- A notice registered on the title deed indicating that someone has an interest in the property.
- Personal property, a moveable article such as furniture
Cooling off period
- The period of 5 working days from the date of exchange of contracts. The cooling off period is only for the purchaser.
- The amount of money paid on or before the date of exchange of contracts. The deposit is normally 10% of the purchase price unless otherwise negotiated between the parties.
- A plan of subdivision deposited at Land and Property Information. Commonly called a DP.
- The right to drain water over another property.
Easement for support
- The right to have a part of a building over another property.
- The action of one person intruding upon land over which they have no right.
- A right held by one person over the property or another that limited the ways in which the owner may use or deal with the property. An impediment or burden eg ; Mortgage
- The act of swapping contracts. The sellers signed contract is held by the purchasers conveyancer and visa versa. Once completed both parties have entered into a legally binding contract.
- Proprietor – owner of the land
- An item fixed to the land or building. Cannot be removed without causing damage to the land or building. Anything nailed, screwed or glued to the building is a fixture.
- Those things included in the sale price that are not necessarily fixtures but in some cases may be fixtures.
- If one party passes away the other automatically inherits the whole of the property.
- Each block of land, unit. Townhouse, villa is given a lot number. This does not necessarily match the house or unit number.
- Lender (bank)
Restriction on user
- A restriction on the use of the land usually imposed by the original developer and or council.
- Is a form of Torrens Title and relates to properties that form part of a Strata Plan.
Tenants in Common
- The property can be purchased in equal or unequal shares. If one owner passes away their share goes to whoever inherits their estate.
- Title guaranteed by the NSW Government. The most common type of title to land.
- NSW Government tax on the purchase of land. There are some concession ie First Home Plus