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Real Estate Dictionary
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package mortgage

A mortgage that is secured by the borrower’s personal as well as real property.

paper profit

An asset, such as property, that is known to have increased in value (e.g., because comparable assets have been sold and have achieved this value) but has not actually produced a profit because it has not been sold. Therefore, the profit remains speculative.

parcel

A general term meaning any piece of land.

partial interest

Less than 100-percent ownership of a property.

partial release

The release of a portion of property covered by a mortgage. For example, a developer of a subdivision of residential properties may obtain such a release as each house is sold and payment of a stated portion of the loan has been made.

partially amortized mortgage

A kind of mortgage in which the term is actually less than the amortization period, so that, at the maturity date, the mortgage is not fully paid and either refinancing or a balloon payment is required.

participation/participating mortgage

A mortgage in which the lender is owed a percentage of the income of a property or of the proceeds when that property is sold. In other words, the lender receives more than just a payment for principal and interest. This kind of mortgage is likely to be offered to a potential borrower when financing is difficult to obtain or when a real estate project requires a substantial amount of money from the lender.

partition

A court-ordered division of property between two or more owners. This may take the form of a division of the property or a division of the proceeds from a forced sale.

party wall

A shared wall, usually on the property line, such as exists between row houses, townhouses, or semidetached houses.

patent

The transfer of title to land from government to private ownership.
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