CAVEAT:
If a caveat is registered on the title it means that some other person claims an interest in the land.
CERTIFICATE OF TITLE:
A document identifying the ownership of land, it shows who owns it, whether there is any mortgage or other encumbrance etc. affecting the land.
COMMUNITY PLAN:
A plan that divides a parcel of land into community lots and common property, within the community plan can be areas set aside for such things as playing fields, swimming pool, clubhouse and or other community activities. It allows for residential houses and strata units with the other activities within the community plan.
COMMUNITY TITLE:
Title to land within a community plan.
CONVEYANCING:
The act of act of transferring property title from one person (Vendor) to another (Purchaser).
CONTRACT:
A Contract for the Sale of Land between a Vendor and Purchaser to buy and sell a specified parcel of Land.
COOLING OFF PERIOD:
A period of days which commences immediately after entry into certain Contracts under which the Purchaser may rescind the Contract, usually subject to a small monetary payment to the other party.
COVENANT:
An agreement by one party to adhere to certain terms, conditions or restrictions regarding the property. This will show on the certificate of title and you should be aware of the effect it may have on your use of the property.
An agreement by one party to adhere to certain terms, conditions or restrictions regarding the property. This will show on the certificate of title and you should be aware of the effect it may have on your use of the property.
DEPOSIT:
A sum of money, usually 10% of the purchase price, put down to secure a property.
DEPOSIT BOND:
A guarantee made by a financial institution that in the event the purchaser defaults from the Contract the financial institution guarantees to pay the 10% deposit owed to the Vendor. It is a financial product which is purchased by the purchaser from the financial institution and comes at a cost.
EASEMENT:
A legal right to use a designated part of someone’s land for a particular purpose.
EXCHANGE:
The formal process within a Conveyancing transaction in which one contract signed by the vendor is exchanged for one counterpart contract, in identical form and terms, signed by the purchaser. Each party’s respective solicitor usually holds the counterpart signed by the other party. Once an exchange has occurred the parties are legally bound to each other.
ENCUMBRANCE:
A burden or charge registered on the title to the property such as a mortgage.
FEE SIMPLE:
The highest interest in land that can be owned by an individual
A burden or charge registered on the title to the property such as a mortgage. The highest interest in land that can be owned by an individual.
FITTINGS:
Goods or articles that can be removed from the property without causing damage.
FIXTURES:
Items such as built-in cupboards, bath, toilet, stove etc. that cannot be easily removed without causing damage and are usually affixed to a property.
LAND TAX:
A state government tax payable by owners of a property (normally not their permanent place of residence) based on the value of the land as assessed by the Valuer-General.
LEASE:
An exclusive right to occupy land or part of a land owned by someone else.
LICENCE:
A non-exclusive right to occupy land owned by someone else.
MEMORANDUM OF TRANSFER:
A document signed by the vendor and the purchaser that when registered by the Lands Department legally changes the ownership of the land. Usually referred to as simply the ‘Transfer’. (not to be confused with the contract).
PURCHASER:
This is another name for the Buyer of a property.
REGISTERED PROPRIETOR:
The person whose name appears registered on the certificate of title as owner of land.
REQUISITIONS ON TITLE:
A series of questions and inquiries raised by a purchaser of property addressed to a Vendor regarding the Vendor’s title. If raised correctly the vendor must answer them.
RIGHT OF WAY:
A right which gives a person access across certain land. (Usually, land owned by someone else).
SETTLEMENT:
The time of completion of the transaction when ownership of the property is transferred from the Vendor to the Purchaser.
STAMP DUTY:
A form of tax imposed by the State Government on documents or transactions that affect or record the transfer of the ownership of different classes of assets including property or shares.
STRATA TITLE:
A form of legal title over parts of real property (originally designed to facilitate ownership and mortgage of separate parts of a building, often on multiple levels but not necessarily so).
SURVEY:
Conducted by a registered surveyor who provides a written report showing the position of the buildings and fences and any other improvements on the land in relation to the boundaries and will show any encroachment onto the land or onto the neighbour’s land.
TORRENS TITLE:
Torrens title is a system of land title where a register of land holdings maintained by the state guarantees an indefeasible title to those included in the register. The system was formulated to combat the problems of uncertainty, complexity and cost associated with an old-system title, which depended on proof of an unbroken chain of title back to a good root of title.
VALUATION:
A written report by a registered valuer showing his opinion of the value of the property, usually required by a lender so that they know what the market value of the property is.
VENDOR:
This is another name for the Seller of a property.
