Glossary

Registered Proprietor

Refer “Ownerâ€.

   

Release of Mortgage

Document provided to mortgagee when loan fee paid out in full to financial institution.

   

Reserve Price

This is the lowest price which a vendor will accept a sale at an auction. It is normally pre-determined before the auction commences.

   

Sale Price

See “Purchase Priceâ€.

   

Searches

These are forms which are sent to various Government departments and local authorities or instrumentalities seeking information with regard to the property or which regard to the vendor’s of the property.

   

Searches

These are forms which are sent to various Government departments and local authorities or instrumentalities seeking information with regard to the property or which relates to the vendors of the property and their ability to transfer clear title to the property.

   

Seller

The vendor.

   

Settlement

See “completionâ€

   

Settlement Statement

This is a statement or account which shows the purchase price less deposit and all other apportionment which may occur. In our format, it also provides the cheques to be drawn on settlement and who the cheques are to be drawn in favour of.

   

Sole Agency

Where the vendor places the property for sale with one agent exclusively.

   

Stake Holder

This is the person who holds the deposit on behalf of the vendor and the purchaser. Usually this is the real estate agent although sometimes it is the solicitor for either the purchaser or vendor. Rarely it is the vendor him or herself.

   

Statute

A codified Law enacted by Parliament

   

Survey Certificate

The certificate provided by a registered surveyor after carrying out a check survey.

   

Title

Also referred to as the legal right of ownership to a particular property.

   

Title Particulars

This refers to the methodology of describing land by its legal description. It includes such things as lot, plan number, county, parish, city certificate of title number and volume and folio number. Refer “Historical Explanation†on Titles.

   

Title Particulars

This refers to the methodolgy of describing land by its legal description. It includes such things as Lot and Plan number, County, Parish, City, and Certificate of title number.

   

Torrens Title System

A system of Government guaranteed land registration.

   

Transfer

The document used to transfer ownership of a property from the vendor to the purchaser. Also refers to the method of exchanging ownership of a property. In the Titles Office’s forms, the transfer is Form 1.

   

Transferee

The person acquiring an interest in the property, namely the purchaser.

   

Transferor

The person divesting themselves of the interest in the property, namely the vendor.

   

Page 3 of 4