PRIVATE MORTGAGE INSURANCE (PMI) >> Insurance against a loss by a lender normally required in the event the lender has lent more than 80% of the value of the property securing the loan. The premium is paid by the borrower and is included in the mortgage payment.

PRO RATE >> To divide in proportionate shares, such as taxes, insurance, rent or other items that buyer and seller share as of the time of closing, or other agreed upon time.

PROFIT AND LOSS STATEMENT (P & L) >> A statement documenting business revenues and expenses for a specified time period to establish whether a business gained a profit or suffered a loss.

PROMISSORY NOTE >> A written promise by the borrower to pay a debt owed, within a specified time, to the holder of the note under conditions mutually agreed upon.

PROPERTY TAXES >> Generally, a tax levied on both real and personal property. The amount of the tax is dependent on the value of the property.

PURCHASE AGREEMENT >> The agreement made between the buyer and seller of a property, containing the purchase price and contingencies of the sale.

QUITCLAIM DEED >> A deed operating as a release; intended to pass any title, interest or claim that the grantor may have in the property, but not containing any warranty that such title is valid, nor containing any warranty or covenants for title.