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To help you understand terms used in the process and documentation of sale/purchase of a property, here is a list of 'plain English' explanations.

  • Conveyancing – The process of transferring title

  • Completion – When the balance of purchase price is paid, allowing the 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 the 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 the balance of purchase price is paid, allowing the purchaser to take possession of the property

  • Vendor – Person selling the property

  • Verification of Identity (VOI) is an identification process that supports the e-Conveyancing compliance framework. Once verified, PEXA network members can collaborate and transact efficiently online, enabling successful electronic lodgement and settlement of conveyancing matters

  • PEXA is Australia’s online property exchange network. It assists members – such as lawyers, conveyancers and financial institutions – to lodge documents with Land Registries and complete financial settlements electronically. PEXA was formed in 2010 to fulfil the Council of Australian Governments’ initiative to deliver a single, national e-Conveyancing solution to the Australian property industry. It was originally known as National e-Conveyancing Development Limited. PEXA is committed to supporting the property industry as it transitions towards a 100% digital conveyancing process that’s fast, safe and efficient

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Image by Markus Winkler
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