Glossary of terms used on this site
There are 149 entries in this glossary.P
| Term | Definition |
|---|---|
| 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 |
Any property that is not designated by law as real property (i.e., money, goods, evidences of debt, rights of action, furniture, automobiles). |
| PIQ |
A 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 "agent" or "attorney-in-fact") to act for him or her in a specific manner in designated transactions. |
| 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. Also referred to as "Pre" or "Prelim". |
| 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. |
| Public Records |
The transcriptions in a county clerkÿs or recorder's office of instruments, which have been filed or recorded, including the indexes pertaining to them. |