Buying property can sometimes be confusing, particularly if you are not familiar with all the property terms. As leading buyers agents in Sydney Buyers Domain property buyers agents have compiled this glossary of property terms for you.
Sales Advice: Once Exchange of Contracts has taken place, the selling agent usually issues a Sales Advice to the solicitors of both the Vendor and Purchaser. The Sales Advice contains a description of the property, the price and the names and contact details of both the Purchaser and Vendor and their solicitors.
Section s66W Certificate: A waiver of the Cooling off Period. To be effective, this must comply with Section 66W of the Conveyancing Act 1919, be signed by the Purchaser's solicitor or conveyancer and be provided by the Purchaser with their signed copy of the Contract prior to Exchange of Contracts.
Settlement: The completion of the Contract for Sale whereby the Purchaser or its lender hands over the balance of the Purchase Price in exchange for the title deeds. After Settlement, the Purchaser may collect the keys from the selling agent and move into the property.
Silent Sales: The sale of off market properties or silent listings. A good property buyers agent will be able to source some of these listings for you.
Strata Title: The legal system of property ownership applying to multi-storey or multiple dwellings on the same lot. Units and townhouses will generally be on Strata Title.
Strata Inspection Report: Before purchasing a strata property you should obtain a Strata Inspection Report, otherwise known as a strata report. This is a report carried out by or on behalf of the Purchaser to find out valuable information about strata levies, special levies, building defects and disputes, insurance policies and By-laws. The report may reveal if there are any problems or issues which may affect your decision to purchase the property or the amount that you are prepared to pay. If you are uncertain about the contents of the report, you should speak to your solicitor or conveyancer.
Tenants in Common: Two or more persons who own the same property. Unlike Joint Tenants, Tenants in Common own divided shares which do not need to be equal. Upon the death of a Tenant in Common, their share forms part of their estate and does not automatically pass to the surviving owners.
Title: The record showing the legal owner of a property.
Torrens Title: The system of land titles in NSW whereby the government guarantees indefeasible title to those included on the public register of titles. Ownership need only be proved by the register rather than any other documents or deeds and compensation is provided for loss if any errors are made in the register. Includes Strata Title but not Company Title.
To have further clarity about the property buying process, speak to Buyers Domain property buyers agents today or read more about why they are leading Sydney Property Buyers Agents. They are experts in Sydney property buying and will help you to buy a property with more confidence and less stress.