Glossary

Trust Account

A special account operated by the solicitor and monitored by auditors. This account is used to hold funds on behalf of other people, usually clients’.

   

Types of Land

Freehold title, group title, strata title, building units, leasehold, torrens title, old systems title, crown leasehold.

   

Unimproved Value

The value placed on the land by the Queensland Valuer General. It is the value of the land without any improvements on it.

   

Vacant Possession

The acquiring of possession of a property without any tenant or other person living in the property. See “Possessionâ€.

   

Valuation

Refer to “Unimproved Valueâ€.

   

Zoning

A method of categorising property by the Local Council. Each particular zone has three (3) broad categories of use. These being:- uses as of right, uses that can be achieved after permission is sought and, uses which would never be allowed.

   

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