2/26 - 28 Verdun Drive Narre Warren Victoria 3805

Phone : (03) 8738 7889 - Dandenong Office
  (03) 5940 3999 - Casey Office
Conveyancing Terms -

Agent – A person who acts as an intermediary between sellers and buyers of real estate.
Caveat – Is a written warning to anyone who checks the Certificate of Title of the property that the person who lodged the caveat (known as the “caveator”) has an interest in it.
Certificate of Occupancy – a document which authorises that a home is fit enough to be lived in.
Certificate of Title – A Certificate of Title is a record of all current information relevant to a parcel
of land, including current ownership details.
Cooling-off Period – The right most purchasers have to get out of the Contract of Sale in certain circumstances.
Contract of Sale – is a legal contract defining property to be exchanged from seller (or vendor) to buyer (or purchaser) for an agreed upon value in money (or money equivalent) paid or the promise to pay same.
Conveyancing – Conveyancing is the legal process of transferring the title of a property from one entity to another.
Covenant – is a restriction against the land that limits the proprietor in what they can and can’t do with the land.
Deposit – A payment made by the purchaser at the commencement of a transaction to indicate that the purchaser proposes to complete the purchase.
Deposit Bond – is an insurance policy, where no money changes hands,
and all purchase funds are paid at settlement rather than a cash deposit being paid.
Easement – The right to use a property without possessing it.
Encumbrances – Is anything that burdens or limits the title to a property.
Finance Approval Date – The date the purchaser’s finance approval application is due to be formally approved for funds to complete purchase.
First Home Owners Grant – This is a one off grant from the government aimed to assist buyers in affording their first home.
Goods (Chattels) – any chattel which has been affixed to land or a building so as to become part of it.
Mortgage – is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan.
Off-the-Plan – Buying land before it is subdivided, with the promise the vendor will subdivide in the near future.
Penalty Interest – interest charged when a party does not complete a specific task by the due date.
Plan of Subdivision – means the division of a lot, tract, or parcel of land into two or more lots, for the purpose of sale or development.
Principal Place of Residence –  a document stating that you intend on residing in the property as your Stat Dec (PPR Stat Dec) principal place of residence in relation to the property that you are purchasing which may make you eligible for a concession on stamp duty.
Purchase price – An agreed price between all parties concerned.

Useful informative links
Consumer Affairs Victoria
State Revenue Office
Building Commission
Department of Sustainability and Environment