Each party represents a side of a business real estate transaction. Most frequently, there is a buying party and a selling party.


An originally transferred title to public lands to an individual. This document or form is generated by the Government.

Pay-off Penalty

A penalty faced by a borrower who prematurely pays off a conventional loan in its entirety.

Personal Property

Property within a house that can be moved and is therefore not permanent. In a transaction, this property may be a source of negotiation and can be included in the sale of the property.

Personal Representative

An administrator that is appointed by a probate court to administer a decedent

Pest-control inspection

In some states, pest-control inspections are required for the closing of a home, done to ensure there are no termites or other related pests in a house. In Texas, a pest-control inspection is not required, but suggested.

PITI (Principle, Interest, Tax and Insurance)-

Represents the borrower

Planned Community

A planned community is a community developed in its entirety with certain goals and guidelines in mind.

Planned Unit Development (PUD)

This is a community that consists of a dense cluster of homes, which are surrounded by community owned property that is maintained by a homeowner

Plat Book

A comprehensive guide that shows the measurement of individual lots as well as a map of all of the streets, blocks, and lots in an area.

Plat or Plot

A map that divides land into specific lots, with streets shown for reference.


This amount is equal to one percent of the loan amount. These points can be paid up front at the time of borrowing in order to get a lower interest rate.


A written contract of title insurance.

Policy Title of Insurance

An insurance policy that covers the loss of ownership interest in a property due to legal defects and is required if a property is under mortgage.


A roofed structure that hangs over the driveway of a house, providing the homeowner shelter for their car.

Power of Attorney

This document gives a licensed attorney the power to act on behalf of a party in a transaction. In real estate, the power of attorney must be recorded in order for this action to be decreed.

Power of Sale

This is a clause in some official document such as a will, deed of trust, or trust agreement that gives a specified party the ability to sell a property as long as the outlined terms of sale are met.


An assessment given by the lender that investigates the borrower

Prepaid Expenses

Prepaid expenses are expenses paid in advance at the time of closing that will cover future fees and other expenses. Typical prepaid expenses included interest and insurance.

Pre-Payment Penalty

A penalty faced by a lender who prematurely pays off the entire loan amount.

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