sum shown. Therefore, the payee is the part who benefits by the payment of an instrument. Per Diem - A term meaning "by day" that is used to compute an allowance or charge that has been established or calculated on a daily basis. Perfecting Title - The elimination of all claims and defects made against a title to real estate. Permanent Loan - Also known as "end loan." A long term loan, usually ten years or more. Personal Property - All property subject to ownership that is not fixed or immovable. Personal property may be tangible or intangible. Tangible personal property consists of physical objects, whereas intangible personal property consists of property which cannot be physically touched, such as a patent, goodwill of a business, and mutual funds and stocks. Plat - A map or chart of a lot, subdivision, or community drawn by a surveyor showing boundary lines, buildings, improvements on the land, and easements. Points - Also known as "loan discount points." Prepaid interest assessed at closing by the lender. Each point is equal to 1 percent of the loan amount. For example, two points on a $100,000 mortgage would cost $2,000. Power of Attorney - Also known as "attorney-in-fact." A legal document authorizing one person to act and sign documents on behalf of another. Preliminary Report (PR) - Also known as "binder" or "title commitment." A document issued by a title insurance company that contains the conditions under which a policy of title insurance will be issued. Prepaid Expenses - Expenses that have to be paid in advance by the seller or buyer to create an escrow account for certain items, such as taxes. Prepayment - A privilege in a note permitting the borrower to make payments in advance of his/her due date. Prescriptive Easement - A 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, such as 20 years. Prime Rate - The most favorable interest rate charged by the bank to their most credit-worthy customers for short term loans, not mortgages. Principal - The amount of debt, not including interest, on a loan. Principal, Interest, Taxes, and Insurance (PITI) - When principal, interest, taxes, and insurance are all lumped together in a monthly mortgage payment. Private Mortgage Insurance (PMI) - In the event that a borrower does not have a 20% down payment, lenders will allow a smaller down payment -- as low as 3% in some cases. With the smaller down payment loans, however, borrowers are usually required to carry private mortgage insurance. Private mortgage insurance will usually require an initial premium payment and may require an additional monthly fee depending on the loan's structure. Prorate - To divide in proportion, proportionately, according to share interest or liability of each party. Payments such as property taxes, monthly condominium maintenance fees, assessments, and appliance contracts are prorated on a HUD-1 settlement statement. Planned Unit Development (PUD) - A comprehensive development plan for a large land area that usually includes residences, roads, schools, recreational facilities, and service areas plus commercial, office, and industrial areas. Purchase Agreement - A legally-binding agreement between sellers and buyers of real estate. Purchase Money Mortgage - The first 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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