Legal glossary

Glossary

Wills and Probate Terms

Grant of Probate

When you die the executor must prepare a full valuation of the estate and must then apply to the Probate Registry (ie the Probate Court) for a legal document called the Grant of Probate. This document will be recognised by all persons, companies, etc that are holding assets belonging to you and it authorises such assets to be released into the control of your executor.

Intestacy rules

If you die without making a will (ie if you die intestate) then the legal rules known as the Intestacy Rules stipulate who should have your property and assets. For example, if a married man with children dies, then his wife will have a lump sum of 125,000 and in addition she will receive interest currently at 6% a year on one-half of the remaining value of the estate. Subject to this, the rest of the estate passes to the children.

Will

A Will is a legal document signed by you in front of two witnesses by which you direct who should have your property and assets when you die. In the will, you can also direct what funeral or cremation arrangements you would wish to be made and you can appoint guardians for your children.

Conveyancing Terms

Property Information Forms

Property Information Forms are usually completed by the Seller and contain general information regarding the property e.g. guarantees relating to the property, building works carried out at the property, a list of items that are included in the sale (e.g. carpets etc.).

Freehold or Leasehold

There are two types of legal title (legal ownership) of property. Freehold ownership is the ownership usually applicable to houses. Leasehold ownership is usually applicable to flats where the ownership is only for a specified period of time e.g. 99 years or 125 years.

Title Deeds

Title deeds are the legal documents that confirm ownership of the property and contain details of rights, benefits and obligations affecting the property.

Glossary

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