GLOSSARY

Agreement for Sale of Land:
Agreement containing all the terms to which parties involved have expressly agreed. It must be in writing and must be signed by both the buyer and settler (or their respective agents) to become legally binding.
Building Certificate:
A certificate issued by Council indicating that they do not intend to issue a demolition order on the property.
Caveat:
A warning notice places on a certificate of title. It prevents the registration of any further dealings unless the person placing the caveat is notified.
Certificate of Title:
A document proving title to Real property and Strata Title land.
Cooling off Period:
An agreed period, nominally 5 business days commencing from the date of exchange of contracts, during which a purchaser may choose not to proceed and recover the deposit paid less 0.25% of the purchase price which is forfeited to the vendor.
Deposited (or strata) Plan:
The plan registered with the NSW Land Registry Services setting out the location and dimensions of the land in a subdivision.
Exchange:
The physical act of checking and exchanging the original contract signed by the vendor for the counter part of the contract signed by the purchaser.
Fee simple:
The estate in the property of the Registered Proprietor on the certificate of title - the most absolute ownership
Joint tenants:
Co-owners of the land who have aright to retain the land on the death of other co-owners.
Limited Title:
A notification places on some qualified titles where there is doubt about the location of the boundaries.
Mortgagee:
The person Who lend money on the security of the land.
Mortgagor:
The person who borrower’s money giving a security of land.
Positive Covenant:
An action required to be done, by the owner of land imposes by a government authority.
Settlement:
Closing (also referred to as completion or settlement) is the final step in executing a real estate transaction. The closing date is set during the negotiation phase and is usually several weeks after the offer is formally accepted. On the closing date, the ownership of the property is transferred to the buyer.
Special Conditions in Contracts:
A valid contract will create a mutual obligation. This means that each of the parties is obligated, or required, to perform a duty under the contract. The contract conditions determine the parties' obligations. A condition is an act or event that affects a party's contractual duty.
Tenants in Common:
Co-Owners of land whose share passes by will of the deceased tenants in common.
Transferee:
The person to whom the title of land is passes.
Transferor:
The person who passes the title to land to another.
Vendor disclosure:
The items the vendor must disclose and provide in the contract.

Contact Information

Thank you for visiting our website. If you have any questions or concerns, please reach us anytime.
Phone Number : 02 9326 7500 | Email : tony@onetitle.com.au

Get in Touch with Us

To arrange an appointment to discuss your personal or business requirements contact us through the form below.
©Copyright 2020 One Title e-Conveyancing | All Rights Reserved. Designed by Crazy Domains.