Glossary of terms
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.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
A yearly agricultural tenancy which commences in the period from 1st September to 31st December.
A principle of insurance (particularly insurance of property) where the insurer will pay for only the same proportion of a loss as the sum insured bears to the cost of reinstatement or to the actual value of the property at the time of the loss, eg if an item is insured for only half its value at the time it is damaged, the insurer will pay only half of any claim for repair or reinstatement.
The arrangement of one’s affairs within the law so as to make full use of exemptions, reliefs and other advantages to mitigate taxation. Cf EVASION. See ANTI-AVOIDANCE; SECTION 776.
The severance of land by a change in the course of a river but where it remains the property of the original owner.
A decision made by an unbiased third party, especially an arbitrator, after consideration of two opposing views, eg on rent reviews. See PARTY WALL AWARD.
A crop, generally of winter wheat, which an outgoing farm tenant holding under a spring (Candlemas or Lady Day) tenancy has the right, based on custom or written agreement, to retain on quitting the land, since it is not ready for gathering until after the termination of his tenancy. At one time the outgoer was allowed either to hold over or to re-enter in order to harvest the crop, but under modern practice the right is usually commuted to monetary compensation.
