G’Day

Some of the terminology used in the world of property can leave some people feeling like property development is something they could never do or understand and they keep away from possibilities that could see them so successful just because they are fearful that it is out of their league.

Let me take some examples and put them in basic terms;

Vendor; The ‘vendor’ is the seller, the person disposing of the property.

Purchaser; The ‘purchaser’ is the buyer, who acquires title to the property or an interest in it.

Settlement date; It is the date on which under the terms of the contract the vendor is required to transfer his estate or interest in property to the purchaser and the resulting financial adjustments and payments are made.

Easements; A right which a person has to use land belonging to another in a particular manner not involving the taking of any part of the natural produce of that land. Eg easements for the flow of water over and through another’s land. Electricity, light, footpaths etc are other examples of easements.

Conveyancing fees; Fees that must be paid for the transfer of a property title. You pay conveyancing fees when you purchase property and also when you sell property.

Stock; Property. Dwellings. Eg if someone has a lot of houses to sell, they have a lot of stock they are looking to move.

Real Estate; Property consisting of land or buildings.

Title; The ownership of property, or the documents constituting the evidence of such ownership.

Title Search; An investigation of public records of a specific piece of real estate to examine for details such as the current owner, security deeds, caveats, pending law suits affecting the title, rates and taxes in arrears, poor legal descriptions, restrictive covenants, zon-
ing classifications, boundary line agreements and party wall agreements.

Zoning; What can be built on the land/in the area according to council regulations.

Restrictions; An encumbrance that limits the use of real estate in some way.

Understanding the terminology, not just with the council, but also in other areas of property development in general, is a key factor to being able to succeed.