11:44
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Simple English definitions for legal terms
first purchaser
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A quick definition of first purchaser:
A first purchaser is someone who buys something for the first time. It could be property, like a house or land, or something else that they pay money for. A purchaser is just another word for a buyer. A first purchaser could also be an ancestor who first bought something that still belongs to their family.A more thorough explanation:
First purchaser refers to the person who buys a property or item for the first time. This can include:
- Someone who acquires real estate through purchase, rather than inheritance or gift
- An ancestor who first acquired an estate that still belongs to the family
For example, if John buys a house from a real estate developer, he is the first purchaser of that property. Similarly, if a family has owned a piece of land for generations, the ancestor who originally bought the land would be considered the first purchaser.
It's important to note that the term "first purchaser" can have different meanings in different contexts. For example, in securities law, a first purchaser is someone who buys securities directly from the issuer.
Overall, the term "first purchaser" simply refers to the initial buyer of a property or item.