| Term |
Definition |
| Alienation |
The transfer of an interest in property to another party - e.g. sale of a freehold or the grant or assignment of a lease. |
| Amortisation |
The gradual reduction of a debt or liability, especially by means of equal periodic payments at stated intervals which, in total, are sufficient to repay the capital or principal at the end of the given period and to pay interest on the outstanding balance throughout the period. |
| Arbitration |
A method of settling disputes by reference to an independent and impartial third party, usually an arbitrator appointed by the President of the RICS. Arbitration is essentially an adjudication of the arguments of the parties, and as such differs from independent expert determination. |
| Assignee |
A party to whom a lease has been assigned (see entry on assignment below). |
| Assignment |
The transfer of a lease from one party to the other. Once a lease has been assigned, the assignee becomes responsible to the landlord for paying the rent and fulfilling the other obligations of the lease; however, in the event of default, the landlord can require the assignor to pay the rent under the doctrine of privity of contract, where the latter still applies. |
| Assignor |
One who assigns a lease. |
