Northern Star Conveyancing Legal Terms

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CONVEYANCING LEGAL TERMS

Assets/Liabilities	An asset is an item which: has some economic value to its owner may be money or can be converted into money for the owner's benefit An example of an asset is a bank account, a house, a car etc. Assets may be used for the payment of debts. A liability is something a person: is obliged to do or is responsible for An example of a liability is a mortgage or debt.
Caveat	Beware - if a caveat is registered on the title it means that a third person has some interest in the land.
Certificate of Title	A Certificate of Title identifies ownership of land. It shows who owns it, whether there is a mortgage or other encumbrance etc.
Covenant	A Covenant is shown on the Certificate of Title and it may effect your use of the property. It is an agreement by one party to adhere to certain terms, conditions or restrictions regarding a property.
Clerk of Courts	The officer in charge of the Court House and administration.
Cooling off Period	Cooling off period is for purchasers for a period after exchange of contracts in which to "cool off", if they do so they forfeit to the vendor a percentage of the sale price.
Deposit	A deposit is normally paid by a buyer at the time of exchange of contracts.
Deposit Bond	A means of securing a deposit on the purchase of real estate by purchasing a bond from a bank or insurance company.
Encumbrance	An encumbrance is a burden or charge registered on the title to the property such as a mortgage.
Exchange of Contracts	There are two contracts, one signed by each party and the Contracts are Exchanged so that each party holds the contract signed by the other, the deposit is paid at this time and the contracts are dated on the day of exchange. It is at this point that the parties are bound to the transaction and the contract contains all the conditions of the sale.
Final Inspection	A purchaser should always have a final inspection of the property prior to settlement to make sure that the property is in the same condition as when first inspected and to see that all inclusions are left in the property.
Finance	Before you commit yourself to the contract to purchase, you must organise your finance. The contract is not normally conditional on finance approval and once you are committed to buy you must complete the contract regardless of whether you have the finance to do so or not. If you are unable to complete the purchase you stand to loose the deposit paid and also to be sued for any loss that the seller may incur.
Financially Associated Person	Any person: you may receive financial assistance from you provide financial assistance to who could reasonably be expected to financially assist you in obtaining legal services, eg relative, spouse, trust, corporation, group etc
Fittings	Goods or articles that can be removed from the property without causing damage, such as curtains and light fittings.
Fixtures	Items such as built-in cupboards, bath, toilet, stove, laundry sink etc, that cannot be removed without causing damage to the property.
Insurance	Insurance risk passes on settlement day.
Joint Ownership	Title is held in one of two ways: Joint tenants, means that each person owns the property jointly and on the death of one party the property automatically passes to the remaining joint tenants. Tenants in Common means that each person owns a share in the property and on the death of one party that share passes to whoever inherits their estate.
Land Tax	A state government tax payable by owners of a property based on the value of the property.
Legislation	Law made by the parliament.
Mediation	A system using a neutral person to help two parties in a dispute to come to an agreement or settlement without going to court.
Mention	The name given to a court appearance when the matter is not finally heard or dealt with.
Negotiation	1. A form of dispute resolution where an independent person arranges settlement via discussion or compromise 2. Process where parties discuss potential resolution of issue
Oath	A sworn acknowledgment to speak the truth in court.
Old System Title	A system of land ownership relying on deeds to establish title.
Order	A command or direction by a Court.
Precedent	A prior decision which serves as an example or justification for later decisions.
Right of Way	A right which gives a person access across certain land.
Qualified Title	Torrens Title land but where the government does not give a guarantee of ownership.
Separation of Powers	Having the judiciary separate from and not influenced by the parliament and the executive arm of the government.
Settlement	Settlement is the day when possession is given to the purchaser and all monies are handed over in exchange for the title deeds.
Solicitor	A lawyer who mainly advises clients, prepares cases and briefs barristers. They can also appear in Court.
Stamp Duty	The amount of duty payable is determined by the sale price of the property. The higher the price the higher the duty. This is paid after contracts are entered into and usually before settlement of the transaction.
Statute	A law passed by parliament.
Strata Title	Strata Title is a form of Torrens Title and is the name given to the ownership of units, townhouses and villas.
Survey	A survey is a written report provided by a Surveyor, indicating the position of buildings and fences in relation to the boundaries and any encroachments onto the land or onto the neighbour's land.
Torrens Title	If you are registered on the Torrens Title, you are guaranteed ownership by the Government. The Torrens Title records ownership of land and is the most common form o f Land Title. When you are registered on the title you are guaranteed ownership by the Government.
Valuation	A valuation is usually required by the lender, provided by a registered valuer, indicating the value of the property to indicate what the market value is.
Your Honour	The term used when addressing a Magistrate or Judge.

* Northern Star Conveyancing is the Conveyancing Business of Moin & Associates Pty Limited, Lawyers.

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