Frequently Asked Questions > Glossary of Terms (32 entries)
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A certificate pursuant to the Real Property Act that records details in relation to specified land including ownership, boundaries, limitations of title and mortgages. The original of the certificate of title ...
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The corporation automatically created on the deposit of a community plan. The community corporation manages the common property within that plan and facilitates various matters of common interest for the ...
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A defined piece of land (not being common property or a development lot) within a community plan.
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A person approved to advise on and prepare documents to transfer, or convey, real estate. The term "Conveyancer" includes a property solicitor and Licensed Conveyancer.
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Withdrawing from, or rescinding or terminating a contract under a statutory right given by a relevant Act. In New South Wales, the Conveyancing Act provides for all residential properties to have ...
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A defined piece of land within a strata or community plan that is neither common property nor a community lot. Not all community plans include development lots. Development lots are ...
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A legal right to use a designated part of someone's land for a particular purpose. Types of easement include a right of way (to pass and repass to access adjoining land) ...
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The highest interest in land (whether built on or not) that can be owned by a person other than the Government.
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This term has a highly technical legal definition when used in a contract for the sale of land. In simple terms, it describes something that has been deliberately affixed to the ...
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One of the two main ways in which two or more persons may own the same parcel of land (the other being tenancy in common). The principal features which ...
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The term to describe land whether built upon on not. By law, land defined by a certificate of title includes all buildings, fixtures and improvements on the land.
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The office of the Registrar-General (a public officer) that holds the records of all non-government land. All transfers of land must be registered there. Now under the umbrella of NSW Department ...
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An exclusive right to occupy land (whether for residential or other purposes) for a fixed period (see also "License").
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A non-exclusive right to occupy land (see also "Lease").
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An abbreviated reference to a strata, community lot or a development lot (see "Community Lot" and "Development Lot"). Is is also the description of a parcel of Land in a Deposited ...
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Formerley known as the Memorandum of Transfer. It is a document signed by the vendor and the purchaser (not being the contract) that, when registered at the Lands Titles Office,(or similar ...
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A loan for which land is used as security for repayment.
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A lender whose debt is secured over property.
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The borrower who uses property as security for repayment.
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The corporation automatically created on the deposit of the strata plan. The strata corporation manages the common property within that plan and facilitates various matters of common interest for the residents ...
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The person whose name appears on the certificate of title as the owner of the land.
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A right to use a designated part of someone's land to access adjoining land. It can also be refered to as a Right of Carriageway (for motor vehicles) or a Right ...
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To fulfill the terms of the contract of sale. This involves handing over the purchase price in exchange for a memorandum of transfer that has been properly signed by the vendor ...
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The time at which the parties settle. (see "settle").
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A clause or set of clauses in a contract of sale that must be satisfied or waived before the person for whose benefit the condition was inserted can be forced to ...
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A plan under the Strata Schemes Management Act that divides a parcel of land into strata units and common property. Note that a parcel of land may also be divided into ...
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One of the two main ways in which two or more persons may own the same parcel of land (the other being joint tenancy). Tenancy in common lacks at least one ...
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The right to occupy and use specified land but subject to any limitations of title set out on the certificate of title. (See also "Certificate of Title").
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A system of registration of titles, maintained by Land and Property Information.
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The Vendor is the Seller of the property.
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To give up a legal right. A purchaser of land may waive the right to cool off in certain circumstances (see "Cooling Off"). A person may waive the right to be ...
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This is the Certificate that a Conveyancer signs on behalf of a Purchaser which will waive any Cooling Off Period under the contract.
