Property Legal Terms (A)

An impartial person who is appointed to settle a difference between two parties

Building

Strata-title building.

High-rise building with a height of 23 meters or more

Extra large buildings that have gross floor area of 10,000 sq.m. or more

1. money paid after the due date. Thus a debt is in "arrears" if unpaid after the due date.
2. Rent is said to be paid in arrears where the lease provides for the rent for particular period to be paid at the end of the period

Real estate

The sale, purchase, lease or conveyance of a property or item in its existing state, i.e., without any change, improvement, addition, alteration or repair. Also called "as is where is" in some countries

The valuation placed on property by a public tax assessor for purposes of taxation.

The placing of a value on property for the purpose of taxation.

A public official who establishes the value of a property for taxation purposes. Items of value owned by an individual. Assets that can be quickly converted into cash are considered "liquid assets." These include bank accounts, stocks, bonds, mutual funds, and so on. Other assets include real estate, personal property, and debts owed to an individual by others.

In the property market, this expression is applied to the valuation of land and buildings or plant and machinery. The term is often used to describe an expert opinion of the worth of a property which may be incorporated into company accounts, where the ownership of the asset is not necessarily to be transferred but the valuation is of interest to, for example, shareholders or is required for company takeovers, share floatation or mortgage.

Transfer any interest or the right of ownership over property or any other asset

One who receives the right of ownership over a property or any other asset.

When ownership of your mortgage is transferred from one company or individual to another, it is called an assignment.

A mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must "qualify" in order to assume the loan.

The transfer by a lessee of all his rights over a leased property. In such a case, the assignee becomes a lessee under the original lessee. Some leases contain clauses specifying the condition under which leases can be assigned. Assignment of lease is different from sub –lease and the two should not be used as synonyms.

The person who assigns an agreement to another.

Refers to charge for the building and common area maintenance. This is also sometimes referred to as condominium dues.

The term applied when a buyer assumes the seller's mortgage.

The fee charged by a lender for processing the paperwork required for transferring and existing loan to another person

Agreement by which a buyer agrees to take over the liabilities for the payment of an existing mortgage or deed of trust. The lender usually has to approve the buyer before such transaction can go through.

to certify

A process of selling land or property by the public bidding

The necessary sign-off by council, fire department, government, etc., confirming design compliance with laws to enable a facility to be constructed or a transaction to be completes.