Notary Public

A person who has received training and is a public officer authorized to certify specific documents as well as take testimonies and perform other civil functions.


A legal document that represents the borrower

Open-end Mortgage

A type of mortgage that is not final; additional loan advances can be added to the mortgage, while still keeping the same security and security documents.

Option Period

This is the time window that gives the buyer the sole ability to cancel a contract for any reason he sees fit without facing any penalties. The customary option period for South Texas is 10 days in order to allow time for home inspection. The fee is typically $10/day.


A policy that outlines the title of an owner


The exclusive right to use property as one sees fit, due to being the sole owner and controller of the property.


Each party represents a side of a business real estate transaction. Most frequently, there is a buying party and a selling party.


An originally transferred title to public lands to an individual. This document or form is generated by the Government.

Pay-off Penalty

A penalty faced by a borrower who prematurely pays off a conventional loan in its entirety.

Personal Property

Property within a house that can be moved and is therefore not permanent. In a transaction, this property may be a source of negotiation and can be included in the sale of the property.

Personal Representative

An administrator that is appointed by a probate court to administer a decedent

Pest-control inspection

In some states, pest-control inspections are required for the closing of a home, done to ensure there are no termites or other related pests in a house. In Texas, a pest-control inspection is not required, but suggested.

PITI (Principle, Interest, Tax and Insurance)-

Represents the borrower

Planned Community

A planned community is a community developed in its entirety with certain goals and guidelines in mind.

Planned Unit Development (PUD)

This is a community that consists of a dense cluster of homes, which are surrounded by community owned property that is maintained by a homeowner

Plat Book

A comprehensive guide that shows the measurement of individual lots as well as a map of all of the streets, blocks, and lots in an area.

Plat or Plot

A map that divides land into specific lots, with streets shown for reference.


This amount is equal to one percent of the loan amount. These points can be paid up front at the time of borrowing in order to get a lower interest rate.


A written contract of title insurance.

Policy Title of Insurance

An insurance policy that covers the loss of ownership interest in a property due to legal defects and is required if a property is under mortgage.

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