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Glossary

We want to make it as easy as possible for you to do business with us.
We try and use plain english wherever we can. Unfortunately the law
like any other industy has its own language and we can't always promise
that we won't be using words that are second nature to us, but may not
be second nature to you.

To help you find your way around the maze of legal terminology we've
provided you with a short glossary of some of the legal terms which you
are more likely to come across in our correspondence and documentation.

Our list, some of which is adapted from www.nolo.com is not exhaustive
as we have not intended to provide a detailed legal dictionary. There are
a number of other excellent websites however which will assist you should
you need any further explanations beyond those in our glossary.

Click on the following link and you will find a legal dictionary which may not
keep you amused, but will keep you informed.

www.nolo.com

Tenancy In Common

A way in which 2 or more people can own property together. Each person owns a whole of their particular interest which might be 1% or 99%. Each person can leave their interest upon death to their beneficiaries and their interest does not pass to the other owners as with a joint tenancy. The tenancy in common can be equal or in any shares that the tenants in common agree. A tenant in common can only mortgage his share of the property. Most mortgagees however will require security to be provided by all persons who are tenants in common.

Tenant

Any one who rents real property from the owner (landlord). The tenant may also be called the lessee.

Testamentary Disposition

Leaving property in a Will.

Testamentary Trust

See 'Trust'.

Testator/ Testatrix

Someone who makes a Will.

Testify

To provide oral evidence under oath at a trial.

Title

Evidence of ownership of real estate.

Title Search

A search and document produced by the LPI which details the ownership, title particulars and encumbrances of a property.

Tort

An injury to one person for which the person who caused the injury is legally responsible. A tort can be intentional (such as an assault) but is far more likely to result from carelessness (negligence). While the injury that forms the basis of a tort is usually physical this is not a requirement. Libel and slander are torts.

Tortious Interference

The causing of harm by disrupting something that belongs to someone else .. for example interfering with a contractual relationship which might cause one party to fail to deliver goods on time.

Transfer

A document signed by a vendor and either by the purchaser or the purchaser's solicitors which is signed pursuant to the requirements of a contract for sale of land and which is following completion filed at the LPI who then records the change of ownership.

Trust

An entity which is created to hold assets on behalf of others. A Trust is controlled by a Trustee. Trusts may have tax minimisation and asset protection benefits. Commonly used trusts include Family Trusts which are normally discretionary, Unit Trusts when beneficiaries are allocated units (a bit like shares in a company) and Testamentary Trusts which are established by your Will for the benefit of your beneficiaries.

Trust Account

An account in which moneys are held on behalf of another party, and not to be dealt with except in accordance with the instructions of that party. Solicitors conduct trust accounts into which monies are deposited which relate to various transactions in which they act for clients.

Trust Deed

The document which establishes a trust and sets out how the trust operates.

Trustee

The person who operates the trust under the terms of the Trust Deed.

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