Real Estate Words – P

Parcel Identification Number (PIN): A tracking number used for a property by the taxing authority.
Parcel Map: The County Assessor’s Office’s maps of the county whereby properties obtain APN numbers.
Payoff Letter: A written document stating the remaining balance on the seller’s mortgage.
Pending: The stage of a real estate transaction where a contract has been accepted but not yet closed.
Personal Property: All moveable property not fixed to the real estate property.
PITI: Acronym for Principal, Interest, Tax and Insurance.
Planned Unit Development (PUD): A development that sets aside areas for various uses such as public, residential and commercial.
Point: 1% of the amount of the principal.
Power of Attorney: A legal authorization for one person to act as an agent on another’s behalf.
Premium: The amount paid for insurance.
Refinance Pre-Approval: A high standard of loan prequalification by mortgage lenders.
Prepaid Interest: Interest amount paid at closing for the remaining days in the closing month.
Pre-Payment Penalty: A fine for paying off a loan before it is due.
Pre-Qualification: The amount a mortgage company informs a borrower he/she can borrow, determined prior to the formal application process.
Preview Appointment: An appointment made by the buyer’s agent to view a property and see if it meets the buyer’s needs.
Pricing: A visit by the seller’s potential agent to a property to formulate pricing and marketing estimates.
Principal: The actual amount borrowed by a buyer of real property.
Private Mortgage Insurance (PMI): Insurance issued by a private company to protect a lender from a defaulting borrower.
Probate: A legal process that proves the validity of a will. The legal process wherein the estate of a decedent is administered.
Professional Designation: Additional education from unlicensed sources for a real estate professional.
Professional Regulation: Handled by the state authority that oversees licenses.
Promissory Note: A document provided along with a contract as a promise to pay.
Public Records: The records transcribed and stored in a recorder’s office.
Purchase Agreement: Governed by state law, this written document states the agreement conditions between the buyer to buy and the seller to sell real property.