P-Definitions 2016-10-14T16:26:32+00:00

 A B C D E F G  I  L M N O P Q R S T V Z

PAYEE
One who receives payments.

PAYOR
One who makes payments.

PERSONAL PROPERTY
All property which is not land or improvements permanently affixed to land. Examples: stocks, bonds, furniture, automobiles, clothing, promissory notes, etc. Items of tangible personal property are often referred to as chattels.

POINTS
A charge made by a lender. One point equals one percent of the loan.

POWER OF ATTORNEY
A written authorization to an agent to perform specified acts on behalf of his principal. This may be granted as either a general or a limited power.

PRELIMINARY TITLE REPORT
A report from a title company of the present condition of title made prior to the issuance of a title policy.

PREPAYMENT PENALTY
An agreement to pay a penalty for the payment of a note before it actually becomes due.

PRORATION
The allocation of property taxes, interest, insurance premiums, rental income, etc., between buyer and seller proportionate to time of use.