Real Estate Terms
Whether Buying or Selling real estate, understanding the commonly used terms can be a nightmare!!!
Below are some of the terms used and their definitions, that will hopefully make understanding Real Estate that much easier
Business Days – means any day except Saturday, Sunday or Public Holidays in Western Australia
Buyer – means each person specified in the Contract
Certificate of Title – means the original title of land held by the DOLA
Contract – a legal binding document between a Buying party and a Selling party for a particular piece of land and it’s dwelling. This includes details of the property being purchased and the conditions of the sale
Contract Date – The date on which the last party signs the document
Deposit – money payable or paid under the terms of the contract
Encumbrance – a mortgage, easement, restrictive convenant, Title Restriction, caveat and Rate Encumbrance and includes any right and interest in which a person has in relation to the property.
Land – means the land which the Seller has agreed to sell to the Buyer including all improvements and other fixed improvements on that land
Lease – means a lease or tenancy agreement in respect to the Property
Possession Date – the date the Buyer is entitled to gain possession of the purchased property
Property Chattels – means all items of property, except the land and anything that forms part of the land, which the Seller has agreed to seller to the Buyer under the contract. Such items normally included but not limited to, carpets, window treatments, light fittings and pool equipment.
Seller- means each person specified in the Contract
Settlement- means the completed purchase and sale where funds are exchanged for a registrable transfer and a duplicate of tile.
Settlement Agent- a person licensed as a settlement agent to handle the sale once the contract has been written up and prior to settlement
Settlement Date – the each date party must complete the sale and purchase