Stellar Conveyancing Glossary
When dealing with conveyancing and contracts, you’ll likely come across a few of the legal terms below. This page helps explain a few of the most common terms you may come across. Of course, you can always contact us at Stellar Conveyancing, free of charge, to give you advice or guidance.
Buyer/Purchaser
A buyer or purchaser is the person buying a property.
Cooling-off Period
The cooling-off period is a mandatory period where the buyer of the property may change his or her mind about purchasing the property.
Disbursements
Sums of Money that are expended on your behalf to obtain necessary information and search results on the property. These are fixed costs determined by the Local Authority or Government bodies that provide the information.
Finance Date
The finance date is the date upon which you must confirm that the bank has unconditionally approved your loan and agreed to lend you money to purchase the property.
Mortgagee
A mortgagee is a person or body who has lent money under a Loan Agreement.
Registered proprietor
A registered proprietor is a person registered on the title as the owner of the property.
Settlement
‘Settlement’ is the date which the property transfer occurs, and you are legally entitled to or renounce possession.
Contract
The contract is a written or printed document that the buyer and seller complete. This is a legally binding document which sets out the agreement reached between buyer and seller to transfer property.
Department of Natural Resources, Mines & Energy (DNRME or Land Titles Office)
The Land Titles Office is the central registry for the recording and registering land ownership. It is a system where land ownership occurs when the document that transfers ownership of the property is filed at the local Land Titles Office. This system is to provide certainty of title to land.
First Home Owners Grant (FHOG)/First Home Owners Construction Grant
The government offers a grant for first home buyers. The grant amount varies, and so does eligibility. For the latest guidelines and information, please contact us to discuss.
Mortgage
A mortgage is a document your bank registers over the title of your property which secures their loan to you.
Mortgagor
A mortgagor is a person or body under a loan agreement who has borrowed money.
Seller/Vendor
A seller or vendor is a person selling property.
Stamp Duty
Stamp duty is the amount taxed by the government on property transactions. The stamp duty amount varies depending on whether the property is an investment, principal place of residence or first principal place of residence.