Land Property Terms with "S"

Glossary of Land Property - Glossario Immobiliare

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Searches: a term used to denote the physical and written procedure for determining any adverse effects in/on a particular property, whether already in effect or planned to take place.

Sitting Tenant: to occupy the property as tenant, but have legal rights without a lease. Any sale would be subject to any rights of a tenant who has occupation. A property with a sitting tenant can often have a much reduced asking price.

Sole Agency: where only one agent has the authority to sell the property.

Sole Selling Rights: where one agent has complete control of the sale, and is entitled to his fee however the property is sold.

Stamp Duty: this is the tax paid by the purchaser of a property to the Government in the UK. Currently based on the following rates:(from March 2006 Budget)Up to £125,000 – nil £125,001 to £250,000 – 1% £250,001 to £500,000 – 3% More than £500,000 – 4%

Subject to Contract: a phrase used as a provisional agreement before contracts have been exchanged where either party may still withdraw from the transaction. Often seen on estate agents boards.

Superior Lease or Head Lease: this is the lease that the landlord holds. This is often the case in an apartment/flat where the owner has the leasehold interest, but another individual owns the freehold. There is then this lease under which the Property owner is responsible for the obligations / covenants. When a property is let out the tenant renting a property then also has to comply with any of these obligations – e.g. not to hang out washing on a balcony etc.

Survey Valuation: Home Buyers and Structural Inspection of the property by an independent surveyor. The last one is the most comprehensive.