A mortgage, deed of trust, or land contract, which is given instead of cash. A seller would take back “paper” if he or she received a mortgage, deed of trust, or land contract as part of the purchase price.

(1) Average, equal, normal, etc. (2) Face value, as in negotiable instruments.

(1) Concerning stock. The face value of a share of stock. (2) With reference to mortgages or trust deeds, the value of the mortgage based on the balance owing, without discount.

A short wall along the edge of a platform, such as a roof, terrace, etc., to protect the edge and divert rainwater.

A general term meaning any part or portion of land.

A colloquial term used to describe an appurtenant easement of the dominant tenement, because the easement is described in the legal description. Usually, the property is described as parcel 1 and the easement as parcel 2.

A map allowed in some states as a substitute for a subdivision map for 1 to 4 parcels (lots) with no common area. The procedure is much simpler and less costly than creating a subdivision map.

Coating cement on a masonry wall, usually for water proofing.

A political division in Louisiana, comparable to a county.

The ratio of parking spaces to building (usually rentable) area. Examples: Office use, 4 parking spaces per 1000 square feet; apartment use, 2 parking spaces per unit.

(1) A highway through a park, usually restricting vehicles over a certain weight. (2) A freeway or expressway.

Verbal. Usually refers to evidence in a court of law. The “Parol Evidence Rule” governs when such evidence is admissible.

A rule of evidence which does not admit prior writings or prior or contemporaneous verbal agreements as evidence to contradict a written contract. There are several exceptions.

Patterned, hardwood flooring, especially parquetry (a geometric design).

A filing by a lender with the U.S. Department of Housing and Urban Development requesting a one time, interest free, payment from the FHA insurance fund to bring a mortgage in default current. If approved, the payment from FHA to the lender is secured by a lien on the property (second mortgage).

A payment less than the agreed upon amount that is due.

See: Partial Release.

A release of a portion of property covered by a mortgage. A subdivider will obtain a partial release as each lot is sold, upon payment of an agreed upon amount. In areas where the subdivider is not usually the builder, it may be necessary to sell groups of lots to obtain a partial release. In areas where deeds of trust are used instead of mortgages, a “partial reconveyance” is the document used.

The taking of part of an owner’s property under the laws of eminent domain. Compensation must be based on damages or benefits to the remaining property, as well as the part taken.

Lender involvement in property whereby the lender receives a portion of profits or income from the property as well as interest. Usually occurs when money is tight or the risk is unusually high.