A B C D E F G H I J K L M N O P Q R S T U V W X Y Z


A

Absolute Title:
A quality of title awarded by the Land Registry. This is the best one.
Access:
an agreement between the vendor and purchaser that allows the purchaser to have access to the property before settlement, to undertake repairs or renovation. In some circumstances the vendor can use access as a negotiation tool to achieve a higher price.
ACN:
Australian Company Number. People can own properties and companies can also own properties. We know it is a company when we see the words "Property Limited" at the end of the name e.g. SunCorp Construction Pty Ltd. All companies must have a ACN number and this number must appear next to the company's name e.g. SunCorp Construction Pty Limited ACN 002233897.
Acting for both parties:
(vendor and purchaser) you can act for both parties but it will usually give you a lot of headaches. Avoid it as there usually be a conflict of interest.
Ad valorem Tax:
according to value and involves a sliding scale of charges set as a proportion of the value of the goods to which it is applied.
[Hint & Tips: All levies are rounded down to the nearest dollar.]
Advance:
Loan money, usually a mortgage.
Adverse Possession:
basically, that where an intruder onto land remains in possession of the land for a period of time, then that person acquires ownership of the land.
Agent:
a person who is authorised to act for another (the agent's principal) through employment, by contract or apparent authority.
Agent Taint:
occurs where a Vendor cannot accept an offer from a Purchaser without having to pay a commission to the estate agent, even though the Exclusive Sale Authority has been ended. Every person who has in any way become aware that a property is for sale, during the period of the Exclusive Sale Authority, is tainted, because of the likelihood that the estate agent will claim commission if the property is sold to them.
Amend:
to change.
Appraisal:
is just another term for valuation, but is used instead of the word "valuation" because estate agents are not permitted to provide true valuations on real estate. Only an accredited valuer can provide a genuine property "valuation".
Appurtenant:
a benefit.
APR:
"Annual Percentage Rate" is a standard method of calculating the amount of interest charged on a loan, so you can more easily compare the products of different companies.
Arrangement Fee:
A charge made by some mortgage lenders and brokers for their services, which they are legally obliged to warn you about.
Attestation Clause:
The part of the document that contains the relevant signatures of the necessary parties.
Auction:
An auction is a form of sale where potential purchasers make competing offers or "bids", with the person offering the highest bid being declared as the purchaser. Unfortunately, the auction concept is falling into disrepute with regard to the sale of real estate. This is because many of those who promote real estate auctions tend to resort to tricks and deceptions in order to make the concept work.

 

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B

Bait Pricing:
This is a trick that involves marketing a property at a price that is lower than a price acceptable to the vendor. Estate agents using bait pricing tell vendors that it will attract more buyer interest in the property. Any form of marketing that involves "invented" figures is fraudulent.
Bank cheque:
Personal cheque, Trust cheque and Money orders. Bank cheques are the safest. Personal cheques sometimes don't have money in there! Trust cheques are better than personal cheques but not as good as bank cheque. Money order is fairly safe. Generally, it takes 3 working days to clear a cheque. It used to be 5 days.
Bankruptcy Search:
A search against the name of each person borrowing money from a mortgage company to check that person(s) has not been bankrupt previously.
Barrister:
They usually specialise in appearing before the court and act for clients through the referral of solicitors. They belong to the Bar Association they usually work in Chambers. Chambers are offices shared with other court specialists.
Best Practice:
The term "best practice" is used to describe a way or method of accomplishing a business function or process that is considered to be superior to all other known methods.
Bid to Buy Form:
The "Bid to Buy" form allows a potential purchaser to commence negotiations without being committed or legally bound.
Body Corporate:
Now called an owners corporation. See "Owners Corporation" below.
Body Corporate Certificate:
Now called an owners corporation certificate. See "owners corporation certificate" below.
Boundary:
a line that separates adjoining properties.
Bridging loan:
money borrowed from a bank or financial institution, usually at high interest rates, to cover the period between settlement date of the house you have bought and the settlement date of the house you have sold.
Building Certificate:
certificate issue by local council guaranteed for 7 years that council will not require you to do anything with the building that is there is no legal structure.
Building Inspection report:
this report will give the condition of the property. It is important that the client know of its condition and state of repair before cooling off period finishes. There are no guarantees or warranties in the contract for the sale of land for the building.
Building over a sewer certificate:
you apply to Sydney water for this certificate with a fee of $44.95 (subject to changes). Only apply for the one if the sewerage diagrams show that there is a sewerage pipe runs through the building. The responsibility of obtaining this certificate is with the purchaser's solicitor.
Building Survey:
An inspection and report on the structural condition of a property, prepared by a qualified professional such as a Chartered Surveyor.
Business day:
any day except a bank or public holiday or a Saturday or Sunday.
Buyer's Agent:
A buyer's agent or buyer's advocate is simply a commission estate agent who requires the purchaser to pay a commission in return for being introduced to a property. The concept of the buyer's agent is quite misleading, as the buyer's agent does not have the legal skills or qualifications to properly negotiate the purchase of real estate, and must always refer the client to a lawyer in all but the most simple of transactions.

 

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C

Capped Rate:
a type of mortgage: where the interest charge is "capped" so it will not increase from agreed amount.
Cash back:
A type of mortgage that provides you with an immediate cash payment for you to spend.
Caveat:
a warning. (Latin for let him beware.) Freezes the title and the incoming mortgagee will not settle. If there is a caveat it will show on the title and therefore we need to do a final search to find out whether there is a caveat.
A party with a legal interest in a property can lodge a caveat with Land and Property Information Office to ensure the property is not sold without his knowledge.
Caveat Emptor:
this means let the buyer beware. This principle of law places the burden on the buyer to be satisfied with the property before buying.
Certificate of Currency:
insurance certificate for strata building.
Certificate of Occupancy:
As the name implies, the Certificate of Occupancy certifies that a home can be lived in. It is a requirement of most local government or shire councils that an occupancy certificate be issued prior to the purchaser of a home taking occupation.
Certificate of title (CT) (1):
Also known as title deed. This certificate shows the name(s) of the owner(s), the mortgagee and other information. The mortgagee will keep the CT. It will be given to the buyer once the loan is paid off.
Certificate of title (CT) (2):
Also known as title deed. The mortgagee will keep the CT. It will be given to the buyer once the loan is paid off.
[Hints & Tips: make sure the search date is current. Whoever holds the title has ownership to the property. Be careful, someone might want to steal your CT.]
Certified Copy:
A true copy of an original document that has been sighted and certified by an authorised person and noted as follows: 'I certify that this document is a true and complete copy of the corresponding page of the original'. This certification must have the certifier's name, title, registration number (where applicable) and be signed and dated.
Certified Practising Conveyancer (CPC):
To become a CPC a conveyancer must have completed the educational and practical training requirements to hold a conveyancer's licence and be a member of the Australian Institute of Conveyancers NSW Division. The title of Certified Practising Conveyancer (CPC) is awarded to conveyancers who annually meet the standards set by each Division to maintain best practice through constant professional development.  Read more...
Certification:
The planning authority "certifies" a plan of subdivision when it is satisfied that the plan is in compliance with the all requirements. Upon certification the plan of subdivision is lodged at the Land Titles Office.
Chain:
Term used to describe when there are a number of people involved in the Conveyancing process. An example of this would be couple are selling to Couple B, and Couple A are buying from Couple C. The chain can involve numerous parties.
Charge:
There are technical differences between a mortgage and a charge, but even the Law Commission said the phrases are now used interchangeably so just forget about it. For current purposes a charge is a mortgage.
Chattels:
Any tangible, moveable, personal property article. 
Cheque Direction:
a letter from the vendor to the purchaser which specify where the payments cheque goes after settlement.
Client Dumping:
The term used to describe the "sacking" or "firing" of a client by a Licenced Conveyancer, usually at short notice. Commonly used to get rid of a Conveyancing matter that has become too complicated, too time-consuming, or where the client is perceived as troublesome.
Codicil:
is a document that amends, not to replace the will of the testator. It allows the testator to change the will without printing a new will and must be draft the same as and conform same to the legal requirements of the original will.
Collateral:
Security Pledged for the payment of a loan.
Commission:
Commission is the way in which estate agents are paid, and is probably the most unfair and unethical form of payment imaginable. Real estate commissions have been described as a form of "wealth tax" levied by estate agents.
Commission Estate Agent:
This term is used to differentiate between the licenced estate agent who operates under an "Estate Agents Licence" and an agent in the representative sense. The average estate agent is not really an agent in the true sense of the term.
Commission Rage:
Commission Rage" is the term we use to describe a form of commission-driven greed, that causes otherwise decent individuals to engage in improper behavior.
Common Property:
This is the land on a plan of subdivision that does not form any of the lots, but it is subject of shared ownership by the Lot owners as members of the body corporate. Common property may take the form of land, air space, space below the ground or buildings.
Company Share Scheme:
This was the first type of "unit" development. While it appears to be similar to a strata unit development, is really quite different.
Completion:
The final stage in the legal process of transferring ownership of property, when the purchase money is paid and the Conveyance takes place (known as Settlement).
Completion Date (1):
The agreed date that the seller moves out of the property and the buyer is in position to receive keys for property. Completion date is agreed on exchange of contracts and you are legally bound after exchange to complete on the date specified.
Completion Date (2):
this is the date stipulated on the front page of the contract. It is normally 42 days from the date of exchange.
Completion Statement:
The account provided by a seller's conveyancer to see how much is due at completion and sometimes the phrase is used to describe the account prepared in any transaction to show a client how much is due to or needed from them in the Conveyancing matter.
Common property:
an area in a block of units that is available for use by all the tenants and owners (e.g. hallways, stairs and gardens).
Common seal:
A common seal is the official stamp or "signature" of an association. As a body corporate, an association is entitled to a common seal, and the Act requires an association's rules to provide for the "custody and use of a common seal".
Common title:
Usually it is a house with the addition that you have to pay Administration fees, Sinking Fund and Special levies to the Managing Agent (Body Corporate).
[Hint & Tips: Vendor solicitor need to apply for section 109 certificates through the Managing Agent.]
Conditions:
Conditions are the "rules" of the Contract of Sale. They tell the parties who is responsible for what, the dates by which things must be done, and what will happen if things are not done as agreed.
Conditioning:
Conditioning is the term used to describe a process of convincing the vendor to accept a lower price, in order to bring about a sale and to secure a commission for the estate agent.
There are many forms of conditioning, including the following:
- Estate agent falsely states that the market has "slumped" in order to have the vendor accept a low price.
- Estate agent provides false low "offers" so that the vendor is more likely to accept a slightly higher genuine offer.
- Estate agent finds "faults" in the property, using them to "talk down" the vendor's asking price.
Conservation Area:
An area designated as being of 'special architectural or historic interest', where the local authority has extra controls over the demolition of property, minor developments and the protections of trees.
Contents Insurance:
Insurance, those cover you against the risk of loss or damage to your possessions with-in your home.
Conflict of Interests (1):
A conflict of interests occurs when a person who has a duty to act in the interests of a client also has a duty to act against the interests of that same client.
Conflict of interests (2):
occurs when a person who has a duty to act in the interests of a client is in a position where he/she may be tempted by money or some other motive to act against the interests of that same client.
Consideration:
the purchase price.
Contract (1):
Stage in buying and selling which both the buyer and the seller are legally committed to the deal (also known as "Exchange of Contracts").
Contract (2):
usually this refers to the Contract for the Sale of Land and not the mortgage document.
[Hints & Tips: There is only the vendor's signature or the purchaser's signature and not both. The vendor and purchaser signature has been given to the other side to complete the exchange process.]
Contracts (3):
The very important documents that bind you to complete the Conveyancing transaction. As a minimum it gives details of the parties, property and price.
Contract date:
the contract has to be signed and dated to be valid. The contract date is taken to be the exchange date.
Contract Note:
This is another nasty device used by estate agents (see also the "Exclusive Sale Authority"). The name of the document is the first trick - Contract Note.
Contract of Sale:
The Contract of Sale is the term used to describe the document prepared by a lawyer, and used to formalise the sale of real estate.
However, the word "Contract" has more than one meaning:
- contract can mean an agreement; or
- contract can mean the document that sets out the agreement.
Contract for the Sale of Shares:
very few properties are under this type of scheme. Popular in 60's (Harder to get a loan) don't worry about it.
Conveyance:
A legal document that transfers ownership of property from the seller to the buyer.
Conveyancing:
is the process of preparing and executing the documents. A "conveyancer" is a professionally qualified person dealing with the Conveyancing process, who must either be a solicitor or a licenced conveyancer.
Conveyancing (2):
is the practice of preparing documents and investigating title in order to create or assure interest in land. Steve is qualified to operate in NSW and New Zealand.
Conveyancer:
is a specialist lawyer who specialises in the legal aspects of buying and selling real property, or conveyancing.
Cooling off period:
Within 5 working days after exchange of contracts the purchaser (only) can change their mind and end the contract with the small penalty of 0.25% of the purchase price.  The cooling off period only applies to residential properties and can be waived.
[Hints & Tips: Cooling off period can be extended, simply fax to the other side solicitor requesting an extension of time and tell them that the loan has not been finalised.]
Costs:
Additional Costs: These are costs generated by work that is beyond the conveyancing work associated with a standard real estate conveyancing matter, and which are NOT included in the quoted fixed fee.
Council's Building certificate:
Council's formal agreement that at the time of issue of the Certificate Council is happy with all the structures on the property to which the Certificate relates.
Counterpart:
copy or duplicate.
Covenant(1):
to enter into formal agreement to do or not do a certain thing (a restriction). Read more...
Covenant(2):
A covenant is a way in which the use of one person's land can be controlled by another, and is commonly to protect the "amenity" or value of an area.
CPC:
stands for Certified Practising Conveyancer. Read more...
Crown land:
a title to land, formerly Crown land, granted by the Queen (by her Western Australian representative, the Governor) to a person, company, statutory body or incorporated association. The grant may be made for a cash consideration or on the completion of certain developments that will benefit the State or for a mixture of both.
Current Market Value:
The current market value of a property is determined according the following standard:
- The price at which a willing but not anxious vendor would sell, and at which a willing but now anxious purchaser would buy.
- If someone bought the property at current market value as an investment, then decided to sell it again, they should be able to find someone else who is prepared to pay the same price in the same market, and so on.

 

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D

DA:
DA stands for Development Application. This is required when you make "development" with the property. When making a development, it is wise to check (to the appropriate city council) first if it is permissible and if DA is needed.
Deceased estate:
Property belonging to a deceased person or persons.
Deception in Real Estate:
Deception is a major problem in the real estate industry. False telling purchaser that "someone else is interested" in a property, providing fictitious information to a vendor regarding the value of a property in order to win a listing, and "dummy bidding" are just a few examples of deceptive tactics used in the real estate industry.
Deed:
A legal document which must be signed, witnessed and delivered to have effect, i.e. 'Signed sealed and delivered'.
Delayed Settlement:
is a term used when either of the party is unable to settle on the specified date of settlement as stated on the contract.
Deposit:
Money given in advance to show intention to complete the purchase of a property.
Deposit Holder:
Also known as stakeholder. This is the holder of the deposit. Usually it is the Real Estate Agent but sometimes it is the vendor's solicitor.
Deposit Power Bond:
this is a piece of paper given by the insurance companies stating that they will pay the amount specified for the deposit and charged to the purchaser.
Depreciator:
is a tax depreciation specialist allowed to do tax depreciation and is recognised by the ATO (Australian Taxation Office).
- They are the one who do depreciation schedules and do the job of determining the tax depreciation.
- Depreciator is one of the preferred providers of Tax Depreciation Schedules for conveyancing industries.
- They are also the preferred Tax Depreciation Schedules provider for a large number of businesses and organizations spanning the accounting, financial planning, mortgage and real estate for their quantity surveyors specialised only on this field. Read more...
Development Application (DA):
is required when you make"development" with the property. When making a development, it is wise to check (to the appropriate city council) first if it is permissible and if DA is needed.
Disbursements:
Disbursements are the out-of-pocket costs associated with a matter, as opposed to the legal costs charged for the service being provided.
Discharge of Mortgage:
Getting rid of the mortgage by the outgoing banks or vendor's bank.
[Hints & Tips: We immediately discharge the mortgage when we have sold or refinance the property­.]
Disponee:
The person who acquires property from another (Purchaser).
[Hints & Tips: This word appear in the section 118 notices.]
Disponor:
Person who disposes of a property to another (Vendor). (This word appears on the section 118 notices.)
DP:
Deposited Plan
Dual Occupancy:
Dual occupancy is the term used to describe a subdivision where a house block is subdivided so as to enable an additional dwelling built on it. A dual occupancy development involves at least a two lot subdivision.
DX:
Document Exchange or Go Mail. This is for another form of postal system. Very expensive! We do not have a DX or a PO Box. Our postal address is Top Floor 54 Park Road Cabramatta NSW 2166.

 

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E

Early Possession:
When a buyer moves in before settlement.
Easement (1):
A legal right to the benefit or use of another person's land.
Easement (2):
A legal agreement that allows an owner to make use of another person's property for a specific purpose, such as a pedestrian right of way, drains or other services passing under or over adjacent land.
Encumbrance:
Any charge on the land for the purpose of securing the payment of a sum of money other than a debt, e.g. a mortgage.
eNOS:
eNOS stands for electronic Notice of Sale.
Equity:
The value of your property minus the amount of any outstanding mortgage.
Escorted Inspections:
The escorted inspection is where purchasers are escorted to, and shown through a property by the commission estate agent. Consumers have been conditioned to believe that the escorted inspection is a service, when in fact the opposite is true.
Exchange:
This is when the buyer gives his signed contract to the seller and the seller gives his signed contract to the buyer.
[Hint & Tips: A contract is not validly exchange until it is dated and signed. A contract does not have to be witnessed but it is wise to do so.]
Exchange of Contracts:
The point at which you become bound to buy/sell the subject property.
Exclusive Sale Authority:
This is the document by which an estate agent is able to exclusively secure the Vendor, the property being sold, and all persons who inquire about the property for a set period of time, and then indefinitely until the Vendor cancels in writing. An Exclusive Agency Agreement.. Read more on this.
Extraneous Tasks:
Tasks that are not legal tasks, and are not directly related to the conveyancing transaction, are known as extraneous tasks.  It is important to differentiate between conveyancing tasks and extraneous tasks, as there can be serious implications for both the lawyer and the client in terms of costs and liability if the distinction is not maintained.

 

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F

Fee Simple:
Full ownership of the land.
Fidelity Insurance:
Fidelity insurance protects the clients of professionals against theft or misappropriation of funds by the professional person or an employee while the client's funds are under the control of the professional person. Conveyancers are not required to carry fidelity insurance, and few Conveyancers do. Simply put, if your lawyer had a secret gambling problem and took the proceeds of your property sale to a casino and lost it, there would be little point in trying to sue the now bankrupt lawyer. However, the lawyer's compulsory fidelity insurance would cover the loss.
Fiduciary Relationship:
A fiduciary relationship imposes the highest duty known to the law, and requires a person who acts on behalf of another to always act in the utmost good faith. For example, a person acting as trustee owes a fiduciary duty to the beneficiary of the trust.
File Note:
A record of what you have done. A list of things that has been communicates or wishes to be communicated. It is compulsory to keep a good file notes in this office by everyone.
Final Search (or Order):
A final search is a check on the title to see if there are no problems on title.
Finance:
(Subject To Finance.) Signing "subject to finance" simply means that the Purchaser is not yet sure as to whether their home loan has been approved by the bank, and wants to be able to cancel the Contract if the bank fails to approve their loan application.
FIRB:
stands for Foreign Investment Review Board. (If you are a foreign person you must obtain permission from the Australian Government (through this board) in order to purchase a property.)
First Home Buyers:
as the phrase inscribe, literally it is the buyer buying their very first home. The Government then give $7,000.00 as an assistance to them termed as 'First Home Owner Grant'.
When say, you buy your first home and that you qualify for FHOG and then you borrow from the bank with say $300,000.00.
A total of $307,000.00 (less by  deduction of fees and etc.) should be available from your bank.
To clarify things up, you only borrow $300,000.00 from the bank and NOT $307,000.00 so to answer some question raised like "Is that mean I borrow $307,000.00?"
Fitting:
Goods and articles that can be remove from a property without causing damage to it, such as light fittings and rugs.
Fixture:
Some thing that is fixed to the building e.g. A built-in-wardrobes.
[Hints & Tips: To avoid arguments as to what is included in the sale, it is a must to mark the inclusions boxes on the front page of the contract. That way it is clear and there will be no hassles afterwards.]
Fixtures and Fittings:
Fixtures are items on a building or land that have become part of the building or land and are therefore included in the sale. They are items that are usually physically fixed to the building such as shelves or fitted wardrobes.
Fittings are items that are not attached to the building or land and are not subject to the sale unless they are specifically included, carpets and curtains would normally be thought of as fittings.
Fixed Rate:
A type of mortgage where the interest charged on the loan is fixed and cannot go up or down for a set period of time.
Foreclosures:
This is when you're behind in your mortgage repayment and the mortgage repossesses your property.
Foreign Investment Review Board:
The Foreign Investment Review Board (FIRB) is a non-statutory body that advises the Government on foreign investment policy and its administration. The Board examines proposals by foreign interests to undertake direct investment in Australia and makes recommendations to the Government on whether those proposals are suitable for approval under the Government's policy.
Fraud:
Money under the table. This is against the law and if you are a party to a fraud then you can land yourself in jail.
Freehold:
One kind of legal title to property, where you own the both the buildings and the land they stand on (also known as "fee simple").

 

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G

Gazumping (1):
Term use when the seller or agent accepts verbal offer from a potential buyer but accept the higher offer from someone else.
Gazumping (2):
After you have done a verbal deal to buy a property at an agreed price, the seller accepts a higher offer from someone else - you have then been "gazumped".
A term used when a seller (especially of property) accepts a verbal offer from one potential buyer, but then accepts a higher offer from someone else.
Geotechnical investigations:
(or Geotechnical survey) is a process in which the physical properties of a site are assessed for the purpose of determining which uses of the site will be safe. Before land can be developed or redeveloped, geotechnical investigation is often required. This process is also required or recommended in the wake of incidents like earthquakes, the emergence of foundation cracks on land which was thought to be solid, and so forth. The goal of such investigation is to confirm that the land is safe to build on.
Green Title:
Green title, generally, refers to land that has no common areas [unless indicated on the title] and may include a freestanding dwelling.
The term "green title" refers to the sketch on the certificate of title that used to be shaded green.
Ground Rent:
Money usually paid annually to a freeholder or superior land owner by a tenant. Colloquially in some parts of the country it can also refer to a perpetual annual rent charge. A fee paid by a leaseholder to the freeholder, according to the terms of the lease.
Guarantor:
A person who agrees to guarantee an agreement for someone else, such as there payment of a mortgage.

 

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H

Hammer Price:
price paid at auction.
Hidden Fees and Charges:
It gives you the impression that their basic fee for doing the work is lower than it really is but it sneakily creates extra profit, and turns out what initially looks like cheap conveyancing quote into something far more expensive.
Holding Deposit:
a meaningless word designed by the agent to deceive the purchasers to secured the disposal of the property. There is no legal obligation for the vendor to sell at this stage. There is also no obligation for the purchaser to buy the property. Often, the vendor will sell the property to someone else!
Home Warranty Insurance:
Home warranty insurance is an important component of a comprehensive consumer protection regime for homeowners undertaking building work in NSW.
Home warranty insurance provides a safety net for homeowners undertaking residential building projects where the contract price exceeds $12,000 and a builder is unable or unwilling to honour their fundamental responsibilities under the building contract, that is, to complete the construction of a dwelling or return and rectify defective work.
If a builder is unable to honour their commitments under a contract because of insolvency, death or disappearance the home warranty insurance scheme is there to protect homeowners. The scheme is also there to protect homeowners where a builder refuses to meet their contractual obligations and has been found at fault by the Consumer, Trader and Tenancy Tribunal or a court and fails to comply with a compensation (money) order in favour of the homeowner (which results in the automatic suspension of the builder's licence).
Homeowners are not required to enforce the Tribunal order or initiate insolvency proceedings. They are able to claim on their home warranty policy. (From homewarranty.nsw.gov.au.) Read more...

 

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I

Illegal structure:
Illegal structures are generally permanent buildings or the likes of it which do not have a town council's permission.
Improvements:
Anything above the land. This can include the grass and the tress.
Inclusions:
What the vendor will include as part of the sale. E.g. Curtains stove etc.
Indefeasibility:
whoever owns the title, owns the property.
Independent Legal Advice:
A document that attests that a person has received legal advice on a proposed contract, from an independent lawyer not associated with the other contracting party.
Independent Legal Advice (2):
When a person needs legal advice it is important that the person providing that advice not only knows the law and how to apply it, but is also in a position to provide that advice without bias. The lawyer must always be totally "independent" of the matter. In other words, the lawyer should never be personally involved in the matter, and should not be acting for, or advising anyone else who is involved in the matter or who stands to gain anything from it.
Initial Period:
"in relation to body corporate" means the period commencing on the day on which that body corporate is constituted and ending on the day on which there are proprietors of lots the subject of the strata scheme concerned (other than the original proprietor) the sum of whose unit entitlement is at least one-third of the aggregate unit entitlement.
[From Section 5 of the Strata Schemes (Freehold Development) Act 1973.] Its restriction during the initial period:
(Section 113 of the Strata Schemes Management Act 1996 outlines these various actions which are not permitted during the initial period. The actions relevant to LPI include but not limited to the following listed below.)
- Strata plan subdivision which includes common property or creates common property.
- Conversion of a lot to common property.
- Transfer or lease of part of the common property.
- Creation of an easement burdening common property.
- Release of an easement benefiting common property.
- Dedicating part of common property as road, public reserve or drainage reserve.
- Charge of by-Laws, see section 50 Strata Schemes Management Act 1996.
[Note: If a document is lodge at LPI which intends to perform one of the above actions, it must be accompanied by a certificate from the owners corporation in Approved form 10 (PDF 20KB) unless the common property title contains a note in the second schedule that a certificate has been lodged previously.]
Instruction:
When a seller instructs an estate agent to market a property for sale.
Insurance:
Home building insurance normally refer to a house and certificate of currency refers to strata units. (You only need to buy this insurance if it is a house or a strata without a managing agent. If it is strata and there is a managing agent, there is already an insurance in place and you do not have to buy one.)
Insurance (2):
Duty Of Disclosure - When you apply for, or change or renew an insurance policy you have a legal duty of disclosure, which means you need to disclose anything that may influence the insurer's decision to insure you, and on what terms the insurer will insure you.
For example you need to disclose anything that might:
- increase the risk to be undertaken by the insurer;
- not be evident to the insurer, but may influence the insurance policy;
- not be evident in the course of business but may influence the insurance policy.
This duty applies when you renew or change an existing insurance policy. For a new policy you need to fulfill your duty of disclosure, but you do probably not need to disclose anything further unless you have been specifically asked about it.
Interest Only:
A type of mortgage where your monthly payments to the lender cover only the interest on the loan, but do not include any repayment of the actual amount borrowed.
Intestate:
This when you die without having written a will.

 

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J

Joint Tenancy:
Joint ownership by two or more persons, each with equal shares of the property. On the death of the co-tenant, his or her share passes automatically to the remaining tenant.
Joint Tenants:
A maximum of four individuals who own an interest in land in such a way that their legal and beneficial interests transfer automatically to the survivors on death.

 

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L

Land and Property Management Authority (LPMA):
formerly known as Land and Property Information (LPI), Land Title Office (LTO) this is where all the information regarding ownership of land is kept.
Landcom:
previously known as the Land Commission of New South Wales, is a corporation in Australia owned by the Government of New South Wales under Lloyd Warwick. Landcom was established in 1975 following an election promise by Neville Wran for a government agency to be established to provide affordable, fully-serviced land on the fringe of Sydney for purchase. Landcom has played a leading role in the development of outer suburban areas of Sydney such as Campbelltown and Penrith since the late1970s.
Land Registry:
This is the official government register where the ownership of all property in England and Wales is recorded.
Land Tax:
A state government tax payable by the owners of investment property based on the value of the property.  Read more...
Latent Defect:
Is a problem that cannot simply be detected by the naked eyes.
Lateral Thinking:
A way of thinking which seeks the solution to a problem by making association with other apparently unrelated areas, rather than by pursuing one logical train of thought.
Lawyer Estate Agent:
This term describes a lawyer who provides full representation for clients in real estate sale transactions.
Lease (1):
Any lease including options over three years must be registered to gain protection of indefeasibility.
Lease (2):
A documented contract by which one person gives another property rights for a term of years. Any lease including options over three years must be registered to gain protection of indefeasibility.
Lease hold (1):
The right to hold or use property for a fixed period of time at a given price, without transfer of ownership, on the basis of a lease contract. Leasehold is a fixed asset.
Lease hold (2):
This is a form of property ownership where you have the right to occupy land or a building for a specified length of time, known as a lease. A leasehold interest in property can be bought and sold on the open market, just like a freehold.
Leasehold Property:
Property that is occupied under the terms of a lease.
Legal Action:
Legal action is the term used to describe the process of suing some one in order to rectify a wrong, or to be compensated for loss. Taking legal action should always be regarded as a last resort, as it is inevitably costly in terms of money and stress.
Legal Advice:
The giving of good legal advice involves the obtaining of an understanding of what the client wants to achieve, the checking of relevant documents, having a sound understanding of relevant principles of law or researching finer points of law, and then explaining to the client what options are available.
Letters of Administration:
If you are the spouse, de facto spouse or other direct family member of the deceased, and the deceased died without a will, or the will is declared invalid, then you can apply to the Supreme Court to become the administrator of their estate. Following your application, the Supreme Court will issue a Grant of Letters of Administration in the name of the applicant. The Grant will then authorise and enable you to collect the assets of the deceased and to distribute them according to the State intestacy laws.
Licence Agreement:
A short term rent example for 2 weeks.
Licenced Estate Agent:
"Licenced Estate Agent" is the term used to describe a person who is responsible for the agent representative she or she employs in a real estate agency business.
Life Assurance:
This is an insurance policy that pays out when someone dies within a certain time and is commonly used to give protection to a family against debts, such as a mortgage, if the insured person dies before the mortgage has been repaid.
Listed Building:
When buildings are 'listed' they are placed on statutory lists of buildings of 'special architectural or historic interest' and owners may need to get special permission if they wish to carry out any alterations.
Listing:
This is the term used to describe the arrangement between a vendor and an estate agent, whereby the agent becomes entitled to a portion of the proceeds of the sale of the vendor's property.
Loan Serviceability:
this is about the borrower's ability to repay loan in the eyes of the lender, the bank. Each bank will have their own formulae. Most of their formulae are similar.
Essentially they will look at your cash flow. (That is your income and expenses within a certain time period.)
Lot:
A lot is simply a separately identifiable piece of land, part of a building, or air space, that is created when a plan of subdivision is registered.
LPI:
LPI stands for Land and Property Information.

 

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M

Minor:
A person under the age of 18 can purchase property-need a minor certificate from a third party solicitor.
Moiety Title:
Moiety Title pertains to the title describing a portion other than a whole ownership of property. The word "moiety" (a French wordmoietié) means 'half'...
Moiety Title is typically applied to maisonettes or attached cottages whereby the owner owns a share of the total land on the title and leases a certain portion of the land back for themselves from the other owner(s).
Some may also defines this as a term in parsing aspects of ownership and liability in all forms of property.
Mortgage (1):
Security document. The word mortgage comes from the French word 'mort' and it means 'agreement until death'.
Mortgage (2):
A loan secured on land or buildings, the mortgagee lends money to the mortgagor, who offers their property as security for the loan.
Mortgage Advance:
The money loaned under a Mortgage.
Mortgage Broker:
Home Loan Companies refers person to the bank for loans.
[Hints & Tips: they introduce borrowers to banks or help borrowers obtain a loan.]
Mortgage Deed:
The document which charges your interest in the property to the mortgage lender.
Mortgage Document:
The bank solicitors prepare them and send them out to us and we have to explain to the clients and let them sign.
Mortgagee Costs:
Purchasers who are borrowing to make their purchase should take care to avoid unfair mortgagee costs. These are cost generated by the lender "behind the back" of the borrower, through direct contact with the borrower's conveyancing lawyer and are often in breach of the Consumer Credit Code.
Mortgagee In Possession (to) Sale:
This is when the bank takes over and sells it (the property on Mortgage). In an event like this, at settlement, what ever are the inclusions left on the property, it will be yours.
Mortgage Fees:
These fees are normally charged for acting on behalf of your bank or building society.
Mortgage Offer:
The formal document making an offer of a loan under a mortgage which states how much the loan is for, the period and amount of repayment and all of the terms and conditions attached to loan. The Mortgage offer will normally be sent by the lender to the borrower, with a copy to us.
Mortgage Insurance:
Usually this is a compulsory insurance if the client is borrowing more than 80% of the purchase price. The bank will demand this insurance and the client is paying for it. The bank will arrange for this insurance. Normally the insurance company will only give mortgage insurance if the client can show6 months of genuine saving.
Mortgage Document:
The bank solicitors prepare them and send them out to us and we have to explain to the clients and let them sign.
Mortgage Stamp Duty:
is a duty you pay on the amount of money you borrow.
Mortgagee:
the bank. (There is an outgoing mortgagee and there is an incoming mortgagee.)
Mortgagor:
the borrower.

 

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N

Natural Person:
A living person (not a company).
Negative Gearing:
where an investor borrows money to buy an asset, but the income generated by that asset does not cover the interest on the loan.
Negotiation:
Negotiation involves conferring or discussing matters with another person, with a view to reaching some form of compromise or agreement.
Notice to Complete:
is a precedent issued by the purchaser to Conveyancing purchase of land matters where the Vendor has not met their obligations under the contract prior to settlement.
Notice of Recession:
A letter which can be fixed to the vendor's solicitor and the agent telling them that the purchaser/s no longer wishes to proceed with the purchase. Must done within "cooling off period". [Only Steve (the licence conveyancer) or the purchaser/s can sign this letter.]
Notice of Sale:
An advertisement placed by a municipal issuer inviting underwriters to submit bids for an upcoming offering.

 

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O

Offer:
For the average consumer, the term offer has a simple and straight-forward meaning. However, when applied to the law of Contract, it has a very specific meaning. The confusion between these two meanings is often manipulated, and used against consumers.
Offers over Method:
The "Offers over Method" of pricing real estate involves determining the current market value of the property and then seeking offers over that figure.
Office Copy:
An official copy of a register or document held at the Land Registry.
Off the Plan:
Off the Plan literally a plan which not yet realize.
Off the Plan Property:
a planned Property which not yet realize.
Off the Plan Purchase:
Purchasing a property which is still on construction. Read more...
Office of State Revenue (OSR):
This is where you pay stamp duty, land tax etc. the two closest ones to us is at the Cnr of Hunter & Marsdens Sts, Parramatta & Level 3, 55 Hunter St, Sydney (Close to Wynyard Station).
Old System Title (1):
less than 1% left in Australia. Don't worry about it.
Old System Title (2):
This was the system that was inherited from the English System in 1792. Section 53 Conveyancing Act 1919, in order to do a conveyance, a search going back 30 years must be done to establish a good root of title. That is there is no broken chain in title.
How do you convert an Old System to the new Torrens System?
Generally, you will need to prepare what is known as the Primary Application form, must have the consent of the mortgagee, documents to show good root of title for the last 30 years, a new plan of survey must be done, council must approve of the new plan. Stamp duty has to be paid on the application. The Registrar may require you to advertise the application in a reputable newspaper. Lodge it with the LTO.
The Old System Title is getting fewer by the years but never the less still exist.
Order on Agent:
A letter from the purchaser's solicitor to real estate agent stating that the matter has settled.
Overcharging:
an excessive price/charge for something. (Charging a customer/client too much.)
Double charging - To overcharge.
Gross overcharging - To overcharge more. Read more...
Owners Corporation:
When a block of land contains common property an owner's corporation is created. An owner's corporation manages the services and common property: shared walls, driveways and buildings for flats, units and multi-story apartments.
Owners Corporation Certificate:
This is the statement provided by an owner's corporation to any person who requires it. It contains specified information about the owners corporation, including financial information.

 

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P

Padmount transformer:
a transformer mounted on the ground as opposed to a Polemount transformer. Padmount transformer designs are used in electrical power distribution systems to step down voltage from the high voltage terminal of an underground electrical distribution systems to the low voltage terminal thereof going to the end user's electrical system, etc. A typical padmount transformer enclosure includes a tank for holding the core/coil assembly of the Padmount Transformer immersed in oil or the like, and a wiring cabinet having high and low voltage wiring compartments for enclosing the high and low voltage bushings, respectively, of the transformer, etc. In order to prevent unauthorized access to the core/coil assembly of the Padmount transformer held within the tank of the Padmount transformer enclosure, the most common prior art practice is to weld a cover over the top of the tank (from electricity forum).
Party wall:
is a dividing partition between two adjoining buildings (or units) that is shared by the tenants of each residence or business.
Patent:
a defect that can be detected with the naked eyes.
Pay-out Figure:
This is when the vendor has sold or is refinancing and it is the outstanding balance on the date of settlement.
Pest Report:
if an older house or unit with wooden floors is being purchase it is advisable to get a pest report before the cooling off period expires to ensure there are no white ants etc.
[Hints & Tips: Check for the termites and not the cockroaches.]
Plan of Subdivision:
Basically, the plan of subdivision is a map of a large area of land that has been divided into small blocks of land or "Lots".
Power of Attorney:
a certificate allowing one person to act on behalf of another. It has to be registered with the Land and Property Information.
Principal:
The amount you loan.
Pre-Approval of Home Loan:
The terms "pre-approved" or "approved in principle" both mean the same thing - the home loan is NOT approved.
Price Ranges:
Also called a "buyer enquiry range" this is a trick that involves the invention of two figures: one much lower that the vendor intends to accept, and the other much higher than the vendor expects the property to make. Purchasers are expected to make offers somewhere in between the two false figures. Any form of marketing that involves "invented" figures is fraudulent.
Probate:
is a special proceeding to establish the validity of a will. Probate is mandatory, which means that no will passes either real or personal property unless it is proved and allowed in a proper court.
Professional Indemnity Insurance:
Professional indemnity insurance is held by a professional person to ensure that any claims of professional negligence made against the professional person can be met. To put it another way, there is not much point in suing a professional person if they do not have enough money to pay for your loss - so professional indemnity insurance comes in to cover the cost.
Profità Prendre (1):
A servitude which resembles an easement and which allows the holder to enter the land of another and to take some natural produce such as mineral deposits, fish or game, timber, crops or pasture.
Profit a Prendre (2):
enables a person to take part of the soil or produce of land that someone else owns. It is a right to take from the land, as in the mining of minerals and is, therefore, distinguishable from an Easement, which is a no possessory interest in land generally giving a person a right of way on the property of another.
Purple Title:
Purple title refers to ownership of an undivided share in a property.
The term "purple title" refers to the colour of the sketch on the title which used to be shaded purple.

 

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Q

Qualified Title:
very few properties are under this title.

 

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R

Rates:
This is the term used to describe amounts payable to the local council and the water authority for services provided to a property. Rates are adjusted on a pro-rata basis, together with any other outgoings that are payable as a consequence of land ownership.
Real Estate Agent:
the shop that sells and buys homes land etc.
[Hints & Tips: the word real comes from the Spanish word Royal.]
Real Property:
concerning land. Personal property is anything that doesn't concern land.
E.g. a lady handbag.
[Hints & Tips: anything to do with land law it has to be in writing to be effective.]
Redeem:
To pay off a loan or mortgage.
Redemption Figure:
The amount of money quoted by a lender to pay off a mortgage.
Registered Documents:
These are the documents, usually collected at settlement in return for the payment of the balance of the purchaser price, that are lodged at the Land Titles Office to transfer ownership of the property to the purchaser. They must be property signed or endorsed so as to allow registration.
Release of Deposit:
this is when the vendor wishes to use the deposit to buy another property or pay stamp duty before settlement of the property that they are buying. It is not wise to release the deposit e.g. What if the vendor dies? Goes bankrupt? etc.
Rent to buy:
This is where you enter to a scheme. It is an agreement to rent with an option to buy and overtime you can purchase the home.
Requisition (or requisition on title):
Queries or questions. Refer to shelf for a sample. We have two types: one from the unit and one for the house. Two must serve it within 21 days from the date of the contract. (Refer to clause 5.1.)
Rescind:
Cancel the contract from the beginning. Strictly speaking this is an incorrect word. The more appropriate word is repudiated. But everyone is using it.
Reserved Price:
The minimum price a seller has specified they will accept at auction.
Retirement Villages:
While most people understand the term "Retirement Village" as meaning a form of unit accommodation, it often comes as a surprise to find that there are different ways of "owning" or "occupying" a retirement unit.

 

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S

Sales Advice:
Letter from the real estate agent telling you that the property has been sold and other details such as the other side solicitor etc.
Searches:
Lenders require solicitors to carry out "all usual searches". There are lots of them to choose from but the most usual are searches of the local land charges register (with extra questions about planning, etc.) known as "The Local Search" and water/drainage search, coal, environmental land and a third party planning search. This latter is because, although the local search tells you about Council proposals, it says nothing about planning applications by others.
Second Mortgage:
it refers to the loan that is subordinate to another loan against the same property. In instances that the loan goes in default, the first loan or mortgage gets paid off first before the second mortgage. The second mortgages have greater risk for lenders compare to the first one. That's why, generally, the second mortgage comes with the higher interest rate than the first mortgage.
Section 47:
Land Tax certificate. Only certain properties have land tax imposed. MUST do search.
[Hints: always do a search as there could be land tax and you (the client) might be paying for it.] Read more...
Section 66:
Certificate showing how much water rate is payable. Apply them through Sydney Water with a cheque. Water rate is paid on a quarterly basis.
Section 66W:
Also known by other names such as Certificate, a Cooling off Certificate and so forth. A certificate for shorten (cancelling) the cooling off period.
[Hints: Only Steve sign this certificate. He will only issue one if he knows that the loan is 100% approved. It is wise to resist is suing such a certificate.]
Section 88b Instrument:
 Restriction on the use of the land. If there is any it will be mentioned on the title search.
Section 109 Certificate:
Certificate from Strata Owners Corporation. (Also known as strata managing agent.)
[Hints & Tips: Only apply for this certificate if it is a strata title. Details of the managing agent can be found at the bottom of the second page of the contract. If it is not there, then contact the vendor's solicitor for details and they will contact their client.]
This certificate will show:
- Administration fee;
- Sinking fun;
- Special Levy.
Section 118 notice:
A notice to let the strata managing agent know the change of owners. There are two sections, the only difference is one to be returned to the vendor's solicitor (so that they know that the new name has been registered) and the other is to be returned to the purchaser's solicitor.
- The purchaser solicitor prepares two section 118 notices, sign it and then to the vendor's solicitor to sign.
- It is then given back to the purchaser's solicitor at settlement.
- The purchaser's solicitor then sends to the strata managing agent along with any outstanding payments.
- The strata managing agent will record the change of the owners and then notify both the vendor and purchaser solicitor.
Section 149 (2) certificate:
(section 149 (5) is optional). This certificate is compulsory to be annexed into the contract. It shows various details such as zone A (for living), whether the land is affected by flood etc. You apply to the relevant council with a $40.00 (subject to changes) fee. If the certificate is more than one year old, it is wise to get or request a new one as there could have been many changes.
Section 603:
Certificate from Council showing details of the rates. You apply them through the relevant council. The rate starts from the 01 July to 30June of next year.
Semi-detached:
Two houses joined together with a common wall or walls. Usually registered under Torrens Title.
Service Charge:
A payment made by an occupier, usually in common with others to a land lord or his agent, for maintenance to a property.
Settlement:
Completion. This is when:
- the vendor solicitor's agent (representative),
- the purchaser solicitor's representative (agent),
- the outgoing (discharging) bank's agent and
- the incoming bank's agent... meet and exchange documents for money.
[Hints & Tips: Settlement usually take place at the place of the outgoing bank as they hold the CT. Check the title search for clues of which is the outgoing mortgagee.]
Settlement Problems:
common problems include: names on cheque is not spelt correctly, amount is incorrect, and settlement agent came late.
[Hints & Tips: be careful and anticipate problems.]
Sewerage diagram:
picture of the pipe that connects the waste (toilet) from the house to the ocean.
Simultaneous Settlement:
This is when two or more settlement is taking place at the same time. Be extra careful with a simultaneous settlement.
SMS/Web tracking:
SMS stands for Short Messaging Service. We are able to keep you updated each step of the way regarding your conveyancing. Each and every time a key step in your conveyancing is completed you will receive a message on your mobile informing you of this keeping you always updated. Using the Web Tracking, you can track the progress of your conveyancing over the web wherever you may be. This is service is available 24 hours and day all year round. As further stages of your conveyancing are completed, the data is updated simultaneously to keep you informed of exactly what has been done.
Sole Agency or Exclusive Listing:
Where a seller agrees to instruct only one estate agent to sell the property (usually for a limited period of time).
Solicitor (1):
Solicitors belong to the Law Society. They generally work from their offices and see clients direct. They usually work in many areas of law.
Solicitor (2):
The terms "solicitor" or "legal practitioner" or "barrister" are just other terms used to describe a lawyer. The term "barrister" is used to describe a lawyer who appears in court on behalf of clients. Barristers usually avoid accepting clients direct and prefer to act on behalf of lawyers in a form of "sub-contacting" capacity.
Special Conditions:
Conditions that are considered special (not the Standard). It can be found in every contract.
[Hints & Tips: To protect the vendor and make extra money.]
SP:
stands for Strata Plan.
Stamp Duty:
A payment of money to the government. Another form of tax.  Read more...
Stamp Duty (2):
A sale or transfer of land (including improvements) or a business in NSW is liable to duty.
A liability for duty arises when the sale or transfer occurs and is on a sliding scale from $1.25 for every $100 for property valued at up to $14,000 to $8990 plus $4.50 for every $100 for properties valued between $300,000 and $1 million. However, if the sale or transfer is affected by a written instrument, liability for duty arises when the instrument is first executed. Duty is payable within 3 months of the date liability arises. The purchaser or transferee is liable to pay the duty. Stamp duty collected by the Office of State Revenue New South Wales.
$ 160, 000 $ 4090 $ 340, 000 $ 10, 790
$ 180, 000 $ 4790 $ 360, 000 $ 11, 690
$ 200, 000 $ 5490 $ 380, 000 $ 12, 590
$ 220, 000 $ 6190 $ 400, 000 $ 13, 490
$ 240, 000 $ 6890 $ 420, 000 $ 14, 390
$ 260, 000 $ 7590 $ 440, 000 $ 15, 290
$ 280, 000 $ 8290 $ 460, 000 $ 16, 190
$ 300, 000 $ 8990 $ 480, 000 $ 17, 090
$ 320, 000 $ 9890 $ 500, 000 $ 17, 990
Stamp duty Exemption:
There is the so-called exemption of the Stamp Duty. This is when the one who purchase a property is a legitimate first homeowner.
Stamp duty on Mortgage:
Payable that process by the banks solicitor (sometimes by the solicitor/conveyancer).
Stamp duty on Transfer:
When transferring, (say in buying real property) from the owner to the purchaser a stamp duty is to be payable to the Office of the State Revenue by the purchaser. It is calculated based on the purchase price. This can be done in-house or processed through OSR (the traditional way of stamping).
Stamping:
This is when you pay stamp duty and they (Office of the State Revenue) put a stamp on the contract and the transfer. (Sometimes we also stamp the mortgage document but most of the time the bank's solicitor will take care of it.)
It is possible to do in house (we do it ourselves here) stamping but only for second home buyers. We collect the money and then send it to the OSR.
Statement of Adjustments:
This document sets out the way in which rates and other outgoings have been apportioned as at the day of settlement. It shows the purchase price, the deposit paid, the amount of rates paid for the rating period and the proportion of those rates to be paid by the Purchaser for the period beyond the settlement date.
Statutory Declaration:
This is a written statement stating certain facts to the best of the declarant's (the person making the declaration) knowledge or belief and is made subject to the provisions of certain legislation. A prescribed functionary (someone authorised by the appropriate Act to take the declaration) must witness the declarant's signature. (From LPI.) Read more...
Stigmatised Property:
A property that has acquired an undesirable reputation due to an event that occurred on or near it, such as violent crime, gang-related activity, illness, or personal tragedy. Some states restrict the disclosure of information about stigmatised properties.
In real estate, stigmatised property is property which buyers or tenants may shun for reasons that are unrelated to its physical condition or features. These can include murder, suicide or even AIDS, in addition to a belief that a house may be haunted. The concept is controversial.
It is argued that the seller has a duty to disclose any such history of the property. This, in practice, falls into two categories: demonstrable (physical) as well as emotional. These guidelines vary from state to state. Read more on this...
Strata Inspection Report:
This report will show what problem exists, if any, with the building, neighbours, proprietors and any financial liabilities. When should you do a strata report? Must do before the cooling off expire. What is the difference between a strata report and a section 109certificate?
A Strata Report will reveal:
- Administration Fee,
- Sinking Fund,
- Special Levy and more (like the above mention).
[Hints & Tips: Advisable to obtain a strata report before the cooling off period is up.] Read more...
Strata Managing Agent:
This is the agent that looks after the units for a fee. For example, if there is a broken pipe, you need to contact the strata managing agent. Example of Strata Managing Agents: All Suburbs Strata, Independent Unit Management.
Strata Title:
The word 'strata' means airspace. Strata Title concern units. This is a system of the title that applies to ownership of units, apartments and some townhouses. Strata Title involves subdivision of airspace above land you own, part of the building, not the land.
Thus, a "strata title" can be define as a certificate of title for a lot (strata titled units, flat or apartment) and a share in the common property in a strata scheme set up under the Strata Titles Act 1985.
Stratum Title:
In a stratum subdivision the building is subdivided into lots, with common land, i.e. driveways, stairwells, gardens being owned by a service company and appearing on the subdivision as an additional lot.
Subject to Contract:
Provisional agreement made between the buyer and seller, but not legally binding until a written contract has been prepared and accepted by both parties.
Sunset Clause:
is a provision in a statute or regulation that terminates or repeals all or portions of the law after a specific date, unless further legislative action is taken to extend it. Most laws do not have sunset clauses; in such cases, the law goes on indefinitely.
SURVEY:
Conducted by a registered surveyor who provides a written report showing the position of the buildings and fences in relation to the boundaries and will show any encroachment on to the land or onto the neighbour's land.
Survey Report (More correctly it is known as an ID Survey):
It shows the dimensions of the land and placement of the building erected. It will show any non-compliance with the local council government rules in respect to the distance from boundaries.
[Hints & Tips: A survey consists of two pages: the first is written report and the second one is the diagram. There is something like over 40 survey reports e.g. Survey report of the bottom of a river. So make sure that you order the right survey as it can cost you an arm and a leg.]

 

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T

Tax depreciation:
is the deduction from tax payable for the wear and tear of the property.
Tax Depreciation Schedule:
is in a form of document stating the amount of depreciation that can be claim on the property. The wear and tear of the property is of great loss so then it is just to claim for tax depreciation every year, most likely on the property used for investment where the income is less compare to the expenses and the other expenditures like the interest when it is on mortgage.  Read more...
Telegraphic Transfer:
The electronic transfer of money from one Bank account to another. Usually send money from the buyer's solicitors to the seller's solicitors on the day of completion. The system ensures same-day transfer of the money and it is a quick and reliable method of transferring money. However, it is not an instant transfer and the system can slow down considerably at peak periods, e.g. the Friday before a bank holiday.
Tenants in Common (1):
If you buy a house jointly with someone else as 'tenants in common' then each owner has a separate share in the property and is only entitled to that proportion of the sale proceeds if the property is sold (see also 'Joint Tenants').
- Each owner owns a precise and specified share of the property and each is free to leave their share of the property by Will to whomever they choose. If the property is held as Tenants in Common, you must be specific about the proportions of ownership. E.g. Owner A is to own 30% and owner B is to own 70%.
Tenant in Common (2):
As tenant in common, you can leave your share to someone else in you will. This form of ownership, is suitable of a business venture, or if you prefer to leave your share to your children or a friend rather than giving the whole interest to your spouse.
Tenant:
The person renting that house.
Terrace:
One row of houses joined together with common walls.
Title:
  Ownership of real property, usually either freehold or leasehold.
Title Deeds:
The phrase loosely refers to documents establishing ownership of property and on what terms. Becoming an anachronism, now title is registered at Land Registry.
Title indemnity policy:
An insurance policy that covers the mortgage lender and/or owner from specified defects in title (up to the limits that will be set out in the policy). This is often used to save money in the conveyancing process by covering against specific eventualities of the policy.
Title Reference:
It is the documents advising the government of the change of ownership. This transfer paper must be stamped at the Office of state Revenue along with the Front page of the Contract.
Torrens Title:
A system of registration of land in Australia, New Zealand, Malaysia and other countries.
Transferee:
Buyer/Purchaser.
Transferror:
Seller/Vendor.
Transfer of Equity:
The document in prescribed Land Registry form that transfers Title from one owner to another. This is often the case in conveyancing cases when a partner joins or leaves Title (ownership of property).
Transfer of Land:
This is the document by which the Vendor and the Purchaser direct the Registrar of Titles to transfer ownership of the property from the Vendor to the Purchaser. It may also direct the Registrar to include a covenant or other encumbrance on title.
Tree Preservation Order:
This provides protection for those trees specified in the Order and makes it a criminal offense to cut down, top, lop, uproot or willfully damage or destroy any tree, without official consent.
Trust Account:
An account to hold the money of our clients. We do not have one. It can be dangerous to have one. If money is stolen, who will pay for it? Solicitors can lose their licence by taking money out of the trust account inappropriately.

 

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U

Undertaking:
(written undertaking) a promise to do something. If we promise the other solicitor that we will do something, we must honor it.

 

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V

Valuer:
A valuer is a professional person whose role it is to determine the current market value of a property. Valuer is tertiary trained, and accredited by the Australian Property Institute (API).
Valuation:
We need to get a licensed valuer to value the property to determine a "fair" value of the property.
[Hints & Tips: If you sell a property to your relatives e.g. a sister, the Office of State Revenue Department will want a copy of a valuation report to determine a fair value of the property so that you pay the right amount of (stamp duty) tax.]
Variation to Contract:
Where the parties to a contract agree to change the contract after it has been signed, the change cannot be enforced by either party unless the party against whom the change is to be enforced has signed a document setting out the details of the change.
Vendor:
Seller.
Vendor Finance:
This is instead of getting the mortgage from a traditional lender like a bank, you get the finance from the vendor.

 

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W

Waive:
to go or dismiss (get rid of).
Will (1):
a printed statement of the owner that specifies all the directions of the property. Read more...
Will (2):
extends to a testament and to a codicil and to any appointment by will or by writing in the nature of a will in exercise of a power, and also to a disposition by will and testament or devise of the custody and tuition of any child by virtue of the Imperial Act twelfth Charles the Second, chapter twenty-four, and to any other testamentary disposition.
Witness:
A/the witness must:
- not be a party to the dealing or document,
- be an adult who personally knows or has been satisfied as to the identity of the party executing the dealing or document and
- be present at the signing of the dealing or document. Read more...
Work Order:
A valid direction from the local council, notice or order that requires work to be done or money to be spent on or relation to the property or any adjoining footpath or road.

 

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Z

Zoning:
Government regulations controlling the use of land and buildings.


We welcome you also to check other firms within the area that does conveyancing.

 

Vo Lawyers, Lawrence Wong Solicitor, Than Nguyen & Partners, My. T Nguyen, QT Lawyer, JA Buda, Dang & Co, Gibson Tran Lawyers, Andrew Lee Lawyers, Selective Lawyers-Cabramatta