PARTNERSHIP. A contract of two or more persons to unite their property, labor and/or in the conduct of some joint lawful business and to share the profits in certain proportions.
PARTY WALL. A wall on the line between two adjoining properties belonging to both parties for their joint use.
PAR VALUE. Market value; Nominal value.
PATENT. A conveyance of title to government land.
PERCENTAGE LEASE. A lease of property in which the rental is based on a percentage of the tenant’s sales made upon the lease premises.
PERCOLATION TEST. A soil test for drainage.
PLAT BOOK. A plan book showing the location, size and owner’s name for each plot of land within the area covered.
PLEDGE. The deposit of personal property7 by a debtor with a creditor as security for a debt or arrangement.
PLOTTAGE. The increase in value which one large parcel of land enjoys over and above the sum of the values of lots standing alone.
POWER OF ATTORNEY. A written instrument authorizing a person to act as the agent of the person granting it and the power authorizing the agent to act in behalf of the principal.
PRESCRIPTION. Acquisition of title by adverse possession.
PRIMA FACIE. Presumptive on its face.
PRINCIPAL. The employer of an agent.
PRIVITY.A mutual relationship to the same rights or property.
PROPERTY. The right or interest which a man has in lands and chattels to the exclusion of all others.
PURCHASE MONEY MORTGAGE or TRUST DEED. A trust deed or mortgage given by the buyer to make a down payment on property or as part of the purchase price.
