Words, Phrases & Definitions



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P

Parcel - Any area of land contained within a single description.

Parol - Oral.

Participating Per Cent - Any interest in unsevered oil and gas which an owner, lessee, sublessee, or assignee disposes of to investors to finance production whereby the investor shares proportionately in the income from the enterprise.

Partial Reconveyance - An instrument extinguishing the lien of a deed of trust from a portion of the property.

Partial Release Clause - Provision in a land contract, deed of trust or mortgage for a conveyance of a portion of the property to buyer upon satisfaction of specified conditions.

Partition Action - Judicial proceedings instituted by a co-owner or co-owners to sever their co-ownership either by a physical division into separate parcels or by sale of entire parcel and division of proceeds.

Partnership - An association of two or more persons to carry on as co-owners a business for profit.

Party Wall - A wall located on a boundary line and used by both owners.

Patent - A conveyance of title to public land executed by the federal or state government.

Pendente Lite - Pending litigation.

Per Autre Vie - During the life of another.

Per Capita - By the head; by the number of individuals.

Per Stirpes - According to the roots; by right of representation.

Per Se - By itself; as such.

Percentage Lease - A lease under which rental is determined, in whole or in part, from the volume of business done.

Periodic Tenancy - Tenancy for successive periods of equal duration.

Personal Property - Movable property; property which is not real property.

Plaintiff - The party initiating an action.

Plat - A plot, map, or chart.

Pleadings - The formal writing filed in court containing the various claims and defenses of plaintiff and of defendant.

Pledge - Delivery of personal property as security for the performance of an obligation.

Policy of Title Insurance - A contract indemnifying against loss resulting from a defect in title to the interest or lien in real property insured.

Post - After; afterward.

Powers of Attorney - A written delegation from a principal authorizing another person, as agent of principal, to act for him or her in his/her name in a designated transaction or transactions.

Preamble - The introductory portion.

Preemption - The act of purchasing before or ahead of another person.

Preemption Entry - An entry upon public lands of the United States by a settler giving the settler a preferred right to acquire title.

Preemptive Right - A preferential right to purchase on same terms as offered by a third party.

Pre-Payment Clause - Provision permitting payment of a debt prior to due date.

Pre-Payment Penalty - Charge imposed by a lender for payment of a debt before due date.

Prescription - A method of acquiring an easement by adverse use of another's property.

Press Copy - A title company's copy of title insurance or information it has issued.

Presumption - That which may be assumed without proof.

Pretermit - To omit; to pass by.

Prima Facie - Assumed correct until overcome by further proof.

Principal - A party represented by an agent or the chief or foremost party in a particular transaction or the amount of a loan to be repaid exclusive of interest or the assets constituting a trust estate.

Priority - The relative superiority of competing liens and encumbrances.

Privity - Closeness; mutuality of relationship.

Probate - Relating to proof; the proof of validity of a will of a decedent; the proof of ownership.

Probate Court - A division of superior court having jurisdiction over estates of decedents, minors, incompetents, and conservatees.

Profit Prendre - A right to take a part of the soil or produce of land.

Promissory Note - An unconditional written promise, signed by maker, to pay, absolutely, a sum certain in money, either to the bearer or to a person therein designated or his/her order.

Pro-Rata - Proportionately; according to a certain rate, percentage, or proportion.

Public Lands - All unoccupied land belonging to the federal government subject to disposition under general land laws.

Public Report - A report issued by California Real Estate Commissioner containing information of interest to a prospective buyer of subdivided property.

Purchase Money Mortgage - A mortgage securing payment of all or a portion of the purchase price of real property. A purchase money mortgage can be a mortgage with 'first priority', 'second priority', 'third priority', etc.

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