Parcel

An area of land defined by measurement. A parcel may be represented as a Lot in a Deposited Plan, as a Portion in a Parish - shown in a Parish Map in the Historical Land Records Viewer (HLRV), or as an Allotment in a Town (shown in a Town Map in HLRV). Parish and town maps can be viewed using the HLRV application in the SIX portal www.six.nsw.gov.au

Parish

One of 7515 areas formed by the division of 141 counties (which see). Counties and parishes are administrative divisions of the state and are not separately disposable land parcels. Parishes are divided into separately disposable parcels called "portions", these being the common basic units of land disposed of by the Crown. Other basic units are allotments in Government Towns and Villages.

Party Wall

Has different meanings according to the relevant statute or provision. A party wall is a wall severed vertically and longitudinally, with: separate ownership of the severed portions, and cross easements (created by the operation of the Conveyancing Act 1919) entitling each of the owners on either side of the wall to have the entire wall continued in such manner that each building shall have the support of the whole wall.

Permanent Mark

A mark of a permanent nature (usually identified by a combination of letters and numbers) which provides the means for all surveys to be related to the State Survey Control common co-ordinate system. See also Established Permanent Mark and SCIMS.

Perpetual (Lease)

A lease forever, unlimited in time.

Personal Representative

The executor or administrator of an estate.

Pipeline Plan

A plan defining land or the site of an easement vested or to be vested in an applicant for license under the Pipeline Act 1967.

Plans

Records the registration pattern of subdivision on various media, is given a legal identity and lots in the plan may be sold as such at this point.

Portion

A parcel of land within a Parish. The boundaries of portions within a [arish are shown in the Parish Map (available in HLRV). A more detailed plan of the portion is available from the Crown Plan Image in the LPI Online Shop. Most portions have now been sub-divided and are represented in deposited plans or strata plans but some remain current as a unsubdivided parcel of land.

Positive Covenant

A condition imposed by, or for the benefit of a statutory body or a local council that binds the owner of land to perform a specified act eg to maintain a building and its foundations to ensure the safe working of a railway passing below it, or to erect a habitable dwelling upon the land within a specified period of time. The positive covenant must be in terms that directly require the owner of the land to do some action - see also Covenant Charge.

Possessory Title

Title acquired without formal conveyance but by reason of occupation or possession for a statutory period. The Common Law has always regarded possession, as prima facie evidence of ownership in fee, and a trespasser (or adverse occupier) if allowed to run an unmolested course of possession, will, in time, effectively bar the rights of the documentary owner to recover this land.

Power of Attorney

A legal document made by one person (who is called the 'principal'), that allows another person (called the 'attorney') to act on the principal's behalf as prescribed by the documents eg to deal with the principal's money, bank accounts, shares, real estate and other assets. This can include spending and managing the principal's money, buying or selling shares for the principal, or buying, selling, leasing or mortgaging the principal's house or other real estate. Before the attorney can transfer property on behalf of the principal, the power of attorney must be registered with LPI. An Enduring Power of Attorney has no time limit, whereas a General or Ordinary Power of Attorney does have a time limit

Precinct Plan

A subdivision of community development lots to create a precinct scheme within a community scheme made up of precinct development lots and precinct association property which allows for another tier of management and development in a community development scheme.

Prescribed Authority

A government, semi-government or corporate body authorised under any Act with the power to act as the dominant tenement of an easement, positive covenant or restriction on the use of land. Authorisation for any body benefited by a profit a prendre is not required as no dominant tenement is created.

Prescribed Diagram

A diagram attached to a community management statement showing the position of any existing or proposed service lines.

Prescribed Functionary

A person who has an official appointment before whom a statutory declaration or other official document may be executed. Their authority to attest an execution is provided for in the laws of the state or country in which the document is executed. If executed in the State of NSW, the document must be attested to by a justice of the peace, a solicitor, a notary public or a commissioner for taking affidavits. If executed outside the State of NSW, strike out reference to the Oaths Act 1900 and insert reference to the equivalent local law. The document must then be signed in accordance with the local law.

Prescription

The acquisition of an easement by immemorial use (taken to be at least 12 years). While recognised by the Courts such easements are not certifiable under the Real Property Act 1900.

Prior Title Reference

The reference number of the title from which a new folio was derived at the LPI.

Private Road

A road restricted in use to a limited class of people (ie not to the public in general) or for a limited period of time.

Profit a Prendre

A right to enter land you do not own and take or remove the produce or part of the soil of that land, eg rights of common, of pasture, of vesture and herbage, cropping, gravel or timber.

Prothonotary

Lawyer or the chief clerk in some courts of law.

Public Authority

Includes the Council of a local government area and any corporation prescribed as such by the regulations.

Public Road

A road opened or dedicated for the free right of passage of the public - on foot, in a vehicle etc and declared as such under the Roads Act 1993.

Passed in

When the highest bid at an auction doesn't meet the reserve price set on the property. In effect the property doesn't sell at the auction.

Portfolio (as in property portfolio)

The number and type of investment properties of an owner or institution.

Positively geared

When the investment income exceeds the interest expense (and other possible deductions). For example, the rent you receive may be $1000 a month, but the monthly repayments are only $750. Note that you may be subject to additional tax on any income derived from a positively geared investment.

PPOR or PPR

Principal place of residence.

POA

Short for "Price on application". You may see this in a real estate advertisement.

Principal and interest

The amount borrowed or still to be repaid, plus the interest on the mortgage. The principal is part of the repayment that reduces the balance of the mortgage.

Property cycle

Property values considered to follow a cycle of growth, a slowdown, a bust and an upturn.

Physchographics

Identifies life styles and stages that appear to influence consumer shopping decisions. Includes activities, beliefs, habits, opinions, and more.

POS (point of sale)

The term is used to describe systems that record financial transactions. This could be an electric cash register or an integrated computer system which records the data that comprises a business transaction for the sale of goods or services. POS can also be used to describe physical promotional materials used within the store (e.g. displays, posters etc.). This is also called point of purchase materials or POP.

Product Depth

Product depth is the number of each item or particular style of a product on the shelves. Product depth is also known as product assortment or merchandise depth.

Product Life Cycle

The stages that a new product is believed to go through from the beginning to the end: Introduction, Growth, Maturity and Decline.

Product Width or Breadth

The product width is the variety of product lines offered by a retailer.

Profit (before tax)

Listed profit figure before company tax is removed. Does not relate to GST.

Profit Margin

A ratio of profitability calculated as earnings divided by revenues. It measures how much out of every dollar of sales a retail business actually keeps in earnings.

Purchase Order

A purchase order (PO) is a written sales order (contract) between buyer and seller detailing the exact merchandise or services to be supplied from a single vendor.