Property Legal Terms (W)

Equivalent to 4 square meters.

To give up, renounce, submit or surrender a right, benefit, privilege or claim

Refers to a legal document that proves the relinquishment of rights or claims. It may also mean deliberate relinquishment of rights or claims

Building that is used specifically for the purpose of storing or keeping merchandise

The act of holding mortgages for the purpose of later securing and selling the same to other investors or lenders

An agreement between parties to design and construct a facility for a maximum price to an agreed brief where any savings maybe shared between the parties.

Legally binding agreement given at the times of sale, by the seller to the buyer, containing certain assurances as to the terms and condition of the property being sold

The legal right of a landowner to the water found on his property.

Property with a body a water in front of it. Alternatively, a contiguous area of similar properties near the large body of water which has a commercial port.

Deterioration or decline in the value of a property due to use, physical damage, old age or environmental factors

The wear and tear of the exterior of a building caused by exposure to the weather

Building part, which is concerned to, but leading away from the main structure.

A phrase used to enable parties to negotiate an agreement or settle a dispute, either orally or in writing, without any statement or admission made being subsequently quoted or produced in evidence at any legal hearing bearing on the subject-matter of the proposed agreement or dispute. In claiming this privilege, care must be taken to avoid statements which are untrue or of a defamatory nature, which might entitle the court to allow their admission in evidence at the request of the other party. In any event, the privilege applies only to the proceedings in question, so that "without prejudice" statements (verbal or written) can, in certain circumstances, be produced in evidence in some other, unrelated, dispute.

A company is not responsible to a third party when an account or financial instruments is not honored by the debtor with creditor's only recourse being to the debtor's property