Personal Property Property which is tangible, movable, and not fixed to the land. Also called chattel and personalty. Also see Real Property . Also see Realty . The loss of value to real property from all causes due to the action of the elements and old age.
Physical deterioration can be either curable or incurable.
PITI Principal, Interest,Taxes and Insurance. Plat Book A record of recorded subdivisions of land. PMI Private Mortgage Insurance Insurance similar to FHA or VA insurance, insuring part of the first mortgage or deed of trust, enabling a lender to make a conventional loan of a higher percentage of the property value. Pocket Listing Slang term used in the real estate business. This allows him to show the listing to his customers without competition from other buyers.