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
The true annual cost of a property to a lessee, representing the rent paid plus the annual equivalent of any capital sums expended from time to time, eg premiums. It is sometimes known as “sitting rent”. See COSTS IN USE.
Another term for sight line. See VISION SPLAY.
A segment of land bounded by two diverging sight lines at the point of entry on to a road to ensure that visibility is unobstructed for a reasonable distance.
1. Empty and unusable space, especially in a building or other structure.
2. Unoccupied and unlet space, particularly in a multi-tenanted building. See VOID PERIOD; VOID RELIEF.
3. Having no legal effect, eg of an alleged contract. Cf VOIDABLE. See VOID CONTRACT.
In law, capable of being set aside as of no effect. Cf VOID. See VOIDABLE CONTRACT.
A contract which, although prima facie valid when made, can subsequently be set aside on the grounds of misrepresentation, non-disclosure, undue influence or, in some instances, of mistake. Cf VOID CONTRACT.
In valuations, a deduction made for the likely non-receipt of rent. Cf END ALLOWANCE.
An alleged contract which has no legal effect ab initio, eg a contract to commit a crime, one contrary to public policy or one resulting from certain instances of mistake. Cf VOIDABLE CONTRACT. See VOID 3.
For Schedule A purposes, under section 25(1) of the Taxes Act, “a period during which the person chargable was not in occupation of the premises or any part thereof but was entitled to possession thereof”. See SCHEDULES.
See UNOCCUPIED RATE.
An allowance against rates for part or the whole of a period during which a property, or part of it, is not beneficially occupied. Cf UNOCCUPIED RATE. See RELIEF 1.
That to which a person consents cannot be considered an injury, as applied to the legal defence that the plaintiff voluntarily consented to the injury or risk of injury.
An association or society of persons, which is not a governmental or public body, with objects of a charitable, cultural, recreational or other non-profit-making nature.
A conveyance (or other transfer of ownership) of real property made otherwise than for valuable consideration, eg a deed of gift.
An improvement to a property carried out otherwise than under a legal obligation. Cf CONTRACTUAL IMPROVEMENT.
The termination of the operations of a company by the winding-up procedure initiated either by the shareholders or at the request of creditors (as distinct form a compulsory liquidation by the court, usually instituted on insolvency at the behest of creditors). See LIQUIDATION; WINDING UP.
Descriptive of a tax which may be avoided relatively easily, ie a person who pays the tax has “voluntarily” done so, having taken no steps to avoid it. (Inheritance tax has been so called.)
Waste occurring by the positive act of a tenant’s damaging the demised premises. Cf PERMISSIVE WASTE. See EQUITABLE WASTE.
