Glossary

Tenants in common

Tenancy in common is the holding of property by two or more persons, either equal shares or unequal shares.If one person dies, the property is dealt with in accordance with the law.

Tender

A method of sale, whereby the agent or owner invites interested purchasers o submit their offers in writing by a set date.This is method is rarely used in the sale of residential property.

Term

The time length of a home loan.Payments made may not fully repay the outstanding principal by the end of the term because the amortisation period is longer.

Title

Recording ownership and any encumbrances.

Title search

The process of examining the land title to ensure the vendor has the right to sell and therefore transfer ownership.Title search details the names of the owners and other information regarding the property ie encumbrances or caveats on the title.

Torrens title

A system for the state governmentregistration of the ownership a defined area of land and noting the restrictions thereon.

Town house

Two storey attached building, usually strata-titled.

Transfer

Submitted only to the land titles office.

Document registered in the land titles office recording change of ownership of a property.

Trust account

A bank account into which an agent must pay all moneys received on behalf of another person.

Unencumbered

Property free of covenants or other restrictions.

Valuation

Assessment of the value of a property given in a written report by a registered valuer.

Variable rate loan

A home loan for which the interest rate changes as conditions in the money market change.The amount applied towards the principal changes according to the changes in the interest rate.

Vendor

The owner of a property for sale.

Villa

An attached dwelling, usually single storey.

Waive

To disclaim or renounce a right.

Warranties

Promises or undertakings, expressed or implied.

Zoning

Statutory restriction on the used of land in a planning instrument, (uses permitted and prohibited), one of the key elements of asection 149 certificate.

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