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PLOTTAGE The merging or consolidating of adjacent lots into one larger lot, with the consequent result of improved usability and increased value; also called assemblage. PUNCH LIST A discrepancy list showing defects in construction which need some corrective work to bring the building up to standards set by the plans and specifications. FORECLOSURE (OR REPOSSESSION) Legal process by which a mortgaged property may be sold to pay off a mortgage loan that is in default. COVENANT A written agreement or promise of two or more parties by which either pledges to perform or not to perform specified acts on a property, or which specifies certain uses or non-uses of the property. JOINT AND SEVERAL LIABILITY A situation in which more than one party is liable to repay a debt or obligation and a creditor can obtain compensation from one or more parties, either individually or jointly, whichever he chooses. PARCEL A specific portion of a larger tract; a lot. |
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