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.
Any Act of Parliament other than a private Act. Unlike the latter, a public Act is “judicially noticed” and its existence does not therefore have to be proved in legal proceedings.
A term covering all forms and methods of publicising a product, service or firm. These include press advertising; direct mail; press and public relations; brochures; specifications; display boards and sponsoring.
A limited company whose shares are offered for sale to the public on the Official List, the Unlisted Securities market, the Third Market or the Over-the-counter Market.
An act or omission adversely affecting the public, or some section of it, and usually contrary to statute law, eg the Public Health Act 1936. Such an act is usually a criminal offence but may also give rise to civil claims by individuals particularly affected. Cf PRIVATE NUISANCE.
The systematic organisation of events, eg conferences, cocktail parties and displays, or the presentation of gifts, or any other activity which serves to impress and remind clients of the host’s capabilities. It covers the planned development of good relationships with clients and potential clients, suppliers, government and local authority departments, competitors and, in some cases, the public. Cf PRESS RELATIONS; PUBLICITY.
A tender open to any member of the public who is able to fulfil the requirements specified in the tender document, the tender being advertised for this purpose. Cf PRIVATE TENDER.
A trust for the benefit of the public and which may (but need not) be a charitable trust.
A public officer, appointed by the Lord Chancellor under the Public Trustee Act 1906, who may act as an ordinary, custodian or judicial trustee and with a duty to administer in particular small estates.
1. At auction sales, the practice of bidding ostensibly as or on behalf of a genuine prospective purchaser but in reality on behalf of the vendor in order to stimulate bidding and enhance the price.
2. The extolling or exaggeration of a property’s good points, especially by an auctioneer or estate agent, in describing the property.
A judge of the High Court not having a distinctive title.
A notice served by a qualified owner of a property on a local authority requiring it to purchase his interest. Such a notice can be served, for example, following the refusal of planning permission or its grant, subject to unacceptable conditions, if the owner can show that the property is incapable of reasonably beneficial use in its existing state.
A contract whereby one party has the right to exercise, at his discretion, either a put option or a call option. Cf PRE-EMPTION. See CALL OPTION; PUT OPTION.
1. A contract whereby one party has the option to sell his interest in a property to the second party, usually within a specified time at a stated or calculable price and/or in defined circumstances. It is binding against a third party only if registered an estate contract.
2. The stock exchange term for a bargain entitling an owner of securities to sell them at a specific time in the future at a defined price.
Cf CALL OPTION,
See PUT AND TAKE OPTION.
