Real Estate Glossary Terms

Title Search

A check of public records to make sure that the vendor has the right to sell and transfer ownership of a property.

Torrens Title

Is the standard certificate recognising land owned by the person registered on that document.

Townhouse

Two storey attached building, usually Strata-Titled.

Transfer

Document registered in the Land Titles Office recording change of ownership of a property.

Unencumbered

Property free of covenants or other restrictions.

Valuation

An estimate of the value of a property by a qualified and registered valuer.

Variable Interest Rate

A rate that varies in accordance with the money market rates.

Vendor

A person selling a property.

Vendor's Statement

Information which the seller must provide to the buyer setting out any restrictions such as covenants and easements, outgoings such as rates, and other relevant notices.

Villa

An attached dwelling usually single storey.
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