Glossary · GB
Heads of Terms
A summary of the principal commercial terms agreed between parties before detailed contracts are prepared. They are generally subject to contract unless expressly stated otherwise.
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Around this term
Related terms.
Conveyancing
The legal process involved in transferring ownership of a property from seller to buyer, including searches, contracts, enquiries and completion.
Property Offer
A proposed price and set of terms submitted by a prospective buyer to purchase a property. In England, an accepted offer is generally not legally binding until contracts are exchanged.
Subject to Contract
A status indicating that negotiations or an agreed commercial position are not yet legally binding because formal contracts have not been exchanged or executed.
Additional Property Surcharge
An additional SDLT charge that can apply when an individual purchases an additional residential property, subject to the applicable rules and exemptions.
Adverse Possession
The legal process by which someone who has openly occupied land they do not own for a qualifying period may apply to become its registered owner. Colloquially 'squatter's rights'.
Amortisation
The gradual repayment of a loan's capital over its term through scheduled instalments, steadily reducing the outstanding balance.
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