Glossary of Terms Flashcards
What is an ‘Absolute Title’?
The best of the 4 classes of title that Land Registry can give to land
What is an ‘Abstract of Title’?
A summary of the title deeds and documents which prove title to unregistered land
What is an ‘Adverse Possession’?
The occupation of land without the permission of the owner
What is an ‘Alienation Clause’?
A provision in a lease which restricts the tenant’s right to assign or sub-let
What is ‘Apportionment’?
The process of adjusting the purchase price of land to take account of outgoings that affect it
What is an ‘Arbitration Clause’?
A clause in an agreement requiring disputes to be referred to a 3rd party for resolution
What is an ‘Attestation Clause’?
The part of a document containing the signature of the parties
What is a ‘Beneficial Owner’?
The person entitle to enjoy the benefit of the propertyt
is a ‘Break Clause’?
A clause in a lease which allows one party to terminate the lease before its normal expiry date
What is a Bridleway?
A path/road over which the public have the right to pass on foot/horses/bikes NOT vehicles
What is a ‘Call Option’?
An agreement under which a party can, within a defined period, call on the other to sell the property
What is a ‘Caveat Emptor’?
It is the buyer’s responsibility to highlight problems with the property and not the seller’s to disclose them
What is a ‘Charge’?
An interest in land securing the payment of a debt
What are ‘Chattels’?
Items of a property other than land e.g. Furniture
What is a ‘Clear Lease’?
A lease under which the landlord is under no liability to pay for insurance and repairs
What is ‘Common Land’?
Land over which the inhabitants of a locality can exercise rights e.g. Grazing
What are ‘Common Parts’?
The parts of a development used in common by all occupiers e.g. Hallways and Stairs in a block of flats
What is a ‘Concurrent Lease’?
A lease granted to run at the same time as an existing lease - Used in flat management schemes
What is a ‘Conveyance’?
The document used to transfer ownership to another
What is ‘Corporeal Hereditament’?
Physical property e.g. Land/Buildings
What is a ‘Counterpart Lease’?
A lease normally drawn up in 2 identical copies - one copy for the landlord and one for the tenant
What is a ‘Covenant’?
An obligation entered into by a landowner
Who is a Covenantee?
The person to whom the promise of the covenant is made
Who is the Covenantor?
The person making the promise of the covenant
What is a ‘Deed’?
A document executed in accordance with various formal requirements - Must be signed and witnesses, then delivered
What is Defective Title Insurance?
Insurance taken out to protect a buyer/lender against the consequences of a specified defect in title
What is a ‘Demise’?
The grant of a lease
What is a ‘Devise’?
The gift of a property by a will
What is an ‘Easement’?
A right over one piece of land for the benefit of another
What is an ‘Epitome of Title’?
A chronological list of the documents which prove title to unregistered land
What are Fixtures?
Items fixed to land which become part of it and will pass to the next buyer on sale
What is an ‘Incumbrance’?
An adverse right affecting a property e.g. mortgage/covenant
What is an ‘Indemnity Covenant’?
A promise to indemnify someone against a possible future los or expense
What are ‘Official Copies’?
Copies of the register entries relating to title
What does Perpetuity mean?
Forever
What is ‘Possessory Title’?
Granted when the owner claims to have lost the title deeds
What is a ‘Pre-Emption’?
A first right of refusal
What is Stamp Duty Land Tax?
Tax payable to the government on the purchase of a property of the grant of lease
What is a ‘Sub-Lease’?
A lease granted by a tenant
What is “Vacant Possession’?
Having no tenant or other person in occupation
What is a Mortgage?
A transaction where the borrower borrows money from the lender and transfers to the lender, as security for a loan, a legal or equitable interest in land
