Glossary of property law terms
This glossary defines some of the more difficult terms used in property law. You might also like to have a look at our list of industry acronyms.
Occupation of land inconsistent with the rights of the owner, without the permission of the owner.
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).
A system of freehold ownership of units suitable for interdependent buildings such as blocks of flats, based on Australian strata title.
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.
An interest that can only come into existence on the occurrence of a specified event, e.g. marriage. It cannot be a legal estate, but takes effect as an equitable interest under a settlement.
A promise contained in a deed (e.g. a clause in a lease). The person with the benefit is the covenantee, the person with the burden is the covenantor.
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.
A special legal document that is clearly intended to be a deed and is signed, witnessed, attested and delivered.
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.
A creation or transfer of an estate or interest in land.
The right of the owner of one piece of land (the dominant tenement) to a benefit from other land (the servient tenement).
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.
The character and duration of a person’s ownership of land.
An agreement to create or convey a legal estate, e.g. an option to purchase.
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.
A freehold estate in land.
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.
Ownership of land by two or more persons with identical interests in the whole of it.
An obligation imposed on a landowner in favour of a third party’s interest in the land.
Registrable under the Land Charges Act 1972 at the Land Charges Registry if relating to unregistered land. Registrable at the Land Registry if relating to registered land.
A limited category of interests in land specifically stated by s.1(2) Law of Property Act 1925 to be legal interests, e.g. a legal mortgage.
(In land law.) Permission to enter or occupy land for an agreed purpose. The licensor gives such permission, the licensee is in receipt of the permission.
An interest in property which only lasts as long as the life of a particular person. It creates a settlement and can only exist as an equitable interest.
Interests in registered land which must be protected by registration.
An interest in land created as security for a debt. The lender is the mortgagee, the borrower is the mortgagor.
The process by which interests in land are converted on a sale of land into rights in the proceeds of sale.
A right or interest in registered land which is binding on the Registered Proprietor and third parties without being registered, e.g. the rights of persons in actual occupation of the land.
It was particularly applied to contracts for the sale of land, but has effectively been abolished in that context by the Law of Property (Miscellaneous Provisions) Act 1989.
A method of acquiring an easement by long user.
Priority of mortgages
The order in which two or more mortgages over the same land will take effect.
The right to take produce from another’s land or to graze animals on it.
An obligation to pay a reasonable amount for labour and materials, payable even in the absence of an enforceable agreement.
As if from a contract.
Correction of a document.
Redemption (equity of)
The right of the mortgagor to redeem the property on repayment of the mortgage.
An equitable interest in land which only takes effect in possession when a prior interest ends.
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.
A trust which creates successive beneficial interests in land (usually with the object of keeping land in a particular family) and which brings it under the control of the Settled Land Act 1925.
The nature of a legal estate.
Term of years absolute
A leasehold estate in land.
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
A trust under which the trustees have the power, but no obligation to sell the property.
The property until sold and any subsequent proceeds of sale are held on trust for the beneficiary(ies).
Land of which the ownership is not registered (recorded) at the Land Registry.
Ownership is proved by reference to title deeds.
This article was created by --University College of Estate Management (UCEM) 09:32, 12 December 2012 (UTC)
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