Land Property Terms with "T"

Glossary of Land Property - Glossario Immobiliare

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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.

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