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).

Personal Representative/Executor
A person appointed in a will and affirmed by the probate court to cause a distribution of the decedent's estate in accordance with the will. (The one who makes the will is called a "testator" ). In Wisconsin , this person is referred to as the Personal Representative of an estate. In many other states, the person is referred to as the executor

P.I.Q.
A title term referring to Property In Question.

PITI
An acronym for payments to lenders that combines Principal, Interest, Taxes, and Insurance.

Plat
A plan or map of a town, section or subdivision indicating the location and boundaries of individual properties.

Plat Book
A public record of maps of subdivided land showing the location and size of each parcel of land in a stated area.

P.O.C.
Paid outside of closing. Sometimes the lender requests this money before settlement. If you pay any charges before settlement they should be written on the settlement sheet. They are written on the proper line outside of your column. They should also be marked P.O.C.

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.

Prepayment Penalty
The right to prepay a loan without penalty, either in full or in part.

Prepayment Privilege
A penalty under a note, mortgage, or deed of trust, imposed when the loan is paid before it is due.

Prior Title Policy
A previous title policy written by a title insurer, insuring title to the subject property.

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.

Private Mortgage Insurance
Insurance against a loss by a lender in the event of default by the borrower (mortgagor). The insurance is similar to insurance by a government agency such as FHA, except that it is issued by a private insurance company. The premium is paid by the borrower and is included in the mortgage payment.

Pro-Rate
To allocate between seller and buyer their proportionate share of an obligation paid or due.

Public Domain
Land owned by the government and belonging to the community at large.

Public Records
The transcriptions in a Register of Deed's office of instruments which have been recorded, including the indexes pertaining to them.

Purchase Money Mortgage
A mortgage securing a promise to pay the purchase price for the sale of real estate. A third party lender may be a purchase money mortgagee, providing the proceeds of the loan were actually used to purchase the real estate. A mortgage securing a debt in which all of the loan proceeds are used for the purchase of real estate.