Wednesday, 2 May 2007

Confucious Says: Freehold is what?!?

Confucious Says "Man who walk behind car will get exhausted, but man who walk in front of car, will get tired!"

When it comes to the home loan jargon, there's loads of it. I'll be honest I still have to ask old Storm the "Pixie" next to me every 5 seconds to tell me what an AIP is again. But fear not my friends!! The WizardMan has decided to make it "EDUCATIONAL WEEK"...
I'm going to post a couple of mortgage terms each day for everyone to save and bookmark for future reference should you ever need it!

Freehold Title is the most common and basic form of property ownership and provides for:

  • The ownership of a piece of immovable property, registered in a deeds registry, by an individual/individuals or legal entity, eg cc's, trusts and companies

  • The right of ownership of immovable property to be transferred from one person to another; or from one legal entity to another, or from a person to a legal entity and visa versa;

  • The purchaser of a freehold property to obtain a legal document (normally a title deed) which details the rights and obligations of the owner concerning the use, maintenance and development of the land (property acquired under freehold title implies ownership of the specified land and any improvements erected thereon);

  • Deeds offices not to allow the transfer of property from one party to another without the production of a certificate, which confirms that all the amounts due to the local authority and Receiver of Revenue for transfer duty and rates have been paid.

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