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PARCEL:
Any area of land contained within a single description.
PARTNERSHIP:
An association of two or more persons who have contracted
to join in business and share the profits.
PARTY
WALL:
A wall generally erected on a property boundary or between
two lots for the common benefit and use of the property
owners on either side.
PATENT:
A conveyance of title to land by the Federal or State Government.
PERSONAL
PROPERTY (movable):
Any property that is not designated by law as real property
(i.e., money, goods, evidences of debt, rights of action,
furniture, automobiles).
"P.I.Q.":
A title term referring to Property In Question.
PITI:
A payment that combines Principal, Interest, Taxes, and
Insurance.
PLAT:
A plan, map or chart of a tract or town site dividing a
parcel of land into lots.
POWER
OF ATTORNEY:
A document by which one person (called the "principal")
authorizes another person (called the "attorney-in-fact")
to act for him/her in a specific manner in designated transactions.
"PRE,"
"PRELIM" OR PRELIMINARY REPORT:
A written report issued by a title company, preliminary
to issuing title insurance, which shows the recorded condition
of title of the property in question. See Commitment.
PRIORITY:
The order of preference, rank or position of the various
liens and encumbrances affecting the title to a particular
parcel of land. Usually, the date and time of recording
determine the relative priority between documents.
PRIORITY
INSPECTION:
A title term referring to the type of inspection made in
connection with insuring a new construction loan. In making
the inspection of the property, the Title Company must be
assured that the work of improvement had not yet begun when
the lender's deed of trust was recorded.
PUBLIC
DOMAIN:
Land owned by the government and belonging to the community
at large.
PUBLIC
RECORDS:
The transcriptions in a recorder's office of instruments
which have been recorded, including the indexes pertaining
to them.
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