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If you require a Statutory Declaration, please feel free
to download one from below to print out. They are in Adobe©
Acrobat© format. If you do not have Acrobat© reader,
please
click
here to download your free version from Adobe©.
Click here
to download the New South Wales Statutory Declaration.
to download the Victorian Statutory Declaration.
Click here
to download the Queensland Statutory Declaration.
Click here
to download the Western Australian Statutory Declaration.
Adjustment: The portion of taxed,
council and water rates prepaid by the vendor for which the
purchaser will be liable.
Amenity: A feature of property
that enhances its attractiveness although not essential to
the property’s use, such as scenic views or proximity
to public transport.
Amortisation Period: The time
it will take to pay off a home loan, usually 25 years.
Appraised Value: An estimate of
the value of a property offered as security for a home loan.
Body Corporate: A group of people
(either the owners or their representatives) responsible for
the overall management of the common areas in a strata title
(such as a block of flats).
Brick Veneer: A type of building
in which a structural timber frame is tied to an external
brick wall.
Capital Gain: The profit made
when an asset is sold for more than it cost.
Certificate of Title: A document
which sets out the Crown description of the land, registered
proprietors, registered mortgages, charges, easements and
encumbrances.
Commission: The fee (usually a
percentage of the sale price) charged by a real estate agent
for selling a house.
Company Title: The Title applies
when a company owns the whold of a property. By purchasing
shares in the company, the purchaser obtains the entitlement
to occupy a particular part (such as a flat) of the property.
Contract Note: Sometimes, the
first document signed upon buying a house is a Contract Note
instead of a Contract of Sale. It should be treated with the
same importance as a contract and accompanied by a Vendor
Disclosure.
Conveyancing: The process where
ownership of property is transferred from one party to another.
Cooling-Off Period: The legal
entitlement of a property purchaser to withdraw from a contract
by giving ritten notice within three business days after the
Contract of Sale or Contract Note is signed. However, there
are circumstances where the cooling-off period does not apply:
- The price of the property exceeds $250,000.
- The property is purchased at an auction or within three
business days of a publicly advertised auction.
- The purchaser receives independent legal advice before
the purchase of the property.
- The purchaser is a real estate agent or corporate body.
- The purchaser has previously signed a similar contract
for the same property.
- The property is used mainly for industrial or commercial
purposes.
- The property area exceeds 20 hectares and is used mainly
for farming. The vendor is entitled to retain $100 or 0.2
per cent of the purchase price, whichever is the greater.
Easement: A right an individual
has over land belonging to another (such as right of way,
right of light, right of support).
Encumbrance: A liability or charge
on a particular property, such as an easement or a mortgage.
Fittings: The items that can be
removed from a property without causing damage to it.
Freehold: An owner’s interest
in land where the property and the land on which it stands
both belong to the owner indefinitely.
Joint tenancy: Where two or more
people own land and there is a right of suvivorship. This
means that on the death of one of the owners, the land vests
in the survivors and cn only be sold by the last surviving
owner.
Land Tax: Based on the property
value, this is a state tax payable by the owners.
Lease: A document granting the
possession of a property for a given period without conferring
ownership.
Mortgage: A document that, as
security for a loan, pledges goods or property.
Principal: The amount of money
borrowed to buy a property.
Private treaty sale: Sale of property
via an agent through private negotiation contract.
Reserve Price: The minimum price
a seller has specified they will accept at auction.
Security: Property offered as
backing for a loan. In the case of hoe loans, the property
which is to be bought with the loaned money usually acts as
security.
Settlement date: The date on which
the sale of a property becomes final and the new owner takes
possession.
Sole Agent: Where one real estate
agent or agency has the exculsive rights to sell a property.
Stamp Duty: A state tax imposed
on the transfer of real estate.
Strata title: Most commonly used
for flats and units, this title gives you ownership of a small
piece of a larger property. You have the sole right to a particular
unit and can lease, sell or legally dispose of the property
as you wish.
Stratum title: This gives you
legal ownership of a piece of property and also gives you
a share in the company that is set up to look after the common
areas of the flats or units you live in. It does not include
“air space”.
Tenancy in common: The holding
of property by two or more people, either equal or unequal
share. If one person dies, the property is dealt with in accordance
with the law.
Title search: Carried out from
the records of the Land Titles Office, this ascertains registered
particulars, such as the proprietor, mortgages, etc.
Torrents Title: Detail ownership
of a property. As owner, you have the right to lease, sell
or dispose of the property. All legal owners and changes of
ownership are recorded on the Torrens Title.
Zoning: Councils designate land
for certain uses. The most common are commercial and residential.
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