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Private Treaty

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50 Terms

1

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.

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2

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.

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3

Settlement

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

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4

Residential Lease

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

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5

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.

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6

Arrears

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

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7

Condition Report

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

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8

Gazump

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

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9

Auction

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

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10

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.

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11

Easement

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

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12

‘ high care

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

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13

Torrens Title

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

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14

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.

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15

Occupancy Agreement

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

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16

Accommodation Bond

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

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17

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.

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18

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.

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19

Social Housing

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

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20

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

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21

Torrens Title

the central registration and transfer of ownership of property

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22

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

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23

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

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24

standard contract for sale

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

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25

auction

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

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26

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

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27

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

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28

Conveyancing

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

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29

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

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30

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

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31

Easement

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

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32

Exchange of contracts

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

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33

Settlement

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

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34

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

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35

Chain of Title

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

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36

Deed

documentary proof establishing ownership of a property

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37

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

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38

Indefeasible Title

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

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39

Owners corporation

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

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40

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

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41

Arrears

money that is owed but has not been paid

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42

Gazump

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

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43

Residential Lease

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

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44

Condition Report

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

New cards
45

Accommodation Bond

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

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46

Accommodation Charge

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

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47

Housing Affordability Index

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

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48

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

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49

Occupancy Agreement

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

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50

Consumer Claims Act 1998

Lodgers and boarders in hotels, motels,

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