Glossary

List of Services

• 66W Certificate A form that waives the cooling-off period for property sales in New South Wales. This form comes from your Conveyancer and must be signed by them only
  
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• Adjustments Changes made to the sale price to account for things like council rates or water rates that the seller has paid for but won't use because they're selling the property.
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• Building Inspection A check-up for the house by an expert to ensure everything is in good condition before purchase.
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• Caveat A warning put on the title of the property that shows someone else might have a right to it or an interest in it. It's like calling dibs on something.
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• Contract of Sale An agreement between the seller and buyer about the details of the property sale, like price and sale date.
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• Conveyancer A person who helps with the legal aspects of buying or selling property, ensuring all paperwork is correct.
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• Conveyancing The process of transferring ownership of a property from one person to another, involving lots of legal paperwork.
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• Cooling-off Period A few days after signing the contract when you can change your mind and cancel the purchase, acting as a safety net.
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• Covenant A rule or promise about what can or cannot be done with the property, like not being allowed to build a certain type of fence.
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• Deposit Money paid upfront by the buyer to show they're serious about buying the property.
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• Disbursements Extra costs that your conveyancer pays on your behalf, like search fees or stamp duty, which you need to pay back to them.
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• Easement A right for someone else to use part of your property for a specific reason, like water pipes running under your land.
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• Encumbrance Something that may limit how you can use your property, such as building restrictions.
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• Joint Tenants A way of owning property together where if one owner dies, their share automatically goes to the other owner(s).
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• Land Tax A yearly tax you might have to pay if you own land over a certain value, separate from your house or other buildings on the land.
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• Lenders Mortgage Insurance (LMI) Insurance that you might have to pay if your deposit is below a certain percentage of the property's price. It protects the lender in case you can't pay back the loan.
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• Mortgage A loan from a bank to help buy the property, which you agree to pay back over time with interest.
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• Off-the-plan Buying property before it's built based on the plans. It's like agreeing to buy something before it's actually made.
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• Searches Checks done by your conveyancer to find out if there are any issues with the property, like unpaid debts or legal problems.
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• Settlement The final step in buying a property, where the buyer pays the rest of the money, and the property officially changes hands.
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• Settlement Date The specific day when the property officially changes hands from the seller to the buyer, and all payments are completed.
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• Stamp Duty A tax paid when you buy a property, based on its cost and your location in Australia.
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• Strata Report A strata report will present the financials, if there are any defects in the building, any current or proposed special levies, any disharmony amongst residence as well as the minutes from the last couple of years meetings to showcase what was discussed.
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• Strata Title A type of ownership for apartments or units where you own your part of the building and share common areas with others.
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• Sunset Date The deadline in a contract for a property development to be completed. If the property isn't finished by this date, the contract might be cancelled.
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• Title This is a document that proves who owns the property. Think of it as the official piece of paper that says, "This belongs to me."
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• Vendor Another word for the seller in the property transaction.
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• Zoning Rules about what the land can be used for, like whether it can be used for houses, businesses, or farms.
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