Real Estate Glossary

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).