Property CHECK YOUR ENGLISH VOCABULARY FOR LAW

CHECK YOUR ENGLISH VOCABULARY FOR LAW

Property

Exercise 1: Test your knowledge with this quiz. 1 Rearrange the letters in bold to make a word: the absolute right to hold land or property for an unlimited time without paying rent is called rofedleh. 2 What is the difference between the answer to number 1 above, and the word leasehold? 3 True or false: the way in which a piece of land is held (as in 1 and 2 above) is called land tenure. 4 Choose the correct word in bold to complete this definition: a person or company which rents a house, flat or office in which to live or work is called a tender / tenure / tenement / tenant / tentacle. 5 In Britain, a person who arranges for the sale of property is called an estate agent. What is the American equivalent of this expression? 6 True or false: the transferring of property from one person to another is called conversion. 7 When you buy a house, why is it important to get the title deeds and keep them safe? 8 Imagine that you are buying a house with the help of a mortgage from the bank. The national interest rate looks likely to rise rapidly over the next year or so. Should you consider getting a fixed-rate mortgage or a variable-rate mortgage? 9 If you take out a mortgage to buy a house, and you use the house as security, the mortgage-lender might repossess (= take back) your house if you are unable to pay back the money. What is this called? Is it: (a) disclosure (b) exposure (c) foreclosure 10 A married couple buy a house as joint tenants. Who actually owns the house? Is it: (a) the husband (b) the wife (c) they both own it equally (d) it depends how much each person paid towards the house. 11 The new owner of a house discovers that there is a right of way in his garden. What does this mean? (a) He can build another house in the garden if he wants. (b) He must sell part of the garden after a fixed period of time. (c) Other people can walk through his garden to get from one place to another. (d) Farmers can let their cows and sheep use his garden. 12 A woman is buying a house. She makes a price offer, which is accepted by the seller. She is then gazumped. Would she be happy or unhappy about this? 13 Choose the correct word in bold to complete this definition: a liability such as a mortgage or charge which is often attached to a property or piece of land is called an enforcement / encumbrance / endowment / engrossment / encroachment. 14 In Britain, house buyers must pay tax on the documents that record the purchase of the house (if the house costs more than a certain amount). What do we call this tax? Is it: (a) excise duty (b) customs duty (c) active duty (d) double duty (e) stamp duty Exercise 2: Imagine that you want to buy a property. Below are the different stages that you will normally (and ideally) go through. Complete the gaps with words and expressions from the box. alterations appoint asking authority balance bound boundaries clauses completion confirmation contract covenants deposit disclose disputes fees offer ownership planning permission plans possession preservation Registry restrictions signing stamp structural survey surveyor tittle deed 1 You make an __________ on the __________ price (the price that the seller is asking for the house), which is accepted by the seller. 2 You __________ a solicitor to help you make your purchase. 3 You solicitor receives __________ of your accepted offer, and also any necessary details from the estate agent. 4 The seller's solicitor sends your solicitor a draft __________. This is checked to make sure there are no unusual __________. 5 At the same time, the seller's solicitor sends your solicitor the seller's __________. This is carefully checked for any __________ that might apply to __________ of the property. At the same time, the seller should make your solicitor aware of any problems with the property (for example, __________ with his / her neighbours, any approved or unapproved __________ that he / she has made to the property, relevant information on __________ adjoining other properties and public land, __________ or __________ orders that may restrict development of the property, whether you will need to get __________ before making changes to the property, etc). 6 If the contract is approved, copies of it are prepared for __________ by both you and the seller. 7 Before you do this, however, your solicitor should ask the local __________ (for example, the local town council) to __________ any information it has on __________ for the area around the property you are buying (for example, there may be plans to build an airport at the end of your back garden, or a motorway across your lawn at the front). 8 At the same time, you should ask for a __________ of the property by a chartered __________. He / she will tell you if there are any problems with the property (for example, rising damp, dry rot, unsound __________ features, etc). 9 If you are happy with everything, you now sign the contract: you are now legally __________ to buy the property (you cannot pull out of the agreement, unless further checks by your solicitor produce unfavourable information that has been kept secret from you; for example, he / she may discover that the property details the seller has provided are not accurate). 10 Your solicitor arranges a __________ date with the seller's solicitor – this is the date when you will take official __________ of the property – and both you and the seller exchange contracts through your solicitors. Your title deeds are prepared. 11 You pay your solicitor his __________, the money for the property (assuming you have already paid a __________ on the property, you will now need to pay the outstanding __________), the relevant __________ duty and Land __________ fees. 12 You get your copy of the deeds and the key to the front door. Congratulations, and welcome to your new home!

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