Property & Development

Monday, May 28, 2018

Word or PhraseDescription
AbatementOfficial reduction, allowance or rebate.
Access RightsThe right to enter and exit a property over an adjoining property.
Ad VoloremIn proportion to value.
Arm’s LengthA transaction completed on a commercial basis, with no personal interests or relationships between the buyer and seller.
Asset & Liabilities StatementA one page summary of the borrowers’ assets and liabilities in order to determine net equity for credit purposes.
Assignment of ContractThe transfer of a contract to a third party.
Body CorporateA body run by the owners of strata title schemes responsible for maintaining and managing shared, common property such as carparks and gardens.
Building Format PlanDeals with the type of subdivision that usually occurs within a building.
CaveatNotification of an interest in the property from someone other than the owner.
Caveat EmptorLatin term meaning “let the buyer beware”.
Certificate of TitleOfficial documentary confirmation of ownership of land.
Certificate of OccupancyOfficial confirmation the dwelling complies with statutory requirements and is ready for occupation.
ChattelsAny fixed asset, such as machinery, tools and fittings associated with the land that are not fixed to the land or can be easily removed with no permanent damage to the land.
Common PropertyCommunity facilities such as pools, gardens and barbeques normally associated with strata title schemes.
Cooling Off PeriodA period of time after the contract has been signed where the purchaser may cancel the contract.
ConveyancingThe legal process of buying and selling land.
CovenantsAn obligation on a person to do something or not do something.
DevelopersPersons or companies who develop land.
Development ApprovalAuthorisation by regulatory authority to change the structure of the land.
EasementsA right granted to a person over land.
EgressThe exit point of a property.
EncumbranceA charge or liability on the property.
Feasibility StudyThe assessment of whether a project is financially viable.
Force MajeureClause that removes liability of not meeting obligations due to unforeseen events, such as natural disasters.
GazumpingVendor agrees to sell property, but then sells to another on more favourable terms.
Head LeaseA lease from the freehold owner to a tenant that is intended to be the holder of subsequent leases to sublessees that will be the tenants in actual possession of the leased premises
IngressThe entry point of a property.
Joint TenantsProperty owned by two or more persons where ownership is automatically transferred to the other joint tenant(s) on the death of a joint tenant.
Joint VentureAn agreement for two or more parties to undertake a project.
Land DevelopmentThe development of land.
LeaseThe right to occupy premises with exclusive possession.
Management RightsThe right to manage strata title schemes.
Off-the-Plan ContractsBuying an apartment off-the-plan means signing a contract to purchase an apartment that is yet to be built.
Option AgreementAn option agreement is an agreement between a buyer and seller that gives a person the option to buy or sell a particular asset at a later date at an agreed price.
Personal Property and Securities Act 2009 (“PPSA”)PPSA deals with the registration of security interests over a property.
Property PurchasePurchase of property.
Property SaleSale of property.
Standard Format PlanDefines land horizontally with marks on the ground (usually pegs).
Stamp DutyA tax that relates to the transfer of assets or property (also known as transfer duty).
Strata Title SchemesMethod of dealing with shared ownership of property and operates across of range of strata options such as high rises, mixed-use buildings, townhouses, community villages, residential complexes, and duplexes.
Survey PlanFormal record of land’s legal boundaries, including dimensions and size of property.
ResumptionThe action, on the part of the Crown or other authority, of reassuming possession of land and rights previously granted to another.
TenancyThe right to occupy premises with exclusive possession.
Tenants In CommonProperty owned by two or more persons where there is no automatic transfer of ownership to the other owners upon the death of one tenant in common.
UnencumberedA property free of encumbrances.
Unit TrustA unit trust is a trust structure that allows persons to hold assets and provide profits that go straight to individual unit owners instead of reinvesting them back into the general trust fund.
YieldThe expected future income a property may deliver.
ZoningGuidelines provided by council regarding the permitted use of land and buildings within a specified area.

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