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.
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See ANCIENT MONUMENT.
The conveyance of a legal or equitable interest in freehold or leasehold property as security for a loan and with provision for redemption on repayment of the loan. The lender (mortgagee) has powers of recovery in the event of default by the borrower (mortgagor). A mortgage is a form of land charge and can be either legal or equitable. There can be more than one mortgage on the same property. See EQUITY-LINKED MORTGAGE; PRIORITY OF MORTGAGES.
An agent who advises on and procures loans by way of mortgage for borrowers.
See PRIORITY OF MORTGAGES.
See JOINT MORTGAGE.
See MORTGAGE.
On default of the borrower, the powers which the lender may use to restore his position, ie: (i) sue on the personal covenant; (ii) take possession of the relevant property; (iii) appoint a receiver; (iv) exercise a power of sale, ie the right to sell the property, any surplus being paid to the mortgagor after redeeming any subsequent mortgages; (v) foreclose.
See MORTGAGE.
On account of death. A mortis causa writing or deed is one which takes effect on the death of the grantor. A mortis causa gift (or donatio mortis causa) is a gift made in contemplation of the donor’s death. It has certain of the qualities of a legacy and is revocable in the event of the donor’s recovery.
The appointment of two or more agents to dispose of the same property indepently of one another on the basis that only the successful agent is entitled to a commission. Cf JOINT AGENT;JOINT SOLE AGENT; SOLE AGENT.
An action taken to determine the disposal of property to which conflicting claims are made. See FUND IN MODIC.
A prime trading location in a shopping area at which multiple retailers are or may be represented. See MULTIPLE RETAIL OUTLET.
A statistical technique which quantifies the relationship between one variable (the dependent variable) and a number of other variables (independent variables). It is used in property performance analysis.
A retail outlet operated by an organisation with 10 or more branches. Cf INDEPENDENT RETAIL OUTLET.
Descriptive of a building of five or more storeys, either above or below ground level. Cf TOWER BLOCK.
An option exercisable by either party to a contract in the event of some specific happening or on specified dates, eg where at a date for the review of the rent under a lease, each party has the option to determine the lease rather than pay or accept the new rent.
