This is usually done by a settlement agent or solicitor.ĬOOLING OFF PERIOD - Set time where buyer can withdraw from the contract however, a penalty is incurred.ĬOVENANTS - Special rules and regulations which might apply to a property regarding its use.Ĭ.T. Information can include copies of pay slips, length of employment, value of assets and the value of the property being purchased will be considered as well.ĬONTRACT OF SALE - A written document that sets out the terms and conditions for the purchase or sale of land and all improvements thereon.ĬONVEYANCING - The legal process of transferring the ownership of property and money, making sure that everything is legally correct as the property transfers from one owner to another. For example, subject to raising finance, to sale of the buyer’s home, to completion of work on the property, to title search, to structural or pest reports.ĬONDITIONAL FINANCE APPROVAL - Finance approval has been given subject to confirmation of certain information stated by the applicant. Some BBQ’s and pool cleaners may also be classified as chattels.ĬMA - Comparable Market Analysis is the price comparison of your home with others that are currently for sale and those that are similar in size and location that have sold.ĬOMMISSION - The fee payable to a real estate agent for selling a property, payable by the seller.ĬOMMON PROPERTY - Areas on a title which have joint ownership with another property often common with crossleased, strata title and unit title properties.ĬONDITIONAL CONTRACT - A contract that is agreed to by the seller and the buyer, where one or more conditions need to be met, usually within a specified time period, by either the seller or buyer. Generally it is held by the lender as security for a loan.ĬHATTELS - Chattels are items that are generally fixed on the property and include carpets, light fittings, stove, dishwasher, blinds, curtains, fixed heaters, television aerials. In certain cases this puts the burden onto the buyer to be satisfied before purchasing a property.ĬERTIFICATE OF TITLE - A document which details the ownership of land along with the dimensions and other details. They are put in place by local authorities to control the quality of buildings.ĬAVEAT - A document lodged by a person with a legal interest in a property, to ensure the property is not sold without their knowledge.ĬAVEAT EMPTOR - Latin for “let the buyer beware”. The security is usually on both properties.īUILDING REGULATIONS - These are designed to uphold the standards of public safety, health and construction. This is different to a sworn valuation by a registered valuer.ĪUCTION - The sale of a property by a bidding process.īREACH OF CONTRACT - Not fulfilling one or more terms of the contract.īRIDGING FINANCE - A short term loan, usually at a higher rate of interest, which helps people to cover the purchase of a property while waiting to sell or settle on theirs. AGENT - A licensed real estate agent or agent's representative.ĪPPRAISAL - An opinion of an agent as to a property’s saleability and estimated market worth based on current market conditions and the property’s characteristics.
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