Conveyancing – The process of transferring title
Completion – When balance of purchase price is paid, allowing purchaser to take possession of the property
Contract – The written agreement for the sale/purchase of property
Cooling off Period – The period of 5 working days after exchange of contracts in which the purchaser has the right to “cool off” and if the purchaser does so, then purchaser forfeits 0.25% of the sale price to the vendor. The vendor does not have a reciprocal right.
Disbursements – Monies paid on your behalf for Certificates and reports etc.
Exchange – When signed contracts are physically exchanged between the vendor and the purchaser and become legally binding
Inclusions & Exclusions – The list of the items that are either included or excluded with the sale of the property
Mortgagee – Institution or person lending money
Mortgagor – Person borrowing money
Purchaser – Person buying the property
Settlement – When balance of purchase price is paid, allowing purchaser to take possession of the property
Vendor – Person selling the propertyContact Us