Partial interest - Any interest less than the whole.
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Payee - The individual named in an instrument as the recipient of the sum shown. The payee, thus, is the part who benefits by the payment of an instrument.
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Per Diem - A term meaning "by day," used to compute an allowance or charge that has been established on a daily basis, or which is calculated on a daily basis.
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Perfecting title - The elimination of all claims and defects made against a title to real estate.
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Permanent Loan - A long term loan, usually ten years or more. Also called an "end loan".
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Personal Property - All property subject to ownership which 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, mutual funds and stocks, etc.
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PITI - Abbreviation for principal, interest, taxes and insurance, all of which are lumped together in your monthly mortgage payment.
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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.
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Points (loan discount points) - Prepaid interest assessed at closing by the lender. Each point is equal to 1 percent of the loan amount (e.g. two points on a $100,000 mortgage would cost $2,000).
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Power of Attorney - A legal document authorizing one person to act and sign documents on behalf of another.
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Prepaid Expenses - Expenses that have to be paid in advance by seller or buyer to create an escrow account for certain items, such as taxes.
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Prepayment - A privilege in a note permitting the borrower to make payments in advance of their due date.
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Prepayment Penalty - Money charged for an early repayment of debt. Prepayment penalties are allowed in some form (but not necessarily imposed) in many states.
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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, for example 20 years.
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Prime Rate - The most favorable interest rate charged by the bank to their most creditworthy customers for short term loans, not mortgages.
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Principal - The amount of debt, not including interest, on a loan.
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Private Mortgage Insurance (PMI) - In the event that you do not have a 20 percent down payment, lenders will allow a smaller down payment-as low as 3 percent 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 you loan's structure.
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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 settlement statement (HUD).
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PUD (Planned Unit Development) - A comprehensive development plan for a large land area, usually including residences, roads, schools,, recreational facilities, and service area plus commercial, office and industrial areas.
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Purchase Agreement - A legally binding agreement between sellers and buyers of real estate.
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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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