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Piti
principle, interest, taxes and insurance, forming the basis for monthly mortgage payments.
Point
one percent of the loan principle. It's charged in addition to interest and fees.
Prepayment Penalty
a fee paid by a borrower who pays off the loan before it is due.
Principle
one of the parties to a contract; or the amount of money borrowed, for which interest is charged.
Probate
divide or assess proportionately.
Purchase & Sale Agreement
see "Contract," or refer tp "Purchase and sale agreement" in this guide.
Settlement
all financial transactions required to make the contract final. See "Settlement - who pays what" in this guide.
Title
a document that indicates ownership of a specific property.
Title Search
detailed examination of the entire document history of a property title to make sure that there are no legal encumbrances.
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