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Property management jargon buster
Definitions of some commonly used legal terms relating to factoring are shown here.
Glossary
- Assign
- To make over or transfer
- Assignee
- The person something is transferred to.
- Backcourt Area
- West of Scotland terminology for a tenement’s communal rear garden area, within which Bin Stores for domestic rubbish are located.
- Block Insurance Policy
- An arrangement whereby a number of houses, usually a landlord's entire stock, is covered by one insurance policy. Easier to administer than individual insurance for each house.
- Burden
- An obligation which runs with the ownership of the property, the details of which are found in the Title Deed.
- Deed of Conditions
- Legal document which sets down the rights and responsibilities of the various owners and factors in a tenement or multi-storey properties. Normally sets out the proportionate share of common repairs for each individual property.
- Factoring
- The process of managing and maintaining property in multiple ownership either by an RSL, a specially appointed agent or by one of the owners. In tenements, the tradition is for factors to be independent agents acting for a variety of owners. Factoring can apply to the 'closes' and other common parts of a tenement and also common areas in estates where footpaths, play areas and landscaped areas have not been adopted by the council. The factor may also administer communal insurances.
- Feu Duty
- A cash payment due by the owner of land or property to the original feudal superior of the land or his successor. The payment is in return for permission to build or own buildings on the land. In most cases feu duty can now be 'redeemed' or bought out. The law on this is about to change.
- Land Register
- New system for registering property ownership in Scotland, which replaces the previous Register of Sasines.
- Videlicet
- namely
