Defintions Flashcards
What is the right to re-emption?
The right to first refusal (for a property).
What is assignment?
The transfer of a right or lease from one party to another.
What is a conveyance?
The transfer of the ownership of land.
What is special performance?
Equitable remedy which involves the court order a party to fulfil its contractual obligations.
What is a disposition?
General term for the transfer/conveyance/disposal of property.
What is an incumbrance?
Any right or interest which affects or limits the property owner’s ability to use/enjoy/transfer the property.
What is an interest in remainder?
Future interest in the property which will be possessory on the happening of an event (e.g. right for life then the remainder is passed to someone else)
What is a right in reversion?
Interest retained by the grantor after the grant of a lesser interest e.g. lease.
What is a licence?
Permission granted by property owner to do something in their property.
What is an option?
An agreement that grants one party the right, but not the obligation, to buy/lease the property.
What is a positive covenant?
An obligation to do something to maintain the condition of the property.
What is a negative/restrictive covenant?
Prohibit/restricts property owner from engaging in certain activities.
