Glossary - Commercial Property

Brian Dennison
Partner

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	Commercial Property
	Back Letter Means an agreement, often between a Landlord and a tenant, which is binding on each party but is not referred to in the actual Lease for commercial reasons. Disposition Is a unilateral deed by which a seller conveys property to a purchaser. Excambion Is a contract under which one piece of land is exchanged for another. Feu A feudal holding. To feu is, strictly, to give out land upon a feudal arrangement, whereby the buyer (vassal) holds land of the landowner (superior), often upon condition that he builds on the land and pays a perpetual rent or feuduty. He remains the owner so long as he pays and observes such conditions. A piece of land which is feued is sometimes therefore referred to as a feu. Fittings Are moveable articles temporarily attached to or connected with land and property. Fixtures Are articles in themselves moveable but so attached or connected to heritable property as to become part of it. FRI Lease This means a full repairing and insuring lease, i.e. the tenant is responsible for the cost of all repairs/ maintenance and insurance. Ish Is the termination date, commonly of a Lease. Missives This is the contract agreed between a purchaser and seller in respect of property. Rack Rent Means the full or maximum rent obtainable for a heritable property. Tacit Relocation The legal principle that, where no notice is given to terminate a Lease, the Lease is renewed for a further year on the same terms and conditions (if originally for a year or more); and for the period of the Lease if originally for less than a year.


	To discuss your requirements, please get in touch with: David Boyce (Senior Partner) Telephone: 0141 221 8251 Email: View Profile Brian Dennison (Partner) Telephone: 0141 221 8251 Email: View Profile

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