Conveyancing Terms

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. eg: husband and wife.

Licensed Conveyancer
Is the holder of a Licence under the Conveyancers Licensing Act 1995

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 lodgment 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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