Glossary | ||
Please use the alphabetical list below or use the search button to answer your query and see how our expertise relates. Note: Not all alphabetical categories have corresponding values. For best results use our search facility |
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CAPITAL GAIN | |
| Capital Gain: For property, the difference between the selling price and the original purchase price. In assessing tax on capital gains, the Australian Taxation Office usually takes into account any capital improvements made on the property and makes an allowance for adjustments in the Consumer Price Index. | |
CAVEAT | |
| Caveat means a document lodged with the Recorder of Titles by a person authorised to do so forbidding the recording of any dealing on the title subject to the caveat Literally means beware. In real estate, it warns persons (prospective purchasers, mortgagees, etc.) who propose to deal in the land that a third person (normally the person lodging the caveat at the Titles Office) has some right or interest in the land. | |
CHATTELS | |
| Chattels: Items you sell with the home such as carpets, light fittings, drapes, curtains, and the like. Any different chattels, such as a stove or dishwasher are also noted on the contract if they are to be included in the sale. | |
CIRCA | |
| Circa:
About; around; an approximation. Circa 1920 in a real estate advertisement would indicate that the main part of the property was built about 1920. | |
CLIENT (OF AN AGENT) | |
| Client :The person who engages the services of an agent and who will pay the agent his or her commission or fees in return for those services. A buyer is a customer, rather than a client. | |
CMA | |
| CMA Means Current or Competitive Market Analysis (CMA) It is a written price comparison produced by your estate agent of your home with others that are for sale or were recently sold. | |
COLLATERAL | |
| Collateral: A separate item of property, either real estate or personal, provided to a lender as additional security to the principal properly used as security for a loan. | |
COMMISSION | |
| Commission: Remuneration of a real estate agent for services rendered, normally the marketing and selling of property. The amount of commission is usually a prescribed percentage based on the price in the contract of sale. | |
COMMON LAW OR OLD SYSTEM TITLE | |
| Common Law or Old System Title is a form of title by which title is established by proving a chain of dealings from the original grantee to the present owner as set out in the Abstract of Title (written recording). | |
COMMON PROPERTY (STRATA) | |
| Common Property in relation to a strata scheme means all the land that is not within the boundaries of a lot, together with the shared service infrastructure and all other property administered by the body corporate. Contact us for advice in relation to these matters. | |
COMPANY TITLE | |
| Company Title: Right to occupy permanently part of a property based on the ownership of shares in a company, which is the registered proprietor of the total company. This was the common method of ownership prior to the introduction of strata title ownership. | |
COMPILED PLANS | |
| Compiled Plans: The Recorder of Titles will, generally speaking, accept a compiled plan to support a part of land transfer provided that all the lot boundaries have been previously surveyed and marked on the ground. The bearings and distances around a compiled lot must be capable of mathematical closure and must comply with the relevant land surveyor’s by-laws dating from the time of the original survey. Land surveyor’s by-laws have been regulated since 1884. Section 143A, Land Titles Act 1980 provides the Recorder of Titles with power to specify plan formats, including the requirement in any particular case for a plan to be made from actual survey. Land owners need to be aware that even if the original survey markings are no longer in place around a compiled block, there are established rules of boundary re-instatement that will allow the boundaries to be re-marked at any time in the future. SIMPLY: Many plans of title have been prepared without the need for actual survey to be made, so while land owners may think that their title boundaries are accurate and up to date this is not always the case. HOW WE ASSIST: We can advise, usually by inspection of the plan, if a recent field survey has been undertaken or we can advise when the title boundaries were last surveyed. Contact us for advice in relation to these matters. | |
CONDITIONAL CONTRACT | |
| Conditional Contract :A written contract that is signed by the seller and the buyer, but where one or more conditions need to be met, usually within a specified time period. For example, a contract may be subject to the purchaser raising finance from a specific lender within a specific period (referred to as a 4(b) clause), or subject to the sale of another property (referred to as a 4(c) clause). | |
CONDITIONS OF APPROVAL | |
| Conditions of Approval in relation to a planning permit granted by a local council means that the approval is subject to such conditions or restrictions as the planning scheme may impose to further the objectives of the state planning legislation. | |
CONJUNCTION | |
| Conjunction: Where an agent acting on behalf of owners allows another agent to introduce a buyer to the property. In this instance, both agents share the commission and are acting in conjunction. Agents may also be appointed conjointly to market a property. | |
CONSIDERATION | |
| Consideration: The price in a contract, which is usually money, but
can be exchange of a commodity or other property or a transfer of
personal effort. | |
CONTOUR & DETAIL SURVEYS | |
| Contour & Detail Surveys are carried out to provide both horizontal and vertical details over your land and are normally undertaken so that further construction work can be designed and constructed without interference to existing infrastructure. A detail survey would normally locate and fix boundary fences, buildings, services such as water, stormwater, sewerage, gas, telecommunications, electricity and other structures or impediments over your land. HOW WE ASSIST We can co-ordinate with other allied professionals so that the survey is tailored to the precise requirements of your project. There is always the possibility we may already have the data you need. Contact us for advice in relation to these matters. |  |
CONTOUR | |
| Contours are a means of depicting the 'slope' of land on a plan. They are a line that graphically join points of equal height. See 'Slope' in this glossary. Contact us for advice in relation to these matters. | |
CONTRACT OF SALE | |
| Contract (or Contract of Sale): A legally enforceable agreement. Most of the rules of contract law in Australia come from the common law. Although there are different statutory provisions in each of the States covering various aspects of contracts. For a contract to be enforceable there must be: An Offer; Acceptance; An intention to enter into the agreement. Consideration (price); and The ability to contract. Some contracts, such as for the sale of land or real estate, must be in writing. | |
CONVERSION TABLES | |
| METRIC CONVERSION TABLE OnlineConversion.com Convert just about anything to anything else. OR To Convert Multiply by Inches to Centimetres 2.5400 Links to Metres 0.201168 Feet to Metres 0.3048 Yards to Metres 0.9144 Miles to Kilometres 1.6093 Miles per Hour to Feet per Second 1.467 Square Inches-Square Centimetres 6.4516 Square Feet to Square Metres 0.0929 Square Miles to Square Kilometres 2.5900 Acres to Hectares 0.4047 Cubic Inches to Cubic Centimetres 16.3871 Cubic Feet to Cubic Metres 0.0283 Gallons to Litres 4.5460 Ounces to Grams 28.3495 Pounds to Grams 453.5920 Pounds to Kilograms 0.4536 To Convert Multiply by Centimetres to Inches 0.3937 Metres to Feet 3.2808 Metres to Yards 1.0936 Kilometres to Miles 0.6214 Feet per Second to Miles per Hour 0.682 Square Centimetres-Square Inches 0.1550 Square Metres to Square Feet 10.7639 Square Kilometres to Square Miles 0.3862 Hectares to Acres 2.4711 Cubic Centimetres to Cubic Inches 0.0610 Cubic Metres to Cubic Feet 35.3145 Litres to Gallons 0.2200 Grams to Ounces 0.0353 Grams to Pounds 0.0022 Kilograms to Pounds 2.2046 | |
CONVEYANCE | |
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Conveyance in relation to general law or old system land means the passing of a legal estate from one person to another by gift or sale. The conveyance is effected when the vendor executes the deed. SIMPLY: A conveyance is part of a bundle of deeds that make up the “root” of title, usually over a twenty year period. Conveyances are passed from vendor to purchaser upon settlement. The advantage of the Torrens land system is that the land title is maintained by the Recorder of Titles in a single up to date file document. Conveyances may describe boundaries in words rather than in plan form and often need further interpretation. HOW WE HELP We can interpret Conveyances and advise you of your entitlement under such a document. | |
COVENANT | |
| Covenant means an agreement, contract, convention, treaty, promise or pledge. In terms of a 'Covenant on a Certificate of Title', it is viewed as a restriction describing what CANNOT be done. When viewing a Covenant it is at once apparent that they are described in the 'negative'...you shall not!! SIMPLY: Many covenants in old subdivisions are now superseded by planning schemes and these days most covenants are created in a schedule of easements attached to a subdivision plan sealed by the local council. HOW WE ASSIST: We can interpret Covenants for you or create them if desired (on your land or land you control) or remove them (with all owners affected and Council agreeing) | |
CROWN RESERVATION | |
| Crown Reservation means land reserved by the crown in a land grant and where the reservation is a certain width from a natural boundary, the boundary is fixed in that position even if the natural boundary subsequently moves. | |
CT OR CERTIFICATE OF TITLE | |
| CT or Certificate of Title means the owner's copy of a folio of the Register created by the Recorder of Titles and is the paramount document of ownership in the Torrens land title system.. ie. The document of title to land held under the Torrens System. It consists of two duplicate deeds stating the interest of a person (the registered proprietor) in land held under the Torrens System. The titles are numbered. One record is the computer record folio of the Register maintained by the Recorder of Titles and the other is held by the owner (registered proprietor) or, more usually, their solicitor or bank on their behalf. It is a hard paper copy certificate of title held by the person controlling the land; that person could be an owner, a solicitor or a bank. When there is a transaction affecting an interest or ownership over the land, a new folio and certificate are created by the Recorder of Titles. | |
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