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.
#ALTERNATE CONVEYANCE PROFESSIONAL#
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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