Real Estate Glossary Terms

Commission

A negotiable percentage of the selling price of a property, paid by the seller to the property agent, normally after the property is sold.

Common Property

Areas in strata-title properties shared by all owners.

Community Title

Similar to Strata Title but applicable to developments combining a variety of dwelling styles and communal facilities where an overall style and theme must be adhered to.

Company Title

The title system that apportions space within multi-apartment buildings, pre-dating Strata Title, based upon ownership of parcels of shares within an unlisted company. Not all banks will provide finance. Seek legal advice prior to purchase.

Contract Note

The first document signed on buying a house is sometimes a Contract Note, instead of a Contract of Sale. This document when signed by both parties is a legally binding as a Contract of Sale and the buyer and seller should treat it with the same importance. It must be accompanied by a Vendor Statement.

Contract or Agreement of Sale

A legal document outlining details of a property sale. It is usually prepared on the seller’s behalf by an agent, solicitor or conveyancer.

Conveyancer

A person (not a legal practitioner) who, for a fee, handles the process of transferring property.

Conveyancing

Transferring ownership of a property from the seller to the buyer.

Cooling-Off Period

A period of time during which a buyer can withdraw from the sale of a home (if not purchased at auction). Duration varies from state to state. The duration must be outlined in the Agreement of Sale.

Covenant

Conditions affecting the use of land or property written into the title.
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