________: when the sale of a property is carried out directly between the vendor and buyer; usually completed with the assistance of a registered real estate agent.
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Executive Committee
________: an elected subgroup of the owners corporation, which makes decisions about the management of the common property and other areas of concern that affect all residents.
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3
Settlement
________: when final payment for the purchase of the property is made to the vendor, and the purchaser receives the title.
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4
Residential Lease
________: an agreement between the owner of a property (landlord) and the person who is renting it (tenant)
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5
Mortgage
________: a type of loan whereby the property being purchased is used as collateral in case the borrower fails to meet the repayment obligations as set out in the home loan contract.
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Arrears
________: money that is owed but has not been paid.
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Condition Report
________: an inspection checklist of the state of the premises signed by both landlord and tenant prior to the tenant moving in.
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8
Gazump
________: buy a property for which the vendor has already reached a verbal agreement with someone else, by offering a higher price.
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9
Auction
________: a public sale in which people bid for goods or property, and the sale is to the highest bidder.
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Covenant
________: a restriction on a property that is part of the title; an example is a restriction not to build any structure or fences above a certain height.
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Easement
________: a right of someone other than the property owner to use the property for certain purposes.
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12
‘ high care
Accommodation Charge: a daily amount payable by nursing home residents who require ________.
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13
Torrens Title
________: the central registration and transfer of ownership of property.
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14
Local Environment Plan
________ (LEP): a document prepared by a local council, and approved by the state government, to regulate the use and development of land within the councils control.
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15
Occupancy Agreement
________: Resident has basic rights according to occupancy principles + meals and services in registered boarding houses.
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16
Accommodation Bond
________: a payment made by nursing home residents to secure a place, which is partially refunded when they leave the home.
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17
Strata scheme
________: a detailed pictorial description of lots within a strata complex; this includes the outlines of the buildings, the dimensions of each lot, the details of each unit entitlement and the common property.
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Common property
________: the areas in a strata scheme building or property that are owned jointly by all the lot owners, rather than being part of an individual lot.
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19
Social Housing
affordable and secure housing provided by Housing NSW for low to moderate income earners who meet specific eligibility requirements
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20
Crown Land
land held under permit, licence or lease; reserves managed by the community; lands of environmental value kept in public ownership; lands used for Crown public roads; and other unallocated lands
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21
Torrens Title
the central registration and transfer of ownership of property
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22
mortgage
a type of loan whereby the property being purchased is used as collateral in case the borrower fails to meet the repayment obligations as set out in the home loan contract
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23
covenant
a restriction on a property that is part of the title; an example is a restriction not to build any structure or fences above a certain height
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24
standard contract for sale
the contract for sale used to buy and sell in New South Wales; contracts must contain minimum standard terms
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25
auction
a public sale in which people bid for goods or property, and the sale is to the highest bidder
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26
strata scheme
a detailed pictorial description of lots within a strata complex; this includes the outlines of the buildings, the dimensions of each lot, the details of each unit entitlement and the common property
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27
common property
the areas in a strata scheme building or property that are owned jointly by all the lot owners, rather than being part of an individual lot
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28
Conveyancing
the legal process used to transfer title of ownership from one party to another
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29
Private Treaty
when the sale of a property is carried out directly between the vendor and buyer; usually completed with the assistance of a registered real estate agent
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30
Local Environment Plan (LEP)
a document prepared by a local council, and approved by the state government, to regulate the use and development of land within the councils control
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31
Easement
a right of someone other than the property owner to use the property for certain purposes
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32
Exchange of contracts
when the vendor and the buyer of the property exchange signed copies of the contract for sale
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33
Settlement
when final payment for the purchase of the property is made to the vendor, and the purchaser receives the title
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34
Common Law/Old System Title
a system of registration and transfer of ownership of property in use in New South Wales; under this system an unbroken chain of title is required to be proven to establish title to the property
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35
Chain of Title
a series of deeds under the Old System title, used to establish the ownership history of a property
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Deed
documentary proof establishing ownership of a property
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Good Root of Title
when the Old System chain of title has not been broken through the loss of one or more of the previous deeds of sale
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Indefeasible Title
title that has been transferred to the new owner, and will not be changed except under very limited circumstances
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39
Owners corporation
a group consisting of all the lot owners within a strata scheme
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40
Executive Committee
an elected subgroup of the owners corporation, which makes decisions about the management of the common property and other areas of concern that affect all residents
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41
Arrears
money that is owed but has not been paid
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42
Gazump
buy a property for which the vendor has already reached a verbal agreement with someone else, by offering a higher price
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43
Residential Lease
an agreement between the owner of a property (landlord) and the person who is renting it (tenant)
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44
Condition Report
an inspection checklist of the state of the premises signed by both landlord and tenant prior to the tenant moving in
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45
Accommodation Bond
a payment made by nursing home residents to secure a place, which is partially refunded when they leave the home
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46
Accommodation Charge
a daily amount payable by nursing home residents who require ‘high care
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47
Housing Affordability Index
a key indicator that reports on the relationship between household income, mortgage costs and the price of housing
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48
Community Housing
secure and affordable rental properties for people who earn a low income and who have a housing need; homes are provided by not-for-profit community housing organisations
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49
Occupancy Agreement
Resident has basic rights according to occupancy principles + meals and services in registered boarding houses
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