This glossary of terms has been composed by FIRST STRATA to provide you with an easily accessible and comprehensive description of the many terms frequently used in all aspects of land sales.
We trust you will find it both useful and informative.
An event due to some natural cause, eg flood or earthquake, so severe as to be incapable of reasonable anticipation or safeguard.
A formal document setting out a law which has been passed by Parliament and received the Royal Assent. Cf BILL (PARLIAMENTARY BILL). See SPECIAL ACT; PRIVATE ACT; PUBLIC ACT.
In law this means having knowledge of a fact by direct communication. Cf CONSTRUCTIVE NOTICE; IMPUTED NOTICE.
Part of a rent which is payable under a lease or tenancy as an extra amount in excess of a basic or initial rent. Cf SERVICE CHARGE.
A method of charging interest, usually used in the financing of automobiles but sometimes used in real estate financing. Interest is computed on the total amount borrowed and added to the principal. Each payment is then deducted from this total amount. Interest on real estate loans is usually calculated on the balance owing after each payment is made (declining balance). See ROLLED-UP INTEREST.
For the particular purpose. For example, an ad hoc committee is one set up to deal with a particular matter, as opposed to a standing committee.
A trust for sale where the trustees are approved by the court or by their successors in office or by a trust corporation. A sale of land subject to such a trust overreaches equitable interests that would otherwise not be overreached, ie if the trustees were not so qualified.
Towards the same thing. The term indicates that parties are agreed.
Near or close to another property, especially (but not necessarily) having a common boundary. Cf ADJOINING; CONTIGUOUS; ABUT.
Near or close to another property to the extent that they share the whole or part of a boundary. Cf ABUT; ADJACENT; CONTIGUOUS.
Under the London Building Act 1930 to 1939, the owner of a property contiguous with that of a person (the building owner) who wishes to carry out work to or in respect of an actual or proposed party wall or structure.
1. A judicial decision or formal judgment by a court or tribunal.
2. The determination by the Commissioners of Inland Revenue of the amount of any stamp duty payable on a document.
Depending on the type of valuation, the net trading profit (NTP) after particular deductions or adjustment have been made for items not actually payable in the circumstance, eg in compulsory purchase NTP is adjusted for any profit rent (for a lessee) or rental value (for a freeholder), for interest on capital and for an estimate of what the proprietor’s remuneration, if appropriate, should be.
A clause obliging a tenant, if he wishes to dispose of his lease, first to offer to surrender it to the landlord. Approved in Adler v Upper Grosvenor Street Investment Ltd (1957).
Literally, up to a middle line. Used to define a boundary between adjoining lands in different ownership, eg where a road or a river divides the two properties, rather than by the legal or physical criteria which would be used in other cases. The middle line of a stream or way is adopted as the boundary in the absence of evidence to the contrary.
1. Where a person dies intestate or there is no surviving executor under the will (or the executor is not willing to act), the grant of letters of administration to an administrator of the deceased person’s estate. See RULES OF INTESTACY; PERSONAL REPRESENTATIVE
2. The collection of assets, settlement of debts and distribution of the residue of a deceased person’s estate to the beneficiaries.
3. The carrying out of duties imposed by a trust concerning the property of a bankrupt or of a person of unsound mind.
That part of constitutional law concerned with the organisation, powers and obligations of administrative authorities, ie ministers of the Crown, local authorities and the officers employed on their behalf to carry out the relevant duties and enforce the powers.
Relevant evidence before a court which is not prohibited by one of the exclusionary rules, eg (i) the rule against hearsay, (ii) privilege, or (iii) unfair prejudice to an accused person. All irrelevant evidence is inadmissible.
Manuscript words to be inscribed above signatures at the foot of every typewritten page of missives to form a legally binding contract under Scottish law.
In a property context, usually either:
1. the acceptance by a local authority of responsibility for the maintenance and upkeep of a road or of a sewer as a public highway or public sewer respectively; or
2. the decision of a public body such as a local authority to enforce the optional (“adoptive”) provisions of some statute, eg the rating of unoccupied premises under the General Rate Act 1967.
