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Conveyancing Terms

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Caveat - Is a document forbidding the registration of dealings with respect to a property.

Conveyancing - Is the method by which Title/Ownership is transferred from one owner to another.

Cooling Off Period - A specified period of time in which the purchaser has a right to withdraw from the matter, usually in return for a small payment to the vendor.

Covenant - Is an obligation or restriction registered on the Title.

Deposit Bond - Is a method of financing the deposit associated with the exchange of contracts.

Disbursements - Are items of expenditure in addition to costs, incurred during the matter and paid on your behalf.

Disclosure Documents - Documents required to be supplied by the Vendor in a Contract and may include:

  • Section 149 Certificate
  • Drainage Diagram
  • Full Title Search
  • Home Warranty Insurance (if applicable)

Easement - A right held by one person to make use of the land of another.

Encumbrances - Items that burden a property.

Exchange - The process of "swapping" identical Contracts for Sale between representatives of the Vendor and Purchaser.

GST - Goods and Services Tax (GST) applies on professional fees and most disbursements. GST may also apply to the property being sold or purchased under certain circumstances.

Joint Tenants - A person who jointly holds an unspecified share in land with others, for example, husband and wife.

Mortgagee - Is the lender of money.

Mortgagor - Is the borrower of money.

Old System Title - Also called Common Law Title, this is a form of ownership title preceding Torrens Title and involves a chain of documents.

Ombudsman - The Australian Banking Industry Ombudsman (ABIO) is the avenue through which a customer can make a complaint about their bank and have it dealt with independently.

Purchaser - Is the Buyer.

Register - The Registrar General's record of ownership, restrictions and encumbrances affecting land held as Torrens Title.

Registration - Usually refers to the lodgement and registration of documents at the Land Titles Office.

Settlement - Is when a Conveyancing transaction is finalised and the balance of any purchase monies paid.

Tenants in Common - Where a person holds a specified share in land in common with others. eg: business partners.

Title - Ownership rights over property as recognised by a legal system.

Torrens Title - A term used to describe the system of title (or land) registration expressed in NSW.

Transaction - An exchange between two parties.

Vendor -Is the Seller

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