Protecting Pennsylvania Property Since 1984
P
| Parcel - A part or portion of land. A lot. |
Partition - A division of land, usually by a legal proceeding, among the parties who were formerly co-owners. |
Permanent financing - A loan secured by land after construction of improvements have been completed. |
Personal Property - In a broad and general sense, personal property is a movable or intangible thing that can be "owned" and is not classified as real property or real estate. Personal property can be either corporeal (which includes movable and tangible things like animals, furniture, or equipment), or incorporeal (which consists of such rights as personal annuities, stocks, or copyrights.) |
Personal Property Exchange - Personal property held for investment or used in business can be exchanged only for property that is similar in use or in quality. You should consult your CPA or tax attorney to determine whether or not a particular piece of property is like kind to the anticipated replacement property. |
Personal representative - The executor or administrator of the estate of a deceased person who manages and distributes the estate on behalf of the deceased. |
Planned Unit Development (PUD) or Planned Community - A project consisting of individually-owned parcels of land together with common elements that are owned by a homeowner’s association. |
Plant - A collection of title information that helps in expediting title examinations, such as copies of previous attorneys’ opinions, abstracts, tax searches, and copies or take-offs of the public records. |
Plat (of survey) - A map dividing a parcel of land into lots, as in a subdivision. |
Point(s) (also called commission points or discount points) - One percent of the amount of the loan. |
Power of attorney - A written instrument by which one person, the principal, authorizes another, the attorney-in-fact, to act on his or her behalf. |
Premium - The amount payable for an insurance policy. |
Prepayment penalty - Penalty to the mortgagor for paying the mortgage before it becomes due. |
Principal - A sum of money owed as a debt on which interest is payable. |
Probate - The process of validating a will before a court after the death of its maker. |
Promissory note - See note. |
Public records - Records which by law disclose constructive notice of matters relating to land. |
Purchase money mortgage - A mortgage given by a purchaser to a seller on a property to secure payment of a part of the purchase price. |
