Paper Trail:
A filling system with a series of documents in support of and in evidence of past conduct.

Partial Discharge:
A portion of an interest, right or obligation that is released. In mortgage, discharge of some portion of the mortgage lands usually given after the mortgagor has prepaid a specific portion of the mortgage debt.

Penalty:
A sum of money paid to a lender for the privilege of prepaying a mortgage in part or in full.

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

P.I.
Principal and interest due on a mortgage.

P.I.T.
Principal, interest and taxes due on a mortgage.

Point of Commencement:
A known point in a land description used as a reference to precisely delineate real estate by means of metes and bounds description.

POLARIS
POLARIS stands for Province of Ontario Land Registration and Information System's new simplified method of registration of transfer, charge, discharge, etc.

Portable:
A mortgage that can be transferred from one property to another. This is particularly useful if you sell one home and buy another.

Possession Date:
In real estate, the date upon which the buyer or tenant obtains the possession of the property.

Prepayment Option:
The right to prepay specified amounts of the principal balance. Penalty interest may be incurred on prepayment options.

Prepayment Penalty:
Unless it is open, the mortgage may not be paid off before the Maturity Date without paying a Prepayment Penalty. The calculation of the penalty can be complex and it would be good idea to talk to your Mortgage Specialist.

Primary Residence:
The residential property which the borrower occupies as his or her main residence on a continual basis.

Principal:
The amount of money actually borrowed (money owing to the lender at any time).