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Ma Real Estate P-1

Terms & Definitions P-1

TermDefinition
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.
Created by: medct