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.
Destruction of crops and/or caused by another’s animals straying and trespassing on one’s land.
1. Money recoverable by court action by one suffering a loss or injury resulting from breach of contract, breach of statutory duty, or under either statute or tort. See LIQUIDATED DAMAGES; UNLIQUIDATED DAMAGES.
2. (USA) The loss in value of retained premises adjoining property taken in condemnation proceedings (in UK, compulsory purchase).
A notice issued by a local authority to a building owner requiring him to put a building into a safe condition. Most local authorities have the power to serve such notices under Public Health Acts. Inner London boroughs have similar powers by virtue of the London Buildings Act and some other major provincial towns and cities, such as Birmingham and Manchester, have similar powers under their own private Buildings Acts.
In current practice the date on which a property is considered to be of the value stated, regardless of the signing date. Many valuations for statutory purposes will be based on values at a specific date, sometimes defined by statute, otherwise by practice or by judicial interpretation. CfSIGNING DATE.
See SUNLIGHT AND DAYLIGHT CODE.
On the foreign exchange markets this describes the limits set by a bank for its dealings in any one day in a particular currency.
An assessment of the natural light falling into a room either directly or indirectly. It is usually expressed as a ratio, or as a percentage of the light measured at the bottom of a window as against that three feet above the floor level in the darkest area of the room. See WALDRAM DIAGRAM.
A form of contract for relatively small-scale building works where payment is based on hours worked, cost of materials, use of plant, transport charges, and a percentage for the contractor’s overheads and profits.
A base rent for mineral-bearing land, payable whether or not the land is worked, but which may be subsumed by the royalties when they total more than the dead rent. See MINERAL ROYALTY.
A person who buys and sells (or buys, builds and sells) property for profit on a basis which may be identified as such under the “badges of trade”. A dealer’s profits are assessed for tax on income in accordance with schedule D, Case I, of the Income and Corporation Taxes Act 1988. CfINVESTOR IN LAND.
Any tax which arises on death, eg the former estate duty and capital transfer tax and the present inheritance tax.
Written acknowledgement or evidence of a debt, especially stock issued as security by a company for borrowed money.
A unit of measurement of sound.
1. A discretionary remedy in the High Court, especially in the Chancery Division, where a ruling on a question of law is given but this does not involve an enforceable judgment.
2. An unsworn oral or written statement made out of court but which in certain circumstances may nevertheless be admissible as evidence, eg a declaration made by a person who has subsequently died and which, when he made it,
a. he knew would be against his pecuniary or proprietary interest (declaration against interest).
b. concerned the alleged existence of a public or general right (declaration concerning public or general rights), or
c. was made in the course of his duty to record or report his acts (declaration in course of duty).
See ADMISSABLE EVIDENCE.
A statement declaring that certain property is to be held on trust; it is often made when the intended trustee already possesses the property, which he is not entitled to hold for his own benefit. See TRUST.
A judgement merely giving the court’s opinion on a legal question or as to the parties’ rights but lacking any provision for enforcement. See DECLARATION.
The giving for public use by the owner of a private property of the whole or part of his interest therein, or a right over it, and its acceptance by the appropriate public authority, eg for highway purposes, or by some other body such as the National Trust.
Under Schedule A, the amounts of payments made by a landlord which are allowable against the rent receivable in a computation to arrive at taxable income under leases in the United Kingdom, eg for maintenance, repairs, insurance, management, certain services, rent and rates, if appropriate. See SCHEDULES.
A document, being written evidence of a legal transaction, which has been signed, sealed and delivered to testify to the agreement of the parties concerned. See ESCROW; EXECUTION; SEAL; STAMP DUTY.
A deed conveying a property (or properties) from the donor to the donee with no consideration passing.
