| Term | Definition |
|---|
| person | An individual, a partnership, or a corporation, foreign or domestic. |
| personal property | Property which is tangible, movable, and not fixed to the land. Also called chattel and personalty. Contrast with real property. |
| personalty | Personal property; chattel. Contrast with Realty. |
| physical deterioration | The loss of value to real property from all causes due to the action of the elements and old age. Physical deterioration can be either curable or incurable. |
| PITI | Principal, Interest, Taxes and Insurance. |
| planned unit development (PUD) | In a PUD, the planned unit development association owns and maintains property in a real property development project for the benefit of its members, who are owners of individual parcels of real property in the development and are members of the association because of that ownership. The level of services and fees are similar to a condominium complex, but since each owner has title to a specific parcel of land, lenders may treat units as non-condominiums. This allows higher LTV loans and eliminates owner occupancy percentage requirements. |
| plat book | A record of recorded subdivisions of land. |
| PMI | Acronym - private mortgage insurance. |
| points | Fees paid to induce lenders to make mortgage loans at a particular interest rate. Each point is equal to one percent (1%) of the loan principal. Same as discount points. |
| police power | The authority of a government to adopt and enforce law governing the use of real estate based on the need to promote public safety, health, and general welfare. |
