Partition - The forced division of land among parties who were formerly co-owners. A partition suit may ask to divide the land, or if that is not practical, sell the land and divide the proceeds.

Pay-off amount - A total balance; amount of a full payment on existing loan or lien.

Pipestem lot - A lot connected to a public street by a narrow strip of land. Usually several adjacent pipestems are combined to form one driveway with each owner having a mutual-reciprocal easement to use and maintain the driveway to the street.

Piti - Principal, Interest, Taxes and Insurance. Also called monthly housing expense.

Plat - A map showing the division of a piece of land with lots, streets and, if applicable, common area.

Points - Prepaid interest assessed at closing by the lender. Each point is equal to 1 percent of the loan amount (e.g., two points on a $100,000 mortgage would cost $2,000).

Power of attorney - A written document authorizing another to act on his behalf as an ATTORNEY IN FACT. One does not need to be a licensed attorney to act as an attorney in fact, but power of attorney forms are powerful legal documents that should be used only under advice of a licensed attorney at law.

Prepayment penalty - An additional charge imposed by the lender for paying off a loan before the due date.

Prime rate - The most favorable interest rate charged by lenders on short-term loans to qualified customers.

Private mortgage insurance - In the event that you do not have a 20 percent down payment, lenders will allow a smaller down payment— as low as 3 percent in some cases. With the smaller down payment loans, however, borrowers are usually required to carry private mortgage insurance. Private mortgage insurance will usually require an initial premium payment and may require an additional monthly fee depending on your loan's structure.

Probate - Court process to prove a valid will.

Promissory note - A written unsecured note promising to pay a specified amount of money on demand, transferable to a third party.

Public sale - Sale, auction open to the public.

Purchase money mortgage - Seller financing as a part of the purchase price.