Property Flashcards

1
Q

the absolute right to hold land or property for an unlimited time without paying rent

A

Freehold

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2
Q

property which is held for a fixed period of time on the basis of a lease

A

leasehold

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3
Q

the way in which a piece of land is held

A

land tenure

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4
Q

a person or company which rents a house, flat or office in which to live or work

A

tenant

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5
Q

a person who arranges for the sale of property

A

A realtor

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6
Q

the transferring of property from one person to another

A

Conveyancing

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7
Q

documents that states how who owns the property

A

title deeds

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8
Q

the interest you pay on the mortgage will not increase with the national rate

A

a fixed-rate mortgage

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9
Q

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

A

foreclosure

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10
Q

people who bought the house jointly own the entire property.

A

joint tenants

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11
Q

each person owns a share in the property depending on how much each spent on it

A

tenants-in-common

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12
Q

Other people can walk through his property to get from one place to another

A

right of way

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13
Q

when somebody else has offered a higher price for the house and the seller has accepted that offer

A

gazumped

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14
Q

a liability such as a mortgage or charge which is often attached to a property or piece of land

A

encumbrance

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15
Q

tax on the documents that record the purchase of the house

A

stamp duty

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16
Q

The seller’s solicitor sends your solicitor a draft contract. This is checked to make sure there are no ____ clauses.

A

unusual

17
Q

At the same time, you should ask for a ____ of the property by a chartered ____. He / she will tell you if there are any problems with the property (for example, rising damp, dry rot, unsound structural features, etc).

A

survey
surveyor

18
Q

date when you will take official possession of the property

A

completion date