Property Flashcards
the absolute right to hold land or property for an unlimited time without paying rent
Freehold
property which is held for a fixed period of time on the basis of a lease
leasehold
the way in which a piece of land is held
land tenure
a person or company which rents a house, flat or office in which to live or work
tenant
a person who arranges for the sale of property
A realtor
the transferring of property from one person to another
Conveyancing
documents that states how who owns the property
title deeds
the interest you pay on the mortgage will not increase with the national rate
a fixed-rate mortgage
when you take out a mortgage to buy a house, and you use the house as security and the mortgage-lender can repossess your house if you are unable to pay back the money
foreclosure
people who bought the house jointly own the entire property.
joint tenants
each person owns a share in the property depending on how much each spent on it
tenants-in-common
Other people can walk through his property to get from one place to another
right of way
when somebody else has offered a higher price for the house and the seller has accepted that offer
gazumped
a liability such as a mortgage or charge which is often attached to a property or piece of land
encumbrance
tax on the documents that record the purchase of the house
stamp duty
