Fixed Rate Loan

A loan where the interest rate is fixed for a period of time, which can vary from one to 15 years.

Fee Simple

The greatest estate in land that can be held against the Crown. It is characterised by its inheritability, ie it is capable of being passed to heirs and/or assigns for ever or for so long as an owner can be found. The estate may be passed by a Grant from the Crown, a deed, a transfer or by will or devolution of law etc.

Fiduciary

A person who is under an obligation to act in another person's interest, e.g. a trustee, executor or administrator.

Folio Instruction

A direction from Crown Lands NSW, on how a new Torrens title for land held by the Crown will issue - replaced the traditional Crown Grant.

Folio of the Register

A folio is a page of the land Register. The record of title and interests, in respect of a parcel or parcels of land, kept by the Registrar General as part of the Register. A folio may be either a "computer" folio (stored in LPI's computerised system) or a "manual" folio (created originally on paper).

Freehold

The status of land held under an estate in fee simple following alienation from the Crown.

Fixed rates

An intereest rate on a loan where the loan is locked in at a specific interest rate for a specified term.

Free on board (FOB)

The point when the shipping costs become the responsibility of the retailer rather than the vendor.

First In, First Out

A method of stock rotation in which goods that are received first are sold first. Newly received product is stocked behind the older merchandise.

Fixed Assets

Assets which are not easily converted to cash within 12 months.