The lender or lessor retaking possession of an asset following default, whether under a mortgage, lease, or Islamic finance structure.
Related terms
- Restrictive covenant
A binding obligation in a title or contract that limits how land may be used (e.g.
- Sale and purchase agreement (SPA)
The binding contract setting out the terms of a property transaction.
- Servitude
A real right burdening one property for the benefit of another or of a person, such as a right of way or right of drainage; the civil-law counterpart to an eas…
- Stamp duty
A government tax levied on the execution of certain legal documents such as sale or lease agreements; rates vary widely across Gulf and African jurisdictions a…
- Statutory land tenure
Rights to land created and governed by written law and formal registration, as opposed to customary tenure; the basis of most Gulf and urban African freehold a…
- Title
The legal evidence of ownership of a property and the rights attached to it.
- Title deed
The official document recording ownership of a property.
- Title insurance
A policy indemnifying an owner or lender against loss from defects in title, undisclosed liens, or registration errors; common in the US but rare in Gulf and A…