Right to Manage Leasehold Property | Leasehold Reform

right to manage leasehold property A right available to “qualifying tenants” to acquire and exercise the right to manage two or more flats within a self-contained building or part of a building that is self-contained (Commonhold and Leasehold Reform Act 2002, Part 2, Chapter 1). A self-contained building is one that is structurally detached. A self-contained part of a building must be a vertical division of the building, The structure of the building must be capable of redevelopment … [Read more...]

Hypothèque | Mortgage in French law

hypothèque Hypothèque mortgage. "A mortgage is a real right [droit réel] over immovables [immeubles] encumbered for the performance of an obligation [obligation]”, C. Civ., art. 2114 (Quebec CC, art. 2660). A mortgage (i) “is, by nature, indivisible and exists as a whole over all the immovables encumbered, over each and every portion of the immovables.”; and (ii) provides a droit de suite whereby if the immovables are transferred, or otherwise alienated, the lender can follow them “into … [Read more...]

Rectification | Is The Correction of Error or Mistake

rectification 1. Derived from the Latin rectificare, ‘to put right’. The act of putting something right that was made faulty inadvertently or by accident. The correction of something, as a matter of discretion, that is erroneous or doubtful. For example, the correction of a document when the parties to an agreement realize that it does not state what they had intended; usually due to a mistake or a clerical error. Rectification not a new document Rectification of a document does not create a … [Read more...]

Residual Method Of Valuation | Residual Appraisal Technique

There are various methods of valuation, which include the residual method of valuation This method of valuation is used to estimate the amount that it is worth paying for land, or buildings, that is to be developed or redeveloped. The application of the residual method of valuation is based on the principle that the price to be paid for a property that is suitable for development is equal to the difference between (i) the completed value of the highest and best form of permitted development … [Read more...]

Qualified Fee land interest | Determinable Fee

A Qualified Fee land interest is a fee interest limited, or modified in some way, so that the beneficiary may not hold the land forever. "A base or qualified fee is such a one as has a qualification subjoined thereto, and which must be determined whenever the qualification annexed to it is at an end", 2 Bl Comm 109. A 'qualified fee' land interest or a 'determinable fee' is a fee interest like any other, in that it may last forever, but it has a limitation that was attached when the estate was … [Read more...]

Determinable Fee Estate | Determinable Fee Simple

Determinable Fee Estate 1.In English law, for 'determinable fee estate' see determinable fee simple. 2.(US)A determinable fee estate is an interest in land that is granted to a person and his heirs, but subject to a qualification that the duration of the estate must end upon the occurrence of an event that may, or may not, happen. For example, a fee held for as long as the property is used for a particular purpose. For example, land is granted as long a it is used as a school. Or, as long … [Read more...]

Conditional Fee Estate | Qualified Fee Simple Estate

Conditional Fee Estate A fee estate that was limited to a specified donee and a given class of heirs, exclusive of others, and which reverted to the original donor of the estate, or his heirs, in the event of a failure of the requisite issue. “A conditional fee, at common law, was a fee restrained to some particular heir, exclusive of others”, 2 Bl Comm 110. The fee was ‘conditional’ as long as the specified class of heir remained unborn. “At common law estates limited to the heirs of the … [Read more...]

Real Estate Mortgage Investment Conduit | Mortgage Securitization

What is a REMIC? In the US, a Real Estate Mortgage Investment Conduit is: a form of mortgage-backed security that allows the income to be taxed only when received by the bond holder and not by the entity that holds the right to the mortgages. Under the provisions of the Tax Reform Act of 1986, any corporation, partnership, trust company or similar organization may elect for Real Estate Mortgage Investment (REMIC) status. In order to maintain this status, the real estate mortgage investment … [Read more...]

Mortgage Backed Securities | Securitization of Mortgage Loans

Mortgage Backed Securities are Investment instruments or debt securities that represents an undivided ownership interest in a group of mortgages. A pool of mortgages that are used as collateral for the issuance of securities in a secondary market. The security granted to the investor may provide that the loan is repaid by principal payments received from the underlying mortgages—‘pass-through’ securities, i.e. the security or obligation represents an undivided interest in the loans secured … [Read more...]

Email Legally Binding | Writing Sale of Land

When is an Email Legally Binding? Most contracts for the sale of land must be in Writing. So when is an email legally binding? In English statute law, ‘writing’ is defined to include “typing, printing, lithography, photography, and other modes of representing or reproducing words in visible form”, Interpretation Act 1978, Sch. 1. (Under this definition strictly an electronic document is not ‘writing’.) A requirement that estates or interests in land should be created or transferred in … [Read more...]