eBook - Home Inspection Business from A to Z

• Ordinance: City or county law.

• Orientation: Placing a house on its lost with regard to its exposure to the sun, winds, privacy from the street and protection from outside noises.

• Over Improvement: An improvement that is not the highest and best use for the site on which it is placed, by reason of excess size or cost.

• Ownership: The right to the use of the property to the exclusion of others.

• Package Mortgage: A loan where the security is both real and personal property.

• Par Value : Market value, nominal value.

• Parole: Oral. Verbal.

• Partial Release Clause: A clause in a blanket mortgage or trust deed allowing for reconveyance of title of part of the property when part of the loan is paid off.

• Partnership: A contract of two or more persons to unite their property, labor or skill, or some of them, in prosecution of some joint or lawful business, and to share the profits in certain proportions.

• Participation: In addition to interest on mortgage loans on income properties, a small percentage of gross income is required, sometimes predicated on certain conditions being fulfilled, such as minimum occupancy or a percentage of net income.

• Party Wall: A wall erected on the line between two adjoining properties, which are under different ownership, for the use of both properties.

• Patent: Instrument used to convey title to government land.

• Percentage Lease: Lease on property, the rental for which is determined by amount of business done by the lessee. Usually a percentage of gross receipts from the business with provision for a minimum rental.

• Periodic Tenancy: Leasehold estate continuing from period to period until the landlord or the tenant gives notice.

• Personal Property: Any property that is not real property.

• Plaintiff: The party who brings a court suit.

• Planned Development Project: A type of subdivision similar to a standard subdivision except there is an area owned in common by all owners of the subdivision.

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