Glossary

Act

See "Statute"

   

Adjustments

See "Apportionments".

   

Agent

The real estate agent instructed by the vendor/owner/seller to sell the property.

N.B. The agent is always the agent of the Vendor NEVER the purchaser.

N.B. See multiple listing.

   

Allowance

See “Apportionmentâ€

   

Apportionment

The division of outgoings between the vendor and purchaser. These will either be a credit or a debit to the purchase price dependant upon when the outgoing is paid to. N.B. Discounts on outgoings are only allowed when the outgoing has been paid and the discount actually being achieved.

   

Auction

This is where a property is sold by way of auction sale. The normal terms are that the property goes to the highest bidder (subject to the reserve being met) and settlement is usually in 30 days. The contracts are unconditional upon the time of the fall of the hammer at the auction.

   

Balance of purchase price

The difference between the purchase price and the deposit paid.

   

Buyer

Purchaser

   

Caveat

A document lodged in the Titles Office which prohibits the registration of any other dealing in respect of the property. A Caveat is derived from the Latin word meaning beware.

   

Caveator

The person dealing with the Caveat.

   

Certificate of Title

Also sometimes referred to as Title Deed or Deed. Certificates of Title are not issued as a matter of course anymore. They may be issued upon special request of a purchaser. Where a Certificate of Title is issued, it is given to the owner or if there is a mortgagee, it is held with the first mortgage as security for the loan.

   

Chattels

The difference between chattels, and fixtures and fittings are that chattels are normally moveable. They may include such things as curtains and drapes, swimming pools equipment etc.

   

Check Survey

A survey carried out by a registered surveyor which ascertains the boundaries of the property and also ascertains whether there are any encroachments either on or by the particular property.

   

CITEC

CITEC is an anomic for the Centre for Information Technology and Communications. It is a computer system which provides a gateway ot various Governement databases and allows searches of these databases and/or Government departments to be done by means of modem - telephone link - up.

   

Completion

Finalisation of the contract.

   

Conditions of Sale

This is the separate booklet which is provided which contains all the standard terms and conditions.

   

Contract of Sale

This is the contract which sets out the terms and conditions of the contract between the parties. See also “Agreement for Sale and Purchaseâ€. This consists of two (2) parts:-

  1. The Condition of the contract schedule; and
  2. The conditions of sale.
   

Contract Schedule

This is the schedule of variable information such as name, price, property etc.

   

CPR

Definition of that is an out-moded reference to “correct for the purpose of registrationâ€. This is a method of checking all documents are correct and are capable of immediate registration.

   

Date of Possession

This is the date that the property is taken over by the purchaser. It is sometimes separate and distinct from the date of completion which is when the contract is completed and title to the property passes.

   

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