Glossary | ||
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F.I.R.B. (FOREIGN INVESTMENT REVIEW BOARD) | |
| F.I.R.B. (Foreign Investment Review Board): A Commonwealth Government organisation that provides guidelines for the approval of purchase of Australian property by those who are not Australian citizens. | |
FEE (AGENTS) | |
| Fee: The fee or commission for selling the home payable by the seller to the real estate company. | |
FEE SIMPLE | |
| Fee simple: means a freehold estate with an entire and absolute interest in the land and is the closest thing to absolute ownership that common law feudalism allows. ie. Freehold or Fee simple Owners of property have a fee simple or freehold estate, which is the highest form of ownership and is for an unlimited duration. An owner can use the land in any way desired, subject to the usual environmental, building, zoning. mining and other controls established by Government. | |
FEES (SURVEY): | |
| Survey Fees are usually Time & Costs. Estimates given do not include GST: Boundary Survey costs are directly related: 1. The age and proximity of the most recent adjoining surveys and the survey marks that may or may not still exist. The older the most recent survey, the less likelihood that survey marks from that survey still exist. Unfortunately, the existence of such marks cannot be confirmed until the survey is under way. In many cases there are NO marks left in the vicinity. This then requires the surveyor to survey to out lying corners to either find additional old marks OR to utilise other further afield evidence to satisfy himself the land that his client is entitled to. 2. The slope of the land. 3. The extent and thickness of the vegetation. Note that surveys by GPS require reasonably clear access to the sky. 4. The proximity or otherwise of Map Grid of Australia (MGA) survey control marks. (we are now required by law to connect to such MGA control). These are red coloured ‘brass plaques’ placed at random throughout the state. 5. All surveys that involve the placement of survey marks MUST be registered at the Lands Titles Office by means of the preparation of a Plan and lodging of same. 6. See notes below concerning Boundary Redefinition for reasons why estimates are sometimes exceeded & Survey Methodology for an explanation of why we do what we do! Another option (to possibly come up with a better estimate) is to spend some money now on a search of the survey information to determine the age of adjoining surveys + MGA locations etc. This information belongs to the client. Boundary Redefinition: The surveyor is responsible by State Legislation to ensure the integrity of the State Cadastre. He\she has delegated authority to undertake boundary definition within the State to a specified standard. Sometimes, within the course of a field survey, it becomes apparent that there is a problem or a particular aspect of his\her survey that requires further investigation and clarification. This may only be apparent once the surveyor enters the field to undertake his\her survey. Consequently, in some cases, estimates are exceeded in the course of the surveyor carrying out his\her resposibilities as described in the relevant Acts. We will always attempt to contact the client from the field to explain this situation if it arises and the reason for the increase in estimated fees. In some cases such increases can be quite onerous. Please Contact us if you have any queries in relation to this matter. Survey Methodology: Historically, surveyors entered the field with pack horses, a cook, camp equipment, someone to look after the horses, 5 chainmen, some axemen and most likely a survey assistant or two. Field work represented 95% of the time involved and therefore the equivalent percentage in the final fee. We have been gradually working towards a situation where now with such ‘tools’ as GPS (note not always the total solution) we spend 50% of the time in the field and the remainder in front of the computer. Boundary Surveys & solutions by GPS require very good preparation and uploading of resultant data to the GPS Data Recorder. GPS is simply another, quicker way of measuring. It does not supply a magical solution to boundary issues but allows the surveyor to more quickly seek solutions in the field, if he\she is well prepared. His\her expertise is still required to form an opinion of the boundary entitlements in accordance with accepted practice (best available evidence). Some regulations that come into play when boundaries are under survey are: (A) The surveyor must form an opinion of the location of the end of a boundary line if attempting to place a mark along the boundary line (ie a line peg). (B) The surveyor must connect into to adjoining boundaries by their surveys or the best available evidence to ensure that adjoining properties maintain their entitlements. (C) Best available evidence may mean, due to lack of information or evidence, that the surveyor must measure further afield to come to a ‘best’ opinion. Note that ‘further afield’ can mean either further ‘away’ in distance or further back in time and age of surveys to come to a considered opinion. (D) Measurements are not necessarily what boundary definitions are about. A quote from A G Foxhall’s Handbook for Practising Land and Engineering Surveyors: “In the absence of evidence to the contrary the following is the order in which different methods of definition should be adopted, subject to abnormal conditions: (1) Natural features, such as rivers, cliffs etc. (2) Original marking of grant boundaries, road surveys, alignment or resumption surveys. (3) Monuments and abutments. (4) Original marking of private surveys. (5) Occupations. (6) (Lastly, and least satisfactory and only to be adopted when the previous methods do not apply) measurement. This order is not arbitrary,……” Measurement is a ‘tool’ used by the surveyor to assist in forming his\her opinion of a boundary. Once he\she has formed an opinion the surveyor then must mark and reference his\her survey and provide appropriate measurements on a plan lodged with the Recorder of Titles. The need to undertake new survey measurements to a certain accuracy (as set down by legislation) and prepare a plan is to ensure that in future, the then surveyor can rely on those measurements and plan to assist in redefining the relevant boundaries. | |
FIELD NOTES | |
| Field notes: mean the details forming part of a plan that show the boundary evidence the land surveyor found on the ground, the method used and the survey marks placed to carry out and complete a survey for land title purposes. SIMPLY: When a surveyor undertakes a land survey he prepares field notes of his work and how he has formed his opinion of the boundaries. These notes are registered at the Lands Titles Office for future use by others (just as we today are utilising the field notes of those before us). They need to be of sufficient drafting standard to be scanned and carry such clarity that no ambiguity exists. They are also mathematically checked by the surveyor before lodgement and in most cases checked again at the Lands Titles Office. It is for this reason that a surveyors responsibility does not end in the field; there is further office work to be undertaken to register his work. HOW WE ASSIST: Field Notes or Survey Notes are usually NOT drawn to scale. They are sketch notes and indicate bearings and distances. The bearings are rarely magnetic and the distances can be, depending on the age of the notes, in links & chains, feet and decimal feet or metres. We can interpret fieldnotes if required to assist you with understanding your title. | |
FINAL SEALING FEE | |
| Final Sealing Fee: is a fee charged by some Council's to check a final survey plan and 'Seal' it. Usually in the order of $100 | |
FITTINGS: | |
| Fittings: Items that can be removed from a property. See Chattels. | |
FIXTURES | |
| Fixtures: Accessories fixed to structures or land in such a way that they can't be independently moved without damage to themselves, or the property housing them. | |
FLOOD PRONE | |
| Flood Prone: land is reasonably rare in Tasmania and usually but not always relates to land adjoining creeks and rivers throughout the state. Due to the topography of the island the southern area experiences flooding mainly around the creeks and streams draining the higher topography and such flooding is usually restricted to a close proximity to the creek or stream. Local councils have mapped flood prone areas and refer to this mapping when considering development. SIMPLY: Flooding can be restricted to the immediate locality of a creek or stream in the steeper topography areas. In flatter areas it can be more widespread. Local Councils have mapped these areas. HOW WE HELP: We have access to these maps and can, when instructed, advise of the locations of these mapped areas. | |
FLOOR AREA | |
| Floor Area: Total horizontal surface of a specific floor, or the total area of all floors in a multi-storey building, calculated from the outside building dimensions of each floor. Balconies and mezzanine floor areas are calculated separately and added to the total floor area of the building. Floor area is usually in square metres, but there is sometimes reference to the previously used squares' which is 100 square feet. | |
FOLIO OF THE REGISTER | |
| Folio of the Register means the computer record created by the Recorder of Titles certifying that a named person is the owner of a defined legal estate in an identified lot on a plan. The recordings on a folio are guaranteed correct by government and the Recorder of Titles maintains an assurance fund to ensure against mistakes or fraud. | |
FORMAL OFFER | |
Options can be formal or informal:. A Formal option is an option in writing where a sum of money is paid that is either forfeited to the vendor if the option is not exercised or becomes part of the purchase price if the option is exercised. An informal option is an option by "handshake" or gentlemen's agreement . It is not in writing and there is no monetary consideration. It is not legally binding on either party. | |
FREEHOLD | |
| Freehold or Fee Simple: Owners of property have a fee simple or freehold estate, which is the highest form of ownership and is for an unlimited duration. An owner can use the land in any way desired, subject to the usual environmental, building, zoning. mining and other controls established by Government. | |
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