Real Estate Terms Glossary
P
Parcel: Any area of land contained within a single description.
Partnership: An association of two or more persons who have contracted to join in business and share the profits.
Party Wall: A wall generally erected on a property boundary or between two lots for the common benefit and use of the property owners on either side.
Patent: A conveyance of title to land by the Federal or State Government.
Personal Property (movable): Any property that is not designated by law as real property (i.e., money, goods, evidences of debt, rights of action, furniture, automobiles).
"P.I.Q.": A title term referring to Property In Question.
PITI: A payment that combines Principal, Interest, Taxes, and Insurance.
PLAT: A plan, map or chart of a tract or town site dividing a parcel of land into lots.
Power of Attorney: A 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.
"PRE," "PRELIM" OR Preliminary Report: A written report issued by a title company, preliminary to issuing title insurance, which shows the recorded condition of title of the property in question. See Commitment.
Priority: The 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 Inspection: A 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.
Public Domain: Land owned by the government and belonging to the community at large.
Public Records: The transcriptions in a recorder's office of instruments which have been recorded, including the indexes pertaining to them.
Partnership: An association of two or more persons who have contracted to join in business and share the profits.
Party Wall: A wall generally erected on a property boundary or between two lots for the common benefit and use of the property owners on either side.
Patent: A conveyance of title to land by the Federal or State Government.
Personal Property (movable): Any property that is not designated by law as real property (i.e., money, goods, evidences of debt, rights of action, furniture, automobiles).
"P.I.Q.": A title term referring to Property In Question.
PITI: A payment that combines Principal, Interest, Taxes, and Insurance.
PLAT: A plan, map or chart of a tract or town site dividing a parcel of land into lots.
Power of Attorney: A 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.
"PRE," "PRELIM" OR Preliminary Report: A written report issued by a title company, preliminary to issuing title insurance, which shows the recorded condition of title of the property in question. See Commitment.
Priority: The 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 Inspection: A 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.
Public Domain: Land owned by the government and belonging to the community at large.
Public Records: The transcriptions in a recorder's office of instruments which have been recorded, including the indexes pertaining to them.
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