Glossary P-Q

• Performance Bond - A bond posted by a builder to insure completion of a project
• PITI (Principal, Interest, Taxes & Insurance) - Used to indicate what is included in a monthly payment on real property.  PITI are the four major components of the normal monthly payment
• Planned Unit Development - A zoning designation for property developed at the same or slightly greater overall density than conventional development, somtimes with improvements clustered between open common areas.  Use may be residential, commercial or industrial
• Preliminary Title Report - A report showing the condition of title before a sale or loan transaction.  After completion of the transaction, a title insurance policy is issued
• Private Mortgage Insurance - Insurance for the lender in the event of a default by the borrower.  The premium is paid by the borrower and is included in the mortgage payment
• Public Offering Statement - A report given to prospective purchasers of a new subdivision, stating the conditions of the area, such as costs of common facilities, local school availability, etc.
• Purchase & Sale Agreement - A written document in which the purchases offers to buy, and the owner agrees to sell certain real estate.  Terms and conditions of the transfer transaction are spelled out in this document.
• Quit Claim Deed - A deed operating to release any interest the grantor (person giving the deed) may have in a property at the time of the deed.  A quit claim deed will pass whatever title, interest or claim the grantor has, but does not offer any warranty of a valid title or interest.