Legal Jargon 101When dealing with conveyancing and contracts, it is likely you will encounter numerous legal terms. We aim to make the entire conveyancing process simple. This handy glossary tackles a few of the most common terms you may come across.
Of course, our friendly team of Conveyancers are always on hand to give you advice or guidance, free of charge and obligation.
We have created an easy to use guide for property conveyancing for you as well, which clearly explains some of the jargon and what to expect when you are buying or selling a property.
Certificate of Title The certificate issued by the government in the relevant state that demonstrates the ownership of the property. Many states are moving to an electronic form, however a paper copy is usually also available. Community Titles Scheme (also known as Strata title) The title given in multi-dwelling developments. This title can be both volumetric e.g. the position of a 10th floor apartment in comparison to all other apartments in the development, or a particular townhouse amongst a group of townhouses. The title has the same rights as the title associated with a block of land accepting there are usually common areas, e.g. Corridors, driveways, pool areas, etc. Strata titles are invariably managed by a body corporate whose members are made up of the strata title owners. Contract The contract is the written or printed document that obligates a buyer and seller to complete all of the steps necessary to transfer property. In some states you will sign preliminary documentation which will assist in drawing the actual binding contract. Conveyancer A person or firm that conducts the transaction anticipated in a contract. The Conveyancer prepares and/or checks all documentation and advises the buyer or the seller of their rights and obligations and manages the property transaction. Cooling-off Period Length of time where the purchaser of the property may change their mind about the purchase and opt out of the purchase. Disbursements Amounts that are expended on your behalf to outside parties e.g. Councils, Government Departments to either obtain information or search results. These are fixed costs determined by the Council or Government that provide the information. Exchange The point at which a binding contract is passed from the buyer to the seller or vice versa which has been signed by both parties. Finance Date The date upon which you must be able to confirm that the bank will lend you money if you are borrowing. It is not the date from which you need the money, rather the date upon which the bank confirms they will provide you the money at settlement. First Home Owners Grant From time to time the government may offer a grant for First Home Buyers. The Grant amount may vary as does eligibility. For the latest guidelines and information, visit your local Office of State Revenue site: contact us and we’ll get right back to you. You can also call us directly on 1300 22 33 44 – we’re always happy to help.