Main Home Page

Main News Page

Contact Us by Email

Sign up for our Newsletter

Testimonials!

What you gain from Brown & Brown Conveyancers?

TESTIMONIALS:
Garth Brown Endorsement

Hi Garth,
 
Just to let you know that we received our deposit back from the real estate agent's office last week. Thank you for the service you provided throughout the whole process (especially in helping to get the deposit back a sap) - it was great, and really appreciated. We thank you again and wish your business well.
 
Kind regards,
 
Lydia and Stephen - Artarmon

. . . . . . . . . . . .

Hi Garth,

For someone that is time poor and not accustomed to the process of buying property that often, your assistance in guiding me through, making sure I actioned things on time, and your overall support in ensuring I was aware of my rights and obligations was a great comfort - and a great servcie.

Thank you for your help - I love my new apartment.

Jenny Wilson - Kirribilli

. . . . . . . . . . . . .

Brown & Brown e-Newsletter
by Garth Brown


Return to newsletters

"GLOSSARY OF TERMS USED IN BUYING AND SELLING A PROPERTY"

The Glossary of Terms will help explain some of the terminology used in Real Estate Australia.

ACCEPTANCE
Agree to the terms and conditions of an offer or contract.

AGENT
A body or person authorised to act on behalf of the client in the sale, purchase, letting or management of real property.

AUCTION
A public sale where the property is sold to the highest bidder on the proviso the reserve price for the property has been met or exceeded.

BODY CORPORATE
The owners or the units/apartments within a building form a Body
Corporate. These owners select a council who are responsible for the maintenance of the building (which includes all common areas).

BOND
Upon signing a Tenancy Agreement a bond needs to be paid by the Tenant to the Rental Bond Board (usually equivalent to 4 weeks rent). Please check with the managing agent to confirm the amount.

CAPITAL GAIN
The monetary gain you obtain when the asset is sold for a higher price than originally paid for it.

CERTIFICATE OF TITLE
A document which shows the following: ownership details, the dimension of the land, detail of any mortgages and encumbrances (outstanding charge/liability on a property).

COMMON PROPERTY
An area which is owned by all owners of the strata property.

COMPANY TITLE
Owners of these units are shareholders in a private company. The
approval of the majority of shareholders is necessary if you wish to
lease or sell your property.

CONTRACT OF SALE
A written agreement which details the terms and conditions regarding the sale or purchase of a particular property.

CONVEYANCE
The legal process involved in transferring the ownership of a property.

DEPOSIT
A deposit is required when purchasing a property (at the time you sign the contract of sale), usually 10% of the sale price. However please check with your agent for confirmation of the deposit amount.

GAZUMPING
Where the seller agrees to the sale of the property but before the
contract of sale is signed the property is sold to another buyer.

HOLDING DEPOSIT
This is a deposit paid to the vendor based on the goodwill of the buyer to go ahead with the purchase of a property. It is refundable if contracts have not exchanged.

LAND TAX
An annual tax paid to the state government, calculated according to the value of the property. Please check with your State Government for the tax amount.

LEASE
A document which grants a person tenancy of a property. A specific
period and terms and conditions will apply. Contact the managing agent for details.

LESSEE
A person who leases a property.

LESSOR
The owner of a property who leases a property to another person.

MORTGAGE
A legal document containing the terms and conditions applied to the funds leant to a person for the purchase of a property.

MORTAGEE
The lender of the funds to purchase the property.

MORTAGOR
The person who borrows the funds to purchase the property.

PASSED IN
A property will be passed in at auction if it does not meet the set
reserved price.

RESERVE PRICE
The reserve price is the amount which is set by the owner of the
property prior to auction. After the property meets the reserve price it will be sold to the highest bidder.

SETTLEMENT
A date is set for the settlement of the sale and at this point the
balance of the contract price is paid and ownership of the property
transfers from the vendor to the buyer.

STAMP DUTY ON THE MORTGAGE
A State Government tax applies to the mortgage amount.

STAMP DUTY ON THE PROPETY AMOUNT
State Government tax applies to the sale price of the property.

STRATA TITLE
This type of title gives you ownership of a unit, which you can lease or sell at your own discretion. Membership of the Body Corporate is automatic with this type of real property.

TITLE SEARCH
Process to ensure ownership of a property.

TORRENS TITLE (Certificate of Title)
System of recording ownership of a property.

VENDOR
The party (seller) who offer a property for sale.

YIELD
The income gained from a property. The yield is usually expressed as a percentage of the value or cost of the investment.

Return to newsletters

PLEASE DOWNLOAD OUR FEATURE CONVEYANCING ARTICLE IN AUSTRALIA'S BEST BUILDING, CONSTRUCTION & MINING MAGAZINE.

. . . . . . . . . . . . .

Thank you again for your valued custom.

License No: 1055854

Our next eNews:

“What happens if one of the parties dies before completion” – October 2009

Contact Us by Email
Sign up for our e-newsletter: