|
N |
|
| Negligent misrepresentation |
A misrepresentation made by a
person without intention to mislead, but without taking
reasonable care to ensure its accuracy.
It is actionable in tort for negligence |
|
O |
|
| Occupier |
A
person having actual possession
and control of land.
|
| Offer |
an expression of readiness to
contract on certain term by a person (the offer or) with the
intention that it becomes binding when accepted by the
person to whom it is addressed (the offeree) |
| Open market value |
Means the best cash price a
property can expect to fetch assuming that the seller is not
forced into the sale, that there has a reasonable time for
property marketing, and that bids by purchasers with special
interest in the property are discounted. Most property valuations ire
concerned with the valuation of open market value. |
| Option to purchase |
Gives a prospective buyer a right
to choose, during a specified period, whether or not to
purchase the property. Prevents the vendor from
offering the property to another prospective buyer during
the option period. |
|
P |
|
| Partnership |
The legal relationship of persons
carrying on business together with a view to profit. |
| Plaintiff |
One who brings a civil action. |
| Power of attorney |
Formal authority conferred by deed
on one person by another enabling the former to act for the
latter. |
| Premises |
Buildings, land; also, that part
of a lease describing the particulars of the parties and the
property to be leased. |
| Profits Method |
A valuation method used for
hotels, cinemas and car park, based on volume of trade or
business carried on. |
| Prohibitory order |
A form of judicial caveat |
| Property |
Anything capable of being owned. |
| Proprietary
right |
A
right to property |
| Proprietor |
One
who registered as the owner of any alienated land |
| Provisional
title |
See
(Qualified title). |
|
Q |
|
| Qualified
title |
Title
issued in advance of survey |
| Quit
rent |
An
annual rent imposed by the Federal Government based on the
annual value of 'Property |
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