|
|
|
Boundary claims
The claims of ownership, party ownership or otherwise of boundary walls, gables or enclosures relative to the property and any neighbouring property.
Draft contract of sale
The draft contract for the sale of a property prepared by the seller's Lawyer setting out the description of the property, the boundary claims, the title to the property and the property rights and obligations (Servitudes).
Housing application form
The application form under the Housing (Jersey) Law made to the Population Department, which must be submitted in respect of every sale of property.
Housing consent
The consent of the Population's Minister to the sale of property in the Island.
Land Registry
The Registry of all contracts passed before the Royal Court relative to land and property in the Island.
Preliminary Agreement of Sale
A pre-agreement or contract between a seller and a buyer whereby the latter agrees to purchase a property from the seller on a specific date. The agreement is usually subject to the payment of a deposit of 10% by the buyer and a penalty of 25% of the sale price if either party withdraws.
Property rights & Obligations (Servitudes)
The rights of way, the service rights relative to a property and any obligations affecting the property e.g. building restrictions.
Property Search Requests
The letters written to the Parochial and States authorities and statutory service providers for details of Planning issues, confirmation of services to the property and issues over Public roads.
Subject to Contract
Denotes that an offer is not binding until a binding written agreement is executed by the parties and is a phrase used to highlight a conditional offer so that a seller or a buyer may withdraw from a transaction without any penalty to the other party at any time.
Title Check
The examination of the relevant contracts of sale of the property at the Land Registry and the draft contract of sale to ensure it comprises all the property rights and obligations to which the property is subject. The examination of the boundaries of the property, that they comply with the description of the property and the boundary claims in the draft contract of sale and that the property is laid out in accordance with the property rights. The examination of all registered charges, loans and mortgages and the property search responses.
Title Indemnity Insurance
An insurance policy which covers the costs of putting right a defect in title or the cost of removing the defective item. The insurance premium is paid on a one-off basis and is based upon the insurers' perception of the risk involved and the amount of cover.
Title to the Property
The historical contracts of sale passed before the Royal Court in relation to the property, together with any registered Will and testament of a former owner or other methods of inheritance.
Banker's reference
A reference from a prospective lessee/tenants Bank that the Bank considers its customer able to pay the rent.
|
|
