VENDOR: The owner.
CONTRACT: A legal document (consisting of a number of printed pages) that includes title and property searches.
Subject to Finance Clause: A clause added to the Contact , to enable the buyer to terminate the Contract if the application for finance is not approved. When requesting the clause, ensure that you ask for at least 21 days, to secure your finance.
SECURITY: The property over which a mortgage is taken
TITLE SEARCHES: The title, plan documents, dealings and covenants recorded at the Land Titles Office which identify the legal title and restrictions of use relative to a property
MORTGAGEE: The bank or financial institution that provides the finance needed to purchase a property.
MORTGAGE: A formal legal agreement entered into by the purchaser and bank/finance provider, detailing the amount, term and conditions of the loan.
PROPERTY SEARCHES: The searches conducted to identify whether any government, semi-governement or council has any interest in a property.
COMPLETION DATE: The date specified on the front page of a contract within which settlement is to occur (usually 6 weeks)
PURCHASER: The buyer.
DEPOSIT: The percentage of purchase price paid to the vendor to complete the exchange of contracts.
SETTLEMENT: The date of actual settlement of a purchase.
TITLE DEEDS: The formal legal Certificate of Title issued by the Land Titles Office.
CONTRACT: A legal document (consisting of a number of printed pages) that includes title and property searches.
Subject to Finance Clause: A clause added to the Contact , to enable the buyer to terminate the Contract if the application for finance is not approved. When requesting the clause, ensure that you ask for at least 21 days, to secure your finance.
SECURITY: The property over which a mortgage is taken
TITLE SEARCHES: The title, plan documents, dealings and covenants recorded at the Land Titles Office which identify the legal title and restrictions of use relative to a property
MORTGAGEE: The bank or financial institution that provides the finance needed to purchase a property.
MORTGAGE: A formal legal agreement entered into by the purchaser and bank/finance provider, detailing the amount, term and conditions of the loan.
PROPERTY SEARCHES: The searches conducted to identify whether any government, semi-governement or council has any interest in a property.
COMPLETION DATE: The date specified on the front page of a contract within which settlement is to occur (usually 6 weeks)
PURCHASER: The buyer.
DEPOSIT: The percentage of purchase price paid to the vendor to complete the exchange of contracts.
SETTLEMENT: The date of actual settlement of a purchase.
TITLE DEEDS: The formal legal Certificate of Title issued by the Land Titles Office.
