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Ma Real Estate P-1
Terms & Definitions P-1
Term | Definition |
---|---|
Package Mortgage | A mortgage loan that finances personal property (such as furniture) as well as real estate. |
Page | When used in reference to recording deeds, it refers to the number assigned to a deed, or other document, within a specific book to specify location at the Registry of Deeds. |
Percentage Lease | A lease where the amount of rent for a period of time is based on a percentage of sales for that period. |
Percent of Common | Ownership in a condominium. The ratio of unit square footage to total of all unit square footage expressed as a percent. Used to determine unit owner’s portion of total condominium budget. |
Periodic Tenancy | Same as tenancy from period to period. |
Personal Property | All property that is not real property. An article that is movable and not attached to the realty. Also called personalty. |
Personal Easement in Gross | An easement in gross that is a personal nature and not commercial. EXAMPLE: Charlie has the right cross Mary's property for access. |
Physical Deterioration | A reduction in property value due to a negative change in physical conditions. May be curable or incurable. Could be caused by physical elements such as weather, or by normal usage. |
Plat | A map or plan of subdivided land showing individual lots, and their boundaries and dimensions. |
Plot Plan | A map of individual lot showing dimensions of the lot, and the layout of any buildings or other improvements on the lot. Used by a bank and or appraiser to verify, that there is no encroachment or zoning violations, such as set back violations. |
Point | A one time charge for loaning money equal to 1% of the amount borrowed. |
Point of Beginning (P O B) | The starting point in the Metes and Bounds method of property description. |
Police Power | The right of the government to enforce laws, statues, and regulations for the public welfare. Includes building codes and zoning ordinances. |
Possession Rights | The rights to occupy real property. Often granted separately from other rights as in the case of a lease. |