Real Estate Glossary

A mortgage commonly used in subdivision developments whereby chattels such as appliances are "packaged" into the mortgage along with the real property.

Court proceedings by which co-owners of commonly owned property seek to sever their common ownership.

A judicial order to sell property at a cash sale to the highest bidder and divide the proceeds fractionally among co-owners.

A judicial order to divide the property physically and place each undivided owner in sole ownership of 100 percent of a portion of said property.

A contract between two or more persons to carry on as co- owners of a business, and to share the profits in certain proportions.

A Louisiana term for the limited partnership as known in Common Law.

A wall erected on the line between adjoining properties which are under separate ownership, for the use of both owners.

A conveyance for the transfer of title to land owned by the government; land patent.

A lease of property in which the rental is based upon the volume of gross sales made on the leased premises.

Tenancy of property for an indefinite period which can be terminated by either party with proper notice.

Any property not real property; movables.

A charge on a thing for the benefit of a person. The Code identifies three classes: usufruct, habitation, and the rights of use.

Any loss to property values caused by normal wear and tear or usage. Also includes such things as termite damage, dry rot, and the like.

The period of time over which a building is able to function without falling down.

Abbreviation of principal, interest, taxes and insurance; used when stating a mortgage's total monthly payment amount.

A plan or map of a certain piece or pieces of land.

The land increment produced by combining smaller individually owned plots into a larger tract under a single ownership; see assemblage.

The inherent right of a government to enact such legislation as may be deemed necessary to protect and promote the health, safety and general welfare of the public.

A written instrument authorizing a person to act as the agent on behalf of another to the extent indicated in the instrument.

A charge on a subservient estate for the benefit of the dominant estate. The two estates must belong to different owners. A predial servitude is a real right burdening immovables. There are three classes: natural, legal, and voluntary (conventional).

The clause in mortgage or note stating the penalty, if any, for payment before it actually becomes due.

Title obtained by possession for a prescribed period; prescriptive rights.

Evidence which is good and sufficient on its face ("at first view") to establish a given fact or case, unless rebutted or contradicted.

The source of loan funds available directly to borrowers, whether for first or second mortgages.

The employer of an agent or broker; a sum of money owed as a debt upon which interest is calculated.

A meridian which serves as a reference for other meridians; a part of the rectangular method of survey.

The economic principle which holds that if a single improvement on a property does not result in a greater net return from the whole property, the cost of the improvement cannot be justified.

The appraisal principle which holds that the best use of a property is that which will produce the highest and most durable return on an owner's investment.

Conveyance of property from one private person to another.

In the Code, "things" are divided into common, public, and private; corporeals and incorporeals; and movables and immovables. private things are owned by individuals, other private (juridical) persons, and by the state or its political subdivisions in their capacity as private persons.

A right that the nature of a debt gives to a creditor and entitles him to preference above other creditors.

An action of the court to determine the validity and legality of a last will and testament.

The cause of a series of events which leads to the consummation of a sale.

A written promise to pay a certain sum of money at a definite date in the future.

A business held by a person who has legal title or exclusive right thereto.

To divide or distribute proportionately; to divide monies, usually at the time of closing, proportionately between seller and buyer.

Zoning regulation the size and placement of buildings and other improvements on their land and the overall use of space within an area, having the end of putting land to its highest and best use.

A mortgage on property given by a buyer, either to the seller or to a third party in order to secure a portion of the purchase price.