Property & Development

Monday, May 28, 2018

Word or Phrase Description
Abatement Official reduction, allowance or rebate.
Access Rights The right to enter and exit a property over an adjoining property.
Ad Volorem In proportion to value.
Arm’s Length A transaction completed on a commercial basis, with no personal interests or relationships between the buyer and seller.
Asset & Liabilities Statement A one page summary of the borrowers’ assets and liabilities in order to determine net equity for credit purposes.
Assignment of Contract The transfer of a contract to a third party.
Body Corporate A body run by the owners of strata title schemes responsible for maintaining and managing shared, common property such as carparks and gardens.
Building Format Plan Deals with the type of subdivision that usually occurs within a building.
Caveat Notification of an interest in the property from someone other than the owner.
Caveat Emptor Latin term meaning “let the buyer beware”.
Certificate of Title Official documentary confirmation of ownership of land.
Certificate of Occupancy Official confirmation the dwelling complies with statutory requirements and is ready for occupation.
Chattels Any fixed asset, such as machinery, tools and fittings associated with the land that are not fixed to the land or can be easily removed with no permanent damage to the land.
Common Property Community facilities such as pools, gardens and barbeques normally associated with strata title schemes.
Cooling Off Period A period of time after the contract has been signed where the purchaser may cancel the contract.
Conveyancing The legal process of buying and selling land.
Covenants An obligation on a person to do something or not do something.
Developers Persons or companies who develop land.
Development Approval Authorisation by regulatory authority to change the structure of the land.
Easements A right granted to a person over land.
Egress The exit point of a property.
Encumbrance A charge or liability on the property.
Feasibility Study The assessment of whether a project is financially viable.
Force Majeure Clause that removes liability of not meeting obligations due to unforeseen events, such as natural disasters.
Gazumping Vendor agrees to sell property, but then sells to another on more favourable terms.
Head Lease A lease from the freehold owner to a tenant that is intended to be the holder of subsequent leases to sublessees that will be the tenants in actual possession of the leased premises
Ingress The entry point of a property.
Joint Tenants Property owned by two or more persons where ownership is automatically transferred to the other joint tenant(s) on the death of a joint tenant.
Joint Venture An agreement for two or more parties to undertake a project.
Land Development The development of land.
Lease The right to occupy premises with exclusive possession.
Management Rights The right to manage strata title schemes.
Off-the-Plan Contracts Buying an apartment off-the-plan means signing a contract to purchase an apartment that is yet to be built.
Option Agreement An option agreement is an agreement between a buyer and seller that gives a person the option to buy or sell a particular asset at a later date at an agreed price.
Personal Property and Securities Act 2009 (“PPSA”) PPSA deals with the registration of security interests over a property.
Property Purchase Purchase of property.
Property Sale Sale of property.
Standard Format Plan Defines land horizontally with marks on the ground (usually pegs).
Stamp Duty A tax that relates to the transfer of assets or property (also known as transfer duty).
Strata Title Schemes Method of dealing with shared ownership of property and operates across of range of strata options such as high rises, mixed-use buildings, townhouses, community villages, residential complexes, and duplexes.
Survey Plan Formal record of land’s legal boundaries, including dimensions and size of property.
Resumption The action, on the part of the Crown or other authority, of reassuming possession of land and rights previously granted to another.
Tenancy The right to occupy premises with exclusive possession.
Tenants In Common Property owned by two or more persons where there is no automatic transfer of ownership to the other owners upon the death of one tenant in common.
Unencumbered A property free of encumbrances.
Unit Trust A unit trust is a trust structure that allows persons to hold assets and provide profits that go straight to individual unit owners instead of reinvesting them back into the general trust fund.
Yield The expected future income a property may deliver.
Zoning Guidelines provided by council regarding the permitted use of land and buildings within a specified area.
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