Legal Terms explained

A simple explanation of frequently used legal terms   

Vendor Seller
Purchaser  Buyer
Contract  The first document when buying or selling a house.
Conveyance One of the final legal documents you sign when buying a house.
Mortgage This basically means "selling" your house to the bank (hopefully a temporary measure!).
Annuity Mortgage Mortgage is where you repay part capital and part interest.
Endowment Technically you do not repay any of the capital amount of the loan. Instead you make two Mortgage payments (a) interest only (b) an insurance or endowment assurance premium to an insurance company which should build up a fund big enough to clear the mortgage at he end of the mortgage term. Will it?
Requisitions on Title These are formal legal questions that we will be asking on your behalf to ensure that you should have no difficulties when you later come to sell the property.
Let the buyer beware This is a commonly used phrase which really means "don't buy a pig in a poke". This is why we ask you not to sign anything without talking to us first.
Property Registration Authority This is the state body which processes registration of title (formerly known as the Land Registry and Registry of Deed)
Freehold If the property you are buying has freehold title, this simply means it is yours absolutely and you will not have to pay rent to anyone.
Leasehold If the property you are buying is a leasehold title then you will have to pay rent. If this is a very old long lease the rent could be small. If it is a modern property where you are going in as a tenant, then it could be full commercial rent.
Folio This is a Latin word which for practical purposes means a piece of paper which shows details of your property, your ownership and any mortgage that you might have put on it for a building society or bank.
Land Certificate This is the same as a Folio with one very important difference. It has a hard cover on it, and is sealed officially by the Land Registry. This is an original Title Document and thus should not be damaged or lost. There are being abolished by 2010.
Title Deeds Usually a bundle of documents, which prove the title or ownership to your property.
Solicitor If you want real service, this means John A. Sinnott & Co. +353 53 9233111, naturally!