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An Appraisal Of Trend In Rental Value Of Residential Property Within The Last Ten Years (2003-2012)
[A CASE STUDY OF GRA TPS100 ILORIN]
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1.7 DEFINITION
• Agent: one who acts on behalf of another; a person appointed to conduct the affairs of a principal. (Champman D. H. 2002)
• Auction: to sell by means of increasing bids, the highest bidder becoming the purchaser. (according to above name]
• Auctioneer: one who conducts a sales by auction and who, despite received folks lore never says “going, going, goneâ€. (according to above name)
• Authority: a body or person given legal power to carryout certain specified tasks, such as local authority, highway authority. (according to above name)
• Covenant: a clause in a lease etc. whereby a party binds himself to do or not to do certain thing. (according to above name)
• Estate: despite its common meaning of an area of landed property but in this context, it is the interest a person holds in land. (Shittu Gbeko T. 2004)
• Landlord: a person, or body of person who grants a lease of land or tenements to a tenant under a contract of tenancy. (champman D. H. 2002)
• Lease: lease is a property transfer arrangement, where the landlord (lessor) transfers the use and possession rights of his property to the lessee for a definite period of time in consideration for payment of rent, which can be periodically or any other period subject to the arrangement between the lessee and the lessor (Kuye O. 2003)
• Premium: a price or reward; hence a capital sum paid by a lessee to a lessor for the grant of a renewal of a lease on favorable terms. (kuye Olusegun, 2000)
• Property: in a wide legal sense, anything that is the subject matter of ownership (Okoh S. O. 2001)
• Rent: a periodic payment usually in money, although it may be in kind made by a tenant to a landlord for the use of land, house etc. (Kuye Olusegun 2000)
• Security: in investment, an overall term after a stock share, debenture etc. representing invested cash (Champman D. H. 2002)
• Surrender: an agreement whereby a tenant yields up his tenancy to his landlord before the term is expired (Oyiboka E. 2000)
• Tenant: a person, or body of persons, who holds trends or tenements from a landlord in lease hold tenure (Champman D. H. 2002)
• Valuer: one who values all types of property for purchase, sale, letting investment, rating and other purpose. (Kuye O. 2000)
• Values: value is the highest price estimated in terms of money which a property would bring if exposed for sale in the open market allowing a reasonable time to find a purchaser who buys with the knowledge of all the uses to which it is adopted and for which it is capable of being used. (Kuye O. 2000)
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