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 standard form of building contract created and published by the Joint Contracts Tribunal, not however being a statutory document but the most widely used of several "standard" forms of building contract.
One of two or more agents jointly instructed by a principal to act on his behalf. In the case of estate agents this is normally on the basis that if any one of the agents effects the sale, letting or other disposition of the property, being the subject of the principal's instructions, the other joint agent(s) will share the remuneration in agreed proportions. None of these agents would be entitled to a commission if the transaction is concluded as a result of someone else's introduction. Cf JOINT SOLE AGENT.
An obligation entered into by two or more persons under which each person is liable severally (individually), as well as jointly with the others. Cf JOINT OBLIGATION.
A board representing two or more bodies, eg local authorities; such boards may be created under statute by order of a Minister. They may be concerned with planning, education, public health functions, burial or other matters.
A group of people representing various interested professionals, including contractors, architects, surveyors and representatives of local government, in order to publish a standard form of building contract. See JCT CONTRACT.
A company formed by two or more parties to develop or redevelop a site for their mutual benefit as shareholders of the company. See JOINT VENTURE.
See JOINT AND SEVERAL OBLIGATION.
1. A mortgage undertaken by two or more mortgagors, being a joint obligation of all of them.
2. Less commonly, another term for a syndicated loan, ie where there are two or more mortgages.
An obligation entered into by two or more persons so that in the event of litigation all must sue or be sued together. See JOINT AND SEVERAL OBLIGATION.
See CO-OWNERSHIP.
Constituted under section 1 of and schedule 1 to the Town and Country Planning Act 1971, the special local planning authority for parts of the areas of two or more local planning authorities, where considered expedient by the Secretary of State. Joint planning boards in England are currently (1988) the Peak Park Joint Planning Board and the Lake District Special Planning Board.
One of two or more agents jointly instructed as the only agents entitled to represent the principal. It is customary for the joint agents to share any commission earned on an agreed basis, irrespective of which agent effects the sale or letting. Cf JOINT AGENT. See SOLE AGENT.
A form of joint ownership having four requisites (known as the "four unities") namely:
a. possession, each tenant being entitled to the whole land;
b. interest, each having the same estate or interest;
c. title, each holding under the same instrument and
d. time, each holding for the same duration of the estate or interest.
On the death of a tenant his share passes to the surviving tenants until eventually all the shares are vested in the sole surviving tenant. Joint tenants take equal shares of the rents and profits of the land. Cf TENANCY IN COMMON. See JOINTURE; SURVIVORSHIP.
Originally a term referring to the holding of an estate by a husband and wife as joint tenants under a grant made before the marriage but currently meaning provision for the maintenance of a widow, eg an annuity secured on heritable property as a provision for a wife against her widowhood.
Generally and, in particular, for asset valuations, where ".two (or more) valuers are jointly (and severally) appointed to provide a valuation". (RICS Guidance Notes on the Valuation of Assets.)
An association of two or more individuals or bodies to carry on a single business enterprise for profit, for which purpose they contribute property, money, effects, skill and/or knowledge. See JOINT DEVELOPMENT COMPANY.
A public officer appointed to hear and adjudicate on causes in a court of justice. The following abbreviations are used in law reporting in England and Wales: Lord Chancellor - LC; Lord of Appeal in Ordinary - Lord X; Lord Chief Justice - CJ; Master of the Rolls - MR; President (of the Family Division of the High Court) - P; Vice-Chancellor - V-C; Lord Justice of Appeal - LJ, plural LJJ; Judge of the High Court - J, plural JJ. Northern Ireland has its own Lord Chief Justice, Lord Justices of Appeal and Judges of the High Court; the same abbreviations are used. Scotland's most senior judges are the Lord President and Lord Justice General (one post) and Lord Justice-Clerk. Abbreviations are not used in Scottish law reporting.
Foreclosure through court action rather than by a power of sale. Judicial foreclosure is sometimes necessary to remove certain tax liens.
Sale of real property pursuant to a court order in a foreclosure proceeding, with the proceeds going to satisfy a mortgage debt and any balance being returned to the owner.
A trustee appointed by the court under the Judicial Trustee Act 1906 as sole or co-trustee, being an officer of the court and subject to its control.
