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Definitions (88)
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Zoning
The permissible uses of an area of land stipulated by the council.
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Variable interest rate
A rate that varies in accordance with the money market rates.
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vendor
The person selling the property.
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Torrens Title
A system of title by Lands Titles Office registration that is governed by the Real Property Act.
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Valuation
An estimate of the value of a property by a registered valuer, usually for a fee. Only a qualified valuer can undertake valuations. A land agent can only perform an appraisal.
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strata title
Individual ownership of an apartment or unit within a block or multi-unit complex. This is separate from and additional to the joint ownership of common areas shared by all the property owners in the [..]
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Tenants in common
A form of joint ownership in a property in which each person owns a share of property, equally or unequally. On the death of one owner, the deceased’s share passes to his or her heir/s, who assume/s t [..]
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TITLE SEARCH
A check of public records to ensure that the vendor has the right to sell and transfer ownership.
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stamp duty
A state government tax, based on the sale price of a property, paid by the buyer when property ownership is transferred or on the amount of a loan.
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SOLICITOR
A legally qualified and licensed person who undertakes legal work and provides legal advice for a fee. A solicitor may specialise in conveyancing and property law.
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