An attendant term is a lengthy duration, such as 1,000 years, that is stated in a mortgage agreement. Its purpose is to safeguard the borrower and their family’s stake in the property. Rather than reclaiming the property once the loan is repaid, the title is transferred to a trustee who holds it in trust for the borrower and their family. This ensures that if any issues arise with the title, the family still maintains another title to the property. Although attendant terms were once prevalent, they are now infrequently utilised.
An attendant term is a lengthy period, typically lasting 1,000 years, that is designated as the duration of a mortgage. Its purpose is to safeguard the interests of the mortgagor’s heirs in the land by preventing the reversion of title once the mortgage is fully paid. Instead, the title is transferred to a trustee who holds it in trust for the mortgagor and their heirs. This arrangement provides the heirs with an additional title to the property in case the inherited interest is somehow flawed. For instance, if a person inherits a property with a defective title, they can utilise the attendant term to protect their possession or reclaim it if lost. This protection applies broadly against all estates and encumbrances created between the establishment of the term and the time of the purchase or mortgage. Although attendant terms have mostly been abolished, they were advantageous as they offered security to buyers and mortgagees. If a genuine purchaser or mortgagee unintentionally acquires a defective conveyance or mortgage, thereby obtaining only an equitable title, they can rectify the defect by obtaining an assignment of an outstanding term to a trustee for themselves. This allows them to obtain the legal estate during the term, surpassing any creditor whose encumbrance they were unaware of at the time of completing the purchase or mortgage agreement.
An attendant term is a condition or requirement that is attached to a legal agreement or contract.
Common examples of attendant terms include non-disclosure agreements, non-compete clauses, and indemnification provisions.
Yes, attendant terms are legally binding as long as they are included in a valid and enforceable contract.
Yes, attendant terms can be negotiated and modified as part of the overall contract negotiation process.
If one party violates an attendant term, the other party may have legal recourse, such as seeking damages or specific performance.
Yes, there are limitations on attendant terms, such as those that are unconscionable or against public policy.
To ensure that attendant terms are clear and enforceable, it is important to have a qualified attorney review and draft the contract.
Yes, attendant terms can be added to an existing contract through an amendment or addendum.
If you have concerns about the attendant terms in a contract, it is important to discuss them with a legal professional before signing the agreement.
Yes, there may be specific legal requirements for including attendant terms in a contract, depending on the jurisdiction and the nature of the terms. It is important to consult with a legal expert to ensure compliance with all relevant laws and regulations.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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