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TAKING INSTRUCTIONS > Glossary of Terms > Flashcards

Glossary of Terms Flashcards

1
Q

What is an ‘Absolute Title’?

A

The best of the 4 classes of title that Land Registry can give to land

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2
Q

What is an ‘Abstract of Title’?

A

A summary of the title deeds and documents which prove title to unregistered land

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3
Q

What is an ‘Adverse Possession’?

A

The occupation of land without the permission of the owner

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4
Q

What is an ‘Alienation Clause’?

A

A provision in a lease which restricts the tenant’s right to assign or sub-let

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5
Q

What is ‘Apportionment’?

A

The process of adjusting the purchase price of land to take account of outgoings that affect it

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6
Q

What is an ‘Arbitration Clause’?

A

A clause in an agreement requiring disputes to be referred to a 3rd party for resolution

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7
Q

What is an ‘Attestation Clause’?

A

The part of a document containing the signature of the parties

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8
Q

What is a ‘Beneficial Owner’?

A

The person entitle to enjoy the benefit of the propertyt

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9
Q

is a ‘Break Clause’?

A

A clause in a lease which allows one party to terminate the lease before its normal expiry date

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10
Q

What is a Bridleway?

A

A path/road over which the public have the right to pass on foot/horses/bikes NOT vehicles

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11
Q

What is a ‘Call Option’?

A

An agreement under which a party can, within a defined period, call on the other to sell the property

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12
Q

What is a ‘Caveat Emptor’?

A

It is the buyer’s responsibility to highlight problems with the property and not the seller’s to disclose them

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13
Q

What is a ‘Charge’?

A

An interest in land securing the payment of a debt

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14
Q

What are ‘Chattels’?

A

Items of a property other than land e.g. Furniture

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15
Q

What is a ‘Clear Lease’?

A

A lease under which the landlord is under no liability to pay for insurance and repairs

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16
Q

What is ‘Common Land’?

A

Land over which the inhabitants of a locality can exercise rights e.g. Grazing

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17
Q

What are ‘Common Parts’?

A

The parts of a development used in common by all occupiers e.g. Hallways and Stairs in a block of flats

18
Q

What is a ‘Concurrent Lease’?

A

A lease granted to run at the same time as an existing lease - Used in flat management schemes

19
Q

What is a ‘Conveyance’?

A

The document used to transfer ownership to another

20
Q

What is ‘Corporeal Hereditament’?

A

Physical property e.g. Land/Buildings

21
Q

What is a ‘Counterpart Lease’?

A

A lease normally drawn up in 2 identical copies - one copy for the landlord and one for the tenant

22
Q

What is a ‘Covenant’?

A

An obligation entered into by a landowner

23
Q

Who is a Covenantee?

A

The person to whom the promise of the covenant is made

24
Q

Who is the Covenantor?

A

The person making the promise of the covenant

25
Q

What is a ‘Deed’?

A

A document executed in accordance with various formal requirements - Must be signed and witnesses, then delivered

26
Q

What is Defective Title Insurance?

A

Insurance taken out to protect a buyer/lender against the consequences of a specified defect in title

27
Q

What is a ‘Demise’?

A

The grant of a lease

28
Q

What is a ‘Devise’?

A

The gift of a property by a will

29
Q

What is an ‘Easement’?

A

A right over one piece of land for the benefit of another

30
Q

What is an ‘Epitome of Title’?

A

A chronological list of the documents which prove title to unregistered land

31
Q

What are Fixtures?

A

Items fixed to land which become part of it and will pass to the next buyer on sale

32
Q

What is an ‘Incumbrance’?

A

An adverse right affecting a property e.g. mortgage/covenant

33
Q

What is an ‘Indemnity Covenant’?

A

A promise to indemnify someone against a possible future los or expense

34
Q

What are ‘Official Copies’?

A

Copies of the register entries relating to title

35
Q

What does Perpetuity mean?

A

Forever

36
Q

What is ‘Possessory Title’?

A

Granted when the owner claims to have lost the title deeds

37
Q

What is a ‘Pre-Emption’?

A

A first right of refusal

38
Q

What is Stamp Duty Land Tax?

A

Tax payable to the government on the purchase of a property of the grant of lease

39
Q

What is a ‘Sub-Lease’?

A

A lease granted by a tenant

40
Q

What is “Vacant Possession’?

A

Having no tenant or other person in occupation

41
Q

What is a Mortgage?

A

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

42
Q
A

TAKING INSTRUCTIONS (4 decks)

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