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P
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 - A person appointed by the probate court to administer a decedent's estate. 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 re cover 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.
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. For example, a proration of real property taxes or fire insurance premiums.
Q
Quiet Title - An action in a proper Court to remove record defects or possible claims of other parties named in the action.
R
Range - A part of the government survey, being a strip of land six miles in width, and numbered east or west of the principal meridian.
Real Property - Land, together with fixtures, improvements and appurtenances.
Realtor® -A federally registered collective membership mark which identifies a real estate professional who is a member of the National Association of Realtors ® and subscribes to its strict Code of Ethics.
Realty - A brief term for real property.
Redeem - Literally "to buy back." The act of buying back lands after a mortgage foreclosure, tax foreclosure, or other execution sale.
Registered Land - See "Torrens Title."
Reinsurance - To insure again by transferring to another insurance company all or part of an assumed liability, thus spreading the loss risk any one company has to carry.
REIT - Real Estate Investment Trust. A product of federal tax legislation formed as a business trust, under a special state REIT statute or as a corporation for the purpose of investing in real estate or mortgages on real estate.
REMIC - Real Estate Mortgage Investment Conduit. A product of 1986 federal tax legislation in which a business entity such as a corporation, partnership, or trust in which substantially all of the assets consist of qualified mortgages and permitted investments, elects to be treated as a REMIC. Qualification avoids treatment as a corporation for tax purposes.
Reverse or Reverse Annuity Mortgage - A mortgage for which the borrower pledges home equity in return for regular (monthly) payments, rather than a lump sum distribution of loan proceeds. Repayment is usually not required until the home is sold or the borrower's estate is settled, provided the borrower continues to live in the home and keeps current all taxes and insurance. See also "Home Equity Conversion Mortgage."
Right - of - Way - The right which one has to pass across the lands of another. An easement.
Riparian - Rights to use of water and waterways in adjoining lakes or rivers.
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