A tenant possesses a property, owned by a landlord, under the terms of a lease or tenancy agreement. As a tenant, you will likely enter into a tenancy agreement legally agreeing to certain terms that govern the occupation of a property. These arrangements are usually temporary but can last for a number of years.
Tenancy Deposit Scheme
A landlord must put the deposit of a tenant in a government-approved tenancy deposit scheme, and, if the property remains undamaged, this deposit must be returned within 10 days of both landlord and tenant agreeing how much will, and should, be returned.
This is the final, legally binding document that transfers the rights of a property – and, indeed, the possession of the property – from the seller to the buyer.
Tender is when a seller invites written offers for a property, to be received by a predetermined closing date. This allows for a property to be sold with efficiency at a date most convenient to the seller.
Title deeds are paper documents that detail and confirm the legal ownership of a property; they can include conveyances, contracts for sale and more. Bear in mind that a copy of your Title, found within the Title Deeds, which outline your legal ownership of land or a home, once registered, can be obtained from the Land Registry.
An informal way of saying that, yes, the seller has accepted your offer on a property. Although buying and selling a property can seem like a very serious and difficult process, there is some industry-specific lingo that is more informal, but helpful to remember. When a property is tied up, no other offers will be accepted.
Tenure simply refers to the various ways of holding ownership over a property, such as through a freehold or leasehold. Having a freehold or leasehold tenure can affect the purchase price of the property and hold repercussions for sale – something to bear in mind!