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Negative Amortization--An actual increase in the principal amount of a real estate loan because of the addition of matured but unpaid interest to the loan balance. Usually the result of
monthly payments which are temporarily set at a lower than needed level. Notary--One authorized to take acknowledgments. (See acknowledgments) |
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Owners Policy--A policy of
title insurance which insures a named owner against loss by reason of defects, liens and encumbrances or lack of marketability of the title. The company also agrees to defend covered claims made against the title. Ownership--The right to possess and use property to the exclusion of others. |
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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.
Plat or Plot--A map representing a piece of land subdivided into lots with streets shown thereon. P.M.I.--Private Mortgage Insurance. An insurance contract which insures that the named lender will recover a
specific percentage of the loan amount from the insurer m 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--One who owns a title insurance policy. Power of Attorney--An instrument
authorizing another to act on one's behalf as his agent or attorney. Power of Sale--A clause inserted in a will, deed of trust or trust agreement authorizing the sale or transfer of land in
accordance with the terms of the clause. Pro-rate--To allocate between seller and buyer their proportionate share of an obligation paid or due. "For example, a pro-rate of real property
taxes or fire insurance premiums." |
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