Glossary | ||
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TAX (LAND) | |
| Land Tax: A State Government tax levied on the unimproved value of land and charged to landowners in Tasmania. | |
TENANCY | |
| Tenancy: A holding, as of land, by any kind of title, occupancy of land, a house or the like under a lease or on payment of rent. | |
TENANT AND LANDLORD | |
| Tenant and Landlord: The relationship of landlord and tenant is created (by words or writing such as a tenancy agreement; or by deed, such as a lease) when a tenant occupies the landlord's house or land subject to certain conditions such as the payment of rent. The phrase is used to denote the law applying to this relationship. In Tasmania, residential tenancies are governed by the Residential Tenancies Act 1997 in which landlords are re-defined as “property owners”. | |
TENANT | |
| Tenant: A person who has occupancy rights of a property under an agreement with the property owner, usually in return for rent. | |
TENANTS IN COMMON | |
| Tenants in Common: is where two or more persons have equal or disproportionate shares of the property. Each Tenant in Common has the use and occupation of the property and may deal with their definable interest by way of mortgage etc without the consent of the other. To deal with the property as a whole however the consent of all Tenants in Common is necessary. On the death of a Tenant in Common the land passess to that person's Beneficiares under the Will of Intestacy. | |
TENDER | |
| Tender: A method of selling where the property is offered for sale without a price. Buyers are invited to submit written offers prior to a specific closing date. | |
TERMS (VENDOR'S) | |
| Vendor's Terms This refers to instances when an owner is prepared to offer a buyer finance or other assistance such as staged payments to assist with the purchase of the property. | |
TERMS OF CONTRACT | |
| Cromer & Partners Terms of Contract: are shown below to indicate the typical terms that apply to engagements. Alternative arrangements may be made upon request.
CROMER & PARTNERS TERMS OF CONTRACT THE FOLLOWING IS THE BASIS ON WHICH FEES WILL BE LEVIED: 1) SURVEYS NOT REQUIRING COUNCIL APPROVAL time basis plus costs 2) ENGINEERING SURVEYS time basis plus costs 3) SURVEYS REQUIRING COUNCIL APPROVAL a) Search and preparation of proposal – billed on lodgement with Council Planning fees – subdivider is responsible for costs b) Obtaining Council approval – time plus costs. Progress accounts c) Final survey after Council approval – estimates given in writing if requested before commencement. Additional time and costs, exclusive of the above, by progress accounts. Balance time and costs accounted at time of issue of title or closure of file. Detailed accounts are available upon request. Interest will be charged at the same rate as the maximum overdraft rate fixed by the reserve bank plus 2% p.a. on all fees not paid within 14 days of rendering an account (without relieving the client the obligation to pay the account). NOTE: We request that you contact this office if you have any queries relating to Professional Survey Fees. Fees include a Professional Indemnity levy of 1.2%. Estimates or quotes do not include GST unless stated. | |
THIRD PARTY RIGHTS OF APPEAL | |
| Third party rights of Appeal: relates to the right of 'third parties', ie. those that are not directly involved in a developement, having the right to appeal such a development. | |
TITLE DEED | |
| Title Deeds: The documents and instruments conferring or evidencing the title to land. They pass with the land under a conveyance except deeds relating to the part of the estate retained by the vendor (General Law Title). In Other Words: means the documents and instruments held under general law or old system land conferring or evidencing title to the land. The bundle of deeds pass from the vendor to the purchaser by conveyance upon settlement of sale of the land. If only part of the land in a deed is being dealt with, the vendor retains the deeds, but grants the purchaser a covenant of production to ensure the root of title. | |
TITLE PURCHASE | |
| Title Purchase You can purchase a copy of your title through us. We are a subcriber to the State Government LIST, available on the net. We can purchase your Certificate of Title, Schedule of Easements, Fieldnotes and Property Reports on your behalf. We can provide this information over the net by e-mail or any other means and explain what your title means, what covenants are applicable and what easements relate, including Rights of Way. This is an easy way to derive the information you need without the inconvenience of having to visit the Lands Titles Office. Note that when you need a copy of your title for Building Applications etc a current copy is required...your solicitor or bank may only have file copies on record, often not a current copy. TO PURCHASE go to Engage Us. Contact us for further advice in relation to these matters. | |
TORRENS TITLE | |
| Torrens Title: This is a colloquial name given to titles to land constituted by statutes, deriving its name from the late Sir Robert Torrens of South Australia, who was not the author of the scheme, but was the one who was able to put the scheme into effect. This method of dealing with titles has spread around the world. In essence, registration of ownership and dealings in land with a Government Department. In Other Words is the name given to the system of registration of land dealings made by governments in Australia and internationally. A Torrens title is the paramount document of interests and ownership in land and is maintained by government as a single up to date and accurate recording. | |
TRANSFER | |
| Transfer: The document transferring ownership from the registered owner to the new owner and registered by the Titles Office. | |
TRANSFER | |
| Transfer: in relation to land means the passing of a legal estate from one person to another by gift or sale. The transfer is effected when the Recorder of Titles registers the purchaser’s details on the title. SIMPLY: Relates to the day to day change of ownership of land…a transfer of ownership. HOW WE ASSIST: We can direct you to the right professional to advise you and assist in preparing such a ‘transfer’. | |
TRANSMISSION | |
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Transmission: means the passing of an estate or interest in land upon the death, will, or bankruptcy of the land owner. The person acquiring the estate by transmission must make application to the Recorder of Titles, to be registered as the proprietor of the land. SIMPLY: The transfer of ownership from one person to another upon death, will or bankruptcy after application to the ‘Recorder’. HOW WE ASSIST: We can direct you to the right professional to advise you and assist in preparing such a ‘transmission’. | |
TRUST ACCOUNT | |
| Trust Account: A bank account relating to monies received or held by an agent for or on behalf of any other person, such as deposits, rentals and the like. | |
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