|Profits made from the sale of property.
|A note on the title that an interest in the land is claimed by a third party.
|A Latin expression meaning ‘let the buyer beware’. It is the buyer’s responsibility to ensure that the property meets their approval prior to purchase.
|Certificate of occupancy
|A document issued by a building surveyor stating the building is suitable for occupation. It is not evidence that the building complies with the Building Act or building regulations.
|Certificate of title
|A document showing who owns the property, the size of the land and whether there are any limitations on the title such as mortgages, easements or encumbrances.
|Moveable personal property or furniture.
|Property zoned and used as office buildings, shops and retail premises.
|Areas of a property used by and belonging jointly to all owners of a property. This applies to such properties as apartment blocks or multi-dwelling complexes.
|Each resident in a block of flats owns a parcel of shares in a company established under the Commonwealth Corporations Act 2001. This company owns the land and the building. Each shareholder is entitled to exclusive occupation of a flat, but is subject to the company’s constitution (formerly called the memorandum and articles of association) and any by-laws. These documents should be carefully examined for any restrictions.
|A tool allowing the true cost of a loan – interest rate, fees and charges – to be compared with other loans using a single figure percentage.
|Consumer Credit Code
|Regulates all credit for personal, domestic or household purposes. To ensure fair dealing and to protect the interests of consumers, all lenders must comply with the Consumer Credit Code.
|Consumer credit insurance
|An option for borrowers to guard against losing their property in case they default on the loan repayments. This will safeguard the loan if repayments cannot be made because of sickness, accident or unemployment.
|Contract of sale
|A legal document prepared by the seller, usually with the aid of a solicitor or a conveyancer, outlining the details of the sale. The contract of sale is legally binding when signed by both parties.
|A person or company licensed to conduct conveyancing business. This means any business where conveyancing work is undertaken for a fee or reward.
|Transferring the ownership of a property from the seller to the buyer. It is often performed by a solicitor or conveyancer.
|A co-owner is a seller who has a financial share in a property and wants to buy out the other co-owners. For example, in the case of a divorce, two parties may have a share in a property and one party may wish to buy out the other party’s share. Both parties are known as co-owners.
|A co-owner bid is a bid made by a seller who is a co-owner of the property or by a person (other than the auctioneer of the land) on behalf of a seller who is a co-owner of the property.
|An agreement creating an obligation on the titleholder of a property to do or refrain from doing something. For example, a restrictive covenant could state that no more than one dwelling may be built on the land.