PITI Principal, Interest, Taxes, Insurance. When a buyer applies for a loan, the lender will calculate the PITI. The figure designed to represent the borrower's actual monthly mortgage-related expenses.
Promissory Note A document signed by a borrower promising to repay a loan under agreed-upon terms.
Property Property is divided into either personal property or real property. Personal property refers to anything that is moveable, such as a car or a piece of furniture; real property refers to the ownership of land, including both the tangible elements, such as the walls of the house, the garage, etc. and the intangible elements, such as the rights of ownership, such as the right to occupy or to sell, etc.)
Purchase and Sales Agreement A Purchase and Sales Agreement is the contract used between a seller and a buyer in the transaction of selling and buying a property; that is where the seller passes the title of the property over to the buyer.