Glossary
Patent
A document or grant by which the federal or state government originally transferred title to public lands to an individual. The first in the series of transfers by which title comes down to present owners.
Personal Representative
See also "Executor" or "Administrator."
Plat or Plot
A map representing a piece of land subdivided into lots with streets shown there on.
P.M.I.
Private Mortgage Insurance. An insurance contract which insures that the named lender will recover a specific percentage of the loan amount from the insurer in the event the loan goes bad. Many lenders require this on higher percentage loans.
Plat or Plot
A map representing a piece of land subdivided into lots with streets shown there on.
Points
A one-time special fee or extra charge paid to a lender in order to secure a loan. Expressed as a percentage of face amount of mortgage.
Policy
A written contract of title insurance.
Policyowner
The insured on a title insurance policy.
Power of Attorney
An instrument authorizing another to act on one's behalf as his or her agent or attorney.
Power of Sale
A clause in a will, mortgage, deed of trust or trust agreement authorizing the sale or transfer of land in accordance with the terms of the clause.
Prorate
To allocate between seller and buyer their proportionate share of an obligation paid or due. Example: A proration of real property taxes or fire insurance premiums.
