Partially Open Mortgage:
A mortgage that allows the borrower to pre-pay a specific portion of the mortgage principal at certain times with or without penalty.

Personal Property:
All property, except land and the improvements thereon.

Power of Attorney:
Delegated written authority to a person to legally act on behalf of another.

Power of Sale:
The right of a mortgagee to force sale of the property without judicial proceedings should default occur.

Prepayment Clause:
A clause inserted in a mortgage, which gives the mortgagor the privilege of paying the mortgage debt in advance of the maturity date, on stipulated terms.

Principal Amount:
In mortgage law, this term refers to the debt itself, as distinguished from interest.

Prospect:
A potential buyer or customer.

Premises:
A term broadly referring to a building, surrounding land and other appurtenances associated with the building.

Quantum Meruit:
The amount that should be paid as merited by the extend and quality of the original service performed in a contract. In the breach of contract, injured party is entitled to the reasonable value.

Quit Claim Deed:
A general release of all claims or rights to a parcel of land.

For more terminology and jargon check:

• A-Z Real Estate Terminology
• Glossary of Real Estate Terms