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Definitions (88)
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zoning
The permissible uses of an area of land stipulated by the council.
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variable interest rate
A rate that varies in accordance with the money market rates.
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vendor
The person selling the property.
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vendor's statement
Information which the seller must provide to the buyer advising of restrictions such as covenants and easements, outgoings such as rates, and any other notices such as compulsory acquisition. Voluntar [..]
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torrens title
A system of title by Lands Titles Office registration that is governed by the Real Property Act.
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valuation
An estimate of the value of a property by a registered valuer, usually for a fee. Only a qualified valuer can undertake valuations. A land agent can only perform an appraisal.
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strata title
Individual ownership of an apartment or unit within a block or multi-unit complex. This is separate from and additional to the joint ownership of common areas shared by all the property owners in the [..]
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tenants in common
A form of joint ownership in a property in which each person owns a share of property, equally or unequally. On the death of one owner, the deceased’s share passes to his or her heir/s, who assume/s t [..]
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title search
A check of public records to ensure that the vendor has the right to sell and transfer ownership.
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stamp duty
A state government tax, based on the sale price of a property, paid by the buyer when property ownership is transferred or on the amount of a loan.
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