Sunday, April 28, 2024, 10:42 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
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PACKAGE MORTGAGEA mortgage commonly used in subdivision developments whereby chattels such as appliances are "packaged" into the mortgage along with the real property. |
PARTITIONCourt proceedings by which co-owners of commonly owned property seek to sever their common ownership. |
PARTITION BY LICITATION - Civil Law TermA judicial order to sell property at a cash sale to the highest bidder and divide the proceeds fractionally among co-owners. |
PARTITION IN KIND - Civil Law TermA judicial order to divide the property physically and place each undivided owner in sole ownership of 100 percent of a portion of said property. |
PARTNERSHIPA contract between two or more persons to carry on as co- owners of a business, and to share the profits in certain proportions. |
PARTNERSHIP IN COMMENDAM - Civil Law TermA Louisiana term for the limited partnership as known in Common Law. |
PARTY WALLA wall erected on the line between adjoining properties which are under separate ownership, for the use of both owners. |
PATENTA conveyance for the transfer of title to land owned by the government; land patent. |
PERCENTAGE LEASEA lease of property in which the rental is based upon the volume of gross sales made on the leased premises. |
PERIODIC TENANCYTenancy of property for an indefinite period which can be terminated by either party with proper notice. |