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Last edited 20 Aug 2018
Glossary of property law terms
The transfer of property from one party to another.
The rights of a beneficiary in respect of property under a trust. It is a particular type of equitable interest.
An item of personal property (as opposed to real property).
Rules of law developed from the decisions of the courts of common law.
A trust imposed by equity (qv) to protect the interests of beneficiaries under a trust.
Unlike an implied trust, it is not normally based on the presumed intention of the parties, but is a device to prevent injustice.
Decennial liability is a strict form of liability that refers to the insurance taken out by the contractor or design team to cover the 10-year period following a project’s completion. This is to cover the costs in the event of a total or partial collapse of the building, or some latent structural defects that compromise the building’s safety and/or stability.
An interest in land which will automatically come to an end on the occurrence of a specified event. After 1925 it can only exist as an equitable interest.
The part of English law originating from decisions of the Lord Chancellor, and later the Courts of Chancery, which grew up to provide a remedy where the common law was inadequate. It is now a regulated set of legal principles.
A principle which prevents a person going back on a representation. There are two forms of equitable estoppel:
- promissory estoppel, which prevents a party going back on a promise not to enforce contractual rights;
- proprietary estoppel, which prevents a landowner denying that a claimant has acquired rights in his land where he (the landowner) has acquiesced and the claimant has incurred expenditure.
The process of signing, witnessing and attesting a deed.
The term used to describe the situation when a seller of property accepts a verbal offer from a potential buyer but subsequently accepts an offer from another party.
Real property capable of being passed.
- A corporeal hereditament is tangible property such as land or buildings.
- An incorporeal hereditament is intangible property such as an easement.
A trust that arises from the presumed but unexpressed intention of the settlor, or by operation of law.
Incapable of being made void.
An obligation imposed on a landowner in favour of a third party’s interest in the land.
Interests in registered land which must be protected by registration.
Priority of mortgages
The right to take produce from another’s land or to graze animals on it.
As if from a contract.
Correction of a document.
Redemption (equity of)
A covenant which imposes a restriction on the use of land.
A trust created by operation of law, sometimes in order to give effect to the presumed but unexpressed intention of the settlor.
The interest in land retained by a person who has granted someone else a lesser interest.
An order of the court forcing a person to fulfil their contractual obligations.
The nature of a legal estate.
Term of years absolute
Rights of ownership.
A transfer of property to trustee(s) for them to hold it for the benefit of another person(s).
Trust for sale
A trust under which the trustees are obliged to sell the property and hold the proceeds of sale on trust for the beneficiaries.
Trust of land
The property until sold and any subsequent proceeds of sale are held on trust for the beneficiary(ies).
This article was created by --University College of Estate Management (UCEM) 09:32, 12 December 2012 (UTC)
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