The title industry has its own language. Many of its words and idioms are derived from the language of the law while others are common words given special meaning related to land titles. There are also words and phrases coined over the years by the title industry itself.
Glossary
P
PAROL
Orally, by word of mouth. For example, if a landowner gives another verbal permission to gather firewood from such land, or permission to hunt game thereon, such verbal permission would be called a parol license. Also, a witness who testifies by word of mouth in court is said to give parol testimony as contrasted to written evidence which may be introduced in the case, such as original deeds, wills, correspondence, or other documents.
PAROL GIFT
A gift made orally, by word of mouth as contrasted to one made in writing.
PARTITION
In title industry parlance, a lawsuit between joint owners of real estate in which the court either divides the property between them or orders the property sold and divides the proceeds between them.
PARTY WALL
A wall built along the boundary line of adjoining properties and shared by the respective property owners or tenants.
PERCENTAGE LEASE
A lease of property in which the rental is based upon the volume of sales made by the lessee on the leased property.
PERIMETER
(1) The boundary lines enclosing a tract of land. (2) The length of the boundary lines enclosing a tract of land.
PERSONAL PROPERTY
Temporary or movable property as distinguished from real estate.
PERSONALTY
Personal property.
PLAT BOOK
One in a set of books in the public records in which maps, plats, and copies of surveys are recorded.
POLICE POWER
The inherent authority of a government to impose restrictions upon private property or private rights for the sake of public welfare, order, and security.
POLICY
See Owner’s Policy and Mortgagee Policy.
