MAGIC MINUTE - What Does P.I.T.I. Stand For?
It’s a phrase you might never hear in any real estate transaction, but in case you do, here is what it stands for:
The only real time you will come across this term is when you just can’t seem to close escrow in the time original allotted. If the seller is not happy with the extra amount of time the buyer is taking to close and they have to pay the mortgage, bills, etc., for longer than expected, they sometimes ask if you can pay those extra fees; the P.I.T.I. fees.
Hope that sheds some light on the acronym.
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