Conveyancing Terms

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 property

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