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Conveyancing
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title). The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. It is a legal requirement in all jurisdictions that contracts for the sale of land be in writing. An exchange of contracts involves two copies of a contract of sale being signed, one copy of which is retained by each party. When the parties are together, both would usually sign both copies, one copy of which being retained by each party, sometimes with a formal handing over of a copy from one party to the other. However, it is usually sufficient that only the copy retained by each p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Licensed Conveyancer
A licensed conveyancer is a specialist legal professional in the United Kingdom, New Zealand, Australia or South Africa who has been trained to deal with all aspects of property law. Typically, their tasks might include: # Taking instructions from a client in relation to the sale or purchase of land or property # Conducting searches in relation to the property with local authorities # Advising clients of any incurred costs such as stamp duty land tax and legal fees # Drafting contracts setting out the terms of the sale of a property # Liaising with mortgage lenders (banks and building societies) to ensure they have all the relevant information # Paying costs on behalf of the client such as stamp duty and estate agent fees Their role is very similar to that of a solicitor dealing with a property transaction. However, rather than being qualified as a solicitor, they will have completed all of the examinations and practical training provided by a regulatory body for licensed conveyan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land Registry (United Kingdom)
His Majesty's Land Registry is a non-ministerial department of His Majesty's Government, created in 1862 to register the ownership of land and property in England and Wales. It reports to the Ministry of Housing, Communities and Local Government(MHCLG). The land register contains information on 87% (by area) of the freehold land in England and Wales as of 2019. While HM Land Registry reports to MHCLG, it is operationally independent. The fees it charges for the registration and information services it provides are returned to HM Treasury. The current Chief Land Registrar (and CEO) is Simon Hayes. The equivalent office in Scotland is the Registers of Scotland. Land and Property Services maintain records for Northern Ireland. Purpose HM Land Registry registers the ownership of property, as well as noting other interests in registered land. It is one of the largest property databases in Europe. At the peak of the property boom in 2007, £1 million worth of property was proces ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gazump
Gazumping occurs when a seller (especially of property) accepts a verbal offer (a promise to purchase) on the property from one potential buyer, but then accepts a higher offer from someone else. This can happen at any point before the sale is legally finalised. It can also refer to the seller raising the asking price or asking for more money at the last minute, after previously verbally agreeing to a lower one. In either case, the original buyer is left in a bad situation, and either has to offer a higher price or lose the purchase. The term ''gazumping'' is most commonly used in the United Kingdom and Ireland, although similar practices can be found in some other jurisdictions. England and Wales With buoyant property prices in the British residential property market of the late 1980s, gazumping became commonplace in England and Wales, because a buyer's offer is not legally binding even after acceptance of the offer by the vendor. A contract for the sale of land must be in wri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Law
A mortgage is a legal instrument of the common law which is used to create a security interest in real property held by a lender as a security for a debt, usually a mortgage loan. '' Hypothec'' is the corresponding term in civil law jurisdictions, albeit with a wider sense, as it also covers non-possessory lien. A mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower. The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage (''see below''), but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends (dies) either when the obligati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Property
In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, refers to parcels of land and any associated structures which are the property of a person. For a structure (also called an Land improvement, improvement or Fixture (property law), fixture) to be considered part of the real property, it must be integrated with or affixed to the land. This includes crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads. The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal property disputes. Personal property, or personalty, was, and continues to be, all property that is not real property. In countries with personal ownership of real property, civil law (legal system), civil law protects the status of real property in real-estate markets, where estate agents work in the market of buying and selling real estate. Scottish civil law calls ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conveyancer
In most Commonwealth countries, a conveyancer is a specialist lawyer who specialises in the legal aspects of buying and selling real property, or conveyancing. A conveyancer can also be (but need not be) a solicitor, licensed conveyancer, or a fellow of the Institute of Legal Executives. In England and Wales, conveyancers are regulated by an official body known as the Council for Licensed Conveyancers. Its main purpose is to set entry standards and regulate the profession of licensed conveyancers effectively in order to secure adequate consumer protection, promote effective competition in the legal services market and provide choice for consumers. Services offered by conveyancers vary from Residential Conveyancing, Probate and Wills. Strong regulation is imposed to curb unfair practices which include among others false representation, exaction for hidden charges and double dealing. In Kenya, a conveyancer can only be an admitted advocate holding a valid current practising ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Local Authority Search
In the United Kingdom, a local authority search (also known as local land charges search or local search) refers to the provision of specific information about a particular property and the surrounding area for buyers and sellers. This is undertaken as part of the conveyancing process by a solicitor or a licensed conveyancer. If you are borrowing money to finance the purchase it will normally be a condition of the advance that you obtain a local search. If you are not having finance it is your option whether to have a local search or not. The solicitor or licensed conveyancer acts on behalf of the property buyer or the tenant, and liaises with the local authority who are responsible for carrying out the local authority search. The timescale for the return of the search result depends on which local authority carries out the search. The majority of local authorities return search results in under five working days. It is also possible to undertake a personal search of the local land ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land Registration
Land registration is any of various systems by which matters concerning ownership, Possession (law), possession, or other rights in Real estate, land are formally recorded (usually with a government agency or department) to provide evidence of title (property), title, facilitate transactions, and prevent unlawful disposal. The information recorded and the protection provided by land registration varies widely by jurisdiction. In common law countries, particularly in jurisdictions in the Commonwealth of Nations, when replacing the deeds registration system, title registrations are broadly classified into two basic types: the Torrens title system and the English system, a modified version of the Torrens system.Lyall, Andrew. ''Land Law in Ireland''. ; Ch. 24 Cadastre, Cadastral systems and land registration are both types of land recording and complement each other.Jo Henssen, BASIC PRINCIPLES OF THE MAIN CADASTRAL SYSTEMS IN THE WORLD, Implementations Americas Canada Falk ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Solicitor
A solicitor is a lawyer who traditionally deals with most of the legal matters in some jurisdictions. A person must have legally defined qualifications, which vary from one jurisdiction to another, to be described as a solicitor and enabled to practise there as such. For example, in England and Wales a solicitor is admitted to practise under the provisions of the Solicitors Act 1974. With some exceptions, practising solicitors must possess a practising certificate. There are many more solicitors than barristers in England; they undertake the general aspects of giving legal advice and conducting legal proceedings. In the jurisdictions of England and Wales and in Northern Ireland, in the Australian states of New South Wales, Victoria, and Queensland, Hong Kong, South Africa (where they are called '' attorneys'') and the Republic of Ireland, the legal profession is split between solicitors and barristers (called ''advocates'' in some countries, for example Scotland), and a lawye ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Curtilage
In common law, the curtilage of a house or dwelling is the land immediately surrounding it, including any closely associated buildings and structures, but excluding any associated " open fields beyond". In feudal times every castle with its dependent buildings was protected by a surrounding wall, and all the land within the wall was termed the curtilage. The term excludes any closely associated buildings, structures, or divisions that contain the separate intimate activities of their own respective occupants, with those occupying residents being persons other than those residents of the house or dwelling of which the building is associated. In some legal jurisdictions, the curtilage of a dwelling forms an exterior boundary, within which a home owner can have a reasonable expectation of privacy and where "intimate home activities" take place. It is a basic legal concept underlying the concepts of search and seizure, conveyancing of real property, burglary, trespass, self-defense, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
