Assets – property of any kind.
Assign -Transfer to another. In the context of a lease, the transfer by a lessee to another person of all of the lessee’s interest in the leased property; as opposed to a sublease where a sublease does not transfer all of the lessee’s rights in the property.
Attorney – A person who is authorised by a written document to act for another.
Beneficiary – A person who receives benefits granted by another person.
Body Corporate – A corporate entity which is responsible for the overall administrative and management matters relating to a common property and the unit title development as a whole.
By-laws – rules and regulations made under the authority of statute by local bodies and corporations.
Caveat – A notice entered on the record of a registry of Court to prevent further action being taken.
Chattel real – A leasehold interest.
Chattels – An item of property other than freehold land, including tangible goods (chattels personal) and leasehold interests (chattels real).
Codicil – A supplement to a will executed in the same manner and varying or adding to the original will.
Consideration – Where one party agrees by contract to do something in return for something the other party agrees to give him, usually property or money.
Contract – An agreement between two or more people.
Conveyance – Transferring property from one person to another.
Co-trustee – one of two or more people who jointly hold, manage and distribute property for the benefit of another under a trust.
Covenant – An agreement or promise by deed.
Creditor – A person or company to whom money is owing.
Cross lease – Where multiple individuals own an undivided share of land which they build on (usually flats or townhouses), with the land being leased from the other owners (often for a term of 999 years).
Curtilage – A yard, piece of ground or garden which adjoins a dwelling house.
Debtor – A person who owes money and who is liable by a contract to pay a debt.
Easement – The legal right to the benefit or use of another’s land without any right to possession of that land or of any part of the soil or its produce, such right running with the land over which it is created.
Encumbrance – A liability that lowers the value of a piece of property, such as a lien or mortgage.
Estate – A person’s total possessions.
Execute – To sign as complete.
Fee simple/Freehold – An absolute interest in land.
Fiduciary – A person or organisation who is given authority and responsibility over assets not owned by that fiduciary, such as an executor or personal representative of an estate, or a trustee for a trust.
Guarantor – A person or a firm that endorses a three-party agreement to guarantee that promises made by the first party (the principal) to the second party (client or lender) will be met.
Inherit – To receive money and/or property from someone who has died.
Intestate – Dying without leaving a valid will.
Joint tenants – Individuals who share equal ownership of a property and have the equal, undivided right to keep or dispose of the property, with the right of survivorship.
Landlord – An owner of a house, apartment or land to whom a tenant pays rent.
Last will and testament – The will that is valid and in force at the time of death.
Leasehold –Is property ownership of buildings and any other improvements on a site, but where the site is on land that is leased or rented from the owner of the land.
Lessee – One who leases or rents something, such as a building or a car.
Lessor – One who leases property; who grants a lease to a lessee
Levy – To tax, to assess, to collect upon.
License – A right granted by one person (or company) to another giving permission to the other person to do something that could not legally be done without such permission.
Licensee – One who is granted a license.
Licensor – One who grants a license.
Lien – A claim on another’s property; a right of one person to retain property in his possession belonging to another until certain demands or charge are met.
Living trust – A trust that is I effect while the maker of the trust is still alive, as opposed to a trust set up by a will. Also known as an inter vivos trust.
Market price – The price at which a seller is willing to sell and a buyer is willing to buy.
Maturity – The end of the time period agreed upon for a loan or obligation.
Maturity – The end of the time period agreed upon for a loan or obligation.
Mortgage – The putting up of land or a building or both as security against a loan of money.
Mutual – Agreeable to both parties.
Parcel – A portion of land.
Personal property – All property except land.
Power of attorney – A written document stating that one appoints another to act on their behalf as an agent, giving them the authority to carry out certain specified acts.
Premarital agreement (Prenuptial agreement) – An agreement made between a couple prior to their marriage. It often includes provisions for the disposal of property in the situation of separation, divorce or death.
Premium – The amount paid for insurance coverage.
Probate – The formal certificate by the Court that a will has been proved.
Real property – Land; immovable property on land such as a building or townhouse.
Remaining assets – Trust assets that remain after paying debts and expenses of the trust and making the specific distributions as specified in the trust.
Rent – Moneys paid in exchange for the use of property.
Residuary estate – The remaining assets of an estate after payment of debts, expenses and specific bequests.
Retirement – The voluntary fulfilment of an obligation.
Right of survivorship – When a property jointly owned includes a right of survivorship, the deceased owner’s share of the property automatically goes to the surviving owner.
Secured creditor – A creditor with collateral; a person owed money who has the right to take and sell specific property of the debtor if the debt is not paid.
Specific bequest – A gift of cash, a specific item or a category of items, to a named person as detailed in a trust before the bulk of the trust is distributed e.g. a wedding ring, a car, $1000 cash.
Sublease – The privilege of a person who has leased a premise, to lease it to another person.
Succession – The acquiring of property after the former owner dies and leaves it to a successor.
Successor Attorney – A person who is authorised to act in place of an appointed Attorney.
Sworn – Attested to as being true.
Tenants in common – Own individual shares of a property. These shares can be equal or unequal, with no right of survivorship. When an owner dies, their share passes in accordance with their will.
Terminated – Ended, cancelled, concluded.
Testate – Dying leaving a will.
Third party – Someone who is not directly connected with a contract, deal, legal action, an occurrence, etc. but who may be affected by its outcome.
Title – The legal right of ownership of property.
Transaction – The act of conducting business between two or more parties.
Trust – A trust is the legal relationship created when a person (the “settlor”) places assets under the control of a person (the “trustee”) for the benefit of some other person or people (the “beneficiaries”) or for a specified purpose. The assets transferred to the trustees become their property, but they hold the assets on trust for the beneficiaries. The trustees have an obligation to follow the in the manner set out for in the trust deed.
Trust Deed – A document which provides for the setting up of a family trust or company trust.
Trustee – A person who holds, manages and distributes property for the benefit of another; a fiduciary.
Undertake – To guarantee, to promise, to perform.
Undue influence – An improper amount of pressure which influences someone to do something they would not do if left to their own devices.
Unit Title or Stratum estate – Ownership of multi-level apartment block and horizontal subdivisions with shared areas. “Strata” refers to apartments being on different levels.
Unsecured creditor – A person owed money who has no rights in specific property as security for a debt.
Unsecured debt – An unsecured debt is an obligation or debt that does not have specific property, such as a house or car, serving as collateral for payment of a debt.
Valid – Legally binding by complying with necessary regulations and formalities.
Verify – To confirm under oath.
Vested – Something not subject to being taken away.
Warranty – An agreement to make up for any damages that result from a false representation of facts.
Wholly – Completely.
Will – A document made in anticipation of death in which a person states what they want done with their property after they die.
Witness – A person who testifies under oath.
Zoning – The division of certain areas in a community into various categories for permission to build, or not to build, certain types of structures.