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
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
Covenant is a restriction against the
land that limits the proprietor in what they can and cant do with
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 purchasers
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
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.
An agreed price between all parties concerned.