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Conveyancing Terms continued -


Purchaser - The party that is buying the property.
Rescind - To cancel a contractual agreement.
Section 27 Statement - establishes a procedure allowing for release of the deposit to the vendor
prior to settlement.
Section 32 Statement - is a disclosure document provided by the seller of real estate (vendor)
to an (also known as Vendors intending purchaser.  Its name comes from Section 32 of the Sale
of Land Act Statement) which requires a vendor to provide certain information to a purchaser
BEFORE a contract of sale is signed.
Settlement date - Settlement date is the day when buyer, having paid the balance (or full amount)
of monies of the purchase price, receives the ownership to the property.
Statement of Adjustments - the document that sets out the rates and any other charges that
have to be apportioned as between the vendor and the purchaser.
Unconditional Contract - An absolute contract without conditions.
Vendor - The party selling the property

 
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