The meaning of words

Some of the words used in legal documents can be a bit baffling, This is what things mean.

Assignment: The transfer of a property from one person to another.

Completion Date: The date a property transfers to the person buying it.

Counterpart Lease: A copy of the lease.

Covenants: Legally binding obligations and responsibilities.

Freeholder: Ongo Homes which owns the land that your home is on.

Landlord/Lessor: Ongo Homes which owns the block your home belongs to.

Lease: This is the legal document which creates the leasehold and it contains all the rights and responsibilities of the landlord and the leaseholder. It’s a contract between you and us.

Leaseholder or Lessee: The person whose name is on the lease agreement.

 

Page last updated: 18 December 2015

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