![]() ![]() Restrictive covenantĪ restriction placed on the title of the property to which the owner is legally bound to. The difference between purchase price of property and deposit paid. The preliminary approval of a loan for a house that is issued by a lender before a property has been purchased. One example of a government authority is your local council. This modification could include adding a building extension or removing a large tree. Permission from a government authority to modify a property. This amount can also be charged when a purchaser cannot meet a payment deadline set out by the contract. Penalty interestĪn amount charged by the vendor when payment on a settlement is delayed. ![]() The person or entity who provides the mortgage. The person or entity who receives the mortgage. ![]() This will be registered on the title to the property and can be used to claim a legal interest in the property purchased. MortgageĪn amount of money loaned to a person or entity that is used to define the purchase of a property. When a property is purchased off the plan, the purchaser has agreed to buy the property after seeing the plans but before the property in question has actually been built. LoanĪn amount of money that is loaned to a person or entity that's not secured by a mortgage or right to the property in question. LicenseeĪ person or entity receiving a licence. LicensorĪ person or entity who is granting a licence. Rent can be charged during this period of time. This must be granted by the Vendor(home owner). LicenceĪ right is given to a purchaser allowing them to move in with their possessions in before settlement for the property has taken place. One example of an entity could be a bank. LenderĪ person/entity that is lending money. LendeeĪ person/entity that is receiving the loan. Both must be listed in the contract to communicate exactly what is included in the sale of the property when the transfer of ownership is finalised. Inclusions and exclusionsĪ list of items on a property that are either included or excluded from the sale of it. Prior to settlement, the purchaser is entitled to one final inspection of the property they are about to purchase. During this time, two identical contracts are signed, dated, and exchanged and the deposit is paid. The moment when the Agreement for sale has become binding for both parties. Refers to the fact that there's a mortgage or caveat registered for the property title. An easement can also refer to shared driveways and paths on a property. An easement is typically used when access is required for wires and pipes for maintenance to sewage, drainage and electricity. This right can belong to someone who is not the landowner. EasementĪ right to use and access part of land on the property. This amount is usually held by the estate agent until all paperwork for the purchase of the property has been signed. This amount of money is paid by the purchaser as an assurance that they are going ahead with the purchase of the property in question. DepositĪ percentage of the purchase price for the property being sold. CovenantĪ notation featured on a title deed that imposes conditions or restrictions for the property and an obligation to terms. During this time, the purchaser can choose to walk away from the contract without getting a financial penalty. Cooling off periodĪ period of three business days which commences from the date when an exchange of contracts has taken place between the purchaser and the buyer of the property. ConveyancerĪ licensed professional who can give advice and prepare documents for the transfer of property ownership. ![]() Contract of Sale (contract)Ī written agreement between the buyer and seller of a property that outlines the terms and conditions of the sale, inclusions, price, descriptions of the property and completion date. Certificate of title (title deed)Ī legal document that outlines details of the property owner and anything else that may affect the property such as a covenant, mortgage, a restriction or easement. This claim prevents the transfer of title for the property in question until the claim has been determined. CaveatĪ legal claim lodged by a person with an interest in the property. This process ensures both parties only pay the outgoings for the time periods they are in possession of the property. AdjustmentsĪ method used to calculate how the outgoings for a property will be divided between the seller and buyer. When the sale of a property is conducted in public and the property in question is sold to the highest bidder. If you have any questions about conveyancing and the services we provide, contact us today. To help you through your conveyancing process, we've created a comprehensive glossary of common or confusing conveyancing terms. Not everyone needs to be an expert on property law. ![]()
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