Glossary Land Property Terms - Glossario Termini Immobiliari



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Tenancy at Will or Licence

After exchange of contracts a purchaser may seek to take possession of a property before financial, legal completion.

This could be to carry out repairs and decorations or to take up residence early.

This can often be organised and a licence arranged between both parties’ solicitors.

The purchaser paying an appropriate rate of interest on the balance of the outstanding monies (i.e. purchase price less deposit paid) instead of rental.

Tenant

A person, persons (company or organisation) who is entitled to occupy a property under the terms and conditions of a tenancy agreement.

Tenants in Common

Two or more people holding property as co-owners.

When one dies, his share of the property automatically passes to his estate. (See also Joint Tenants).

Tender – For Sale by Tender

This is the situation where the asking price is not actually stated, but offers (in writing) are invited.

Details of the property are prepared, circulated and advertised.

The closing date for the tender is noted. In most cases the vendor will reserve the right to refuse the highest offer, thereby not being committed to sell.

Offers tendered are usually opened in the presence of the vendor’s solicitors, at a prescribed date and time.

An acceptance of an offer by the vendor constitutes an immediate contract, and in most cases, the party tendering will have made their financial arrangements and have had a structural survey carried out in advance..

Tenure

Whether a property is freehold or leasehold. Title: The rights and liabilities that attach to the property.

Title – Absolute

The highest form of tenure available.

Title – Abstract of

A summary of title documentation used in the Conveyancing of unregistered properties to prove that the vendor has the right to sell.

Title Deeds

Legal documents describing the rights and liabilities that attach to the property and prove ownership of property.

Title Report on: Solicitors’ certificate confirming that the title of the property is acceptable. 

A Lender must have one before an advance cheque for the mortgage monies can be issued.

Transfer Deeds

These are documents, prescribed by HM Land Registry that are used to transfer real property from its legal owner to another party.


AVVERTENZE D'UTILIZZO: Il presente glossario contiene una definizione dei termini più frequentemente utilizzati nel settore immobiliare nel Regno Unito.
La spiegazione di ciascuno dei termini indicati in questo glossario è di carattere meramente orientativo e priva di valore legale; si raccomanda, quindi, di tenere conto del contesto e dell'evento in cui essi vanno applicati, in quanto il significato loro attribuito potrebbe differire rispetto a quello qui rappresentato.

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