Shelter

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.

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.

Settlement

________: when final payment for the purchase of the property is made to the vendor, and the purchaser receives the title.

Residential Lease

________: an agreement between the owner of a property (landlord) and the person who is renting it (tenant)

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.

Arrears

________: money that is owed but has not been paid.

Condition Report

________: an inspection checklist of the state of the premises signed by both landlord and tenant prior to the tenant moving in.

Gazump

________: buy a property for which the vendor has already reached a verbal agreement with someone else, by offering a higher price.

Auction

________: a public sale in which people bid for goods or property, and the sale is to the highest bidder.

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.

Easement

________: a right of someone other than the property owner to use the property for certain purposes.

‘ high care

Accommodation Charge: a daily amount payable by nursing home residents who require ________.

Torrens Title

________: the central registration and transfer of ownership of property.

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.

Occupancy Agreement

________: Resident has basic rights according to occupancy principles + meals and services in registered boarding houses.

Accommodation Bond

________: a payment made by nursing home residents to secure a place, which is partially refunded when they leave the home.

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.

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.

Social Housing

affordable and secure housing provided by Housing NSW for low to moderate income earners who meet specific eligibility requirements

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

Torrens Title

the central registration and transfer of ownership of property

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

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

standard contract for sale

the contract for sale used to buy and sell in New South Wales; contracts must contain minimum standard terms

auction

a public sale in which people bid for goods or property, and the sale is to the highest bidder

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

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

Conveyancing

the legal process used to transfer title of ownership from one party to another

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

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

Easement

a right of someone other than the property owner to use the property for certain purposes

Exchange of contracts

when the vendor and the buyer of the property exchange signed copies of the contract for sale

Settlement

when final payment for the purchase of the property is made to the vendor, and the purchaser receives the title

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

Chain of Title

a series of deeds under the Old System title, used to establish the ownership history of a property

Deed

documentary proof establishing ownership of a property

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

Indefeasible Title

title that has been transferred to the new owner, and will not be changed except under very limited circumstances

Owners corporation

a group consisting of all the lot owners within a strata scheme

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

Arrears

money that is owed but has not been paid

Gazump

buy a property for which the vendor has already reached a verbal agreement with someone else, by offering a higher price

Residential Lease

an agreement between the owner of a property (landlord) and the person who is renting it (tenant)

Condition Report

an inspection checklist of the state of the premises signed by both landlord and tenant prior to the tenant moving in

Accommodation Bond

a payment made by nursing home residents to secure a place, which is partially refunded when they leave the home

Accommodation Charge

a daily amount payable by nursing home residents who require ‘high care

Housing Affordability Index

a key indicator that reports on the relationship between household income, mortgage costs and the price of housing

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

Occupancy Agreement

Resident has basic rights according to occupancy principles + meals and services in registered boarding houses

Consumer Claims Act 1998

Lodgers and boarders in hotels, motels,