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Dictionary
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Parcel
An officially described area of land.
Partnership
An association of two or more persons who have contracted to jointly buy a piece of property, as either a shared residence, a shared investment, or a shared-equity partnership (in which one buyer lives in the home and the other is an investor in the property).
Patent Defect
A visible deficiency in a piece of property, such as a cracked basement slab or a sagging porch.
Personal Property
Any moveable property in a house that is not designated by law as real property, such as furniture, appliances, automobiles).
P.I.T.I. (Principal, Interest, Taxes, Insurance)
When a borrower applies for a loan, the lender will calculate the principal, interest, taxes and insurance. This figure represents the borrower's actual monthly mortgage-related expenses.
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.
P.M.I. (Private Mortgage Insurance)
An insurance contract that many lender require borrower’s to purchase if their down payment is less than 20 percent of the home’s purchases price. P.M.I. insures that the lender will recover a specified percentage of the loan amount from the insurer in the event the loan goes into default.
Points
A one-time-only fee charged by lenders at the time a loan is originated, sometimes in exchange for a slightly lower mortgage rate.. A point is equal to 1 percent of the total loan amount.
Power of Attorney
A document that authorizes an individual(called the "principal") to act on behalf of another (called the "attorney-in-fact").
Preliminary Title Report
A report put out by a title company, prior to issuing title insurance, which shows the recorded condition of the title for a property.
Prepayment
Any amount of money paid towards the principal balance of a loan before the due date
Principal
The loan amount of borrowed or remaining unpaid.
Purchase Money Mortgage
A mortgage that a borrower obtains to secure payment for a part of the purchase price of a property.
