Purpose of use

As to claims for small domestic and/or stock water uses: Domestic right means a right to the use of water for homes, organization camps, public campgrounds, livestock, and for any other purpose in connection with these uses, including irrigation of up to one-half acre of land. Stock water right means a right to the use of water solely for…

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Purchase price

Price paid for a parcel depends on many factors including the aggregate purchase price, mortgages being assumed, the amount of the deposit or earnest money, whether the deposit is held in escrow and, if so, the name of the escrow agent; any purchase money financing provided by seller; the amount of financing on the property…

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Purchase money mortgages

Mortgage that secures the unpaid portion of the purchase price of a property owed by buyer to seller; seller acts as lender. Also known as purchase money financing.

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Public record

Documents located in a recorder’s office, usually at the County level, of recorded instruments of public interest, including indexes pertaining to them.

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Promissory note

A mortgage or deed of trust loan is evidenced by a promissory note from the borrower to the lender. The promissory note contains a promise to repay the loan and specifies the maker (borrower), the payee (lender), and the payment terms, including the interest rate, maturity date, and the fact (if applicable) that the loan…

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Probate

Legal procedure where the validity and probity of a document, such as a will, is proven.

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Premium

(1) the amount payable for an insurance policy; (2) a sum of money or bonus paid in addition to the regular price.

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Preliminary title report

A report prepared prior to issuing a policy of title insurance that shows the ownership of a specific parcel of land, together with the liens and encumbrances on the parcel that will not be covered under a title insurance policy.

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Plat

Map or plan of delineated or partitioned ground; especially a map describing a piece of land and its features, such as boundaries, lots, roads, and easements.

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