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Glossary of Terms for Conveyancing in Queensland

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Sunstate definitions you need to understand for buying or selling

Glossary of Terms for Conveyancing in Queensland

Conveyancing is an essential process in Queensland that involves the transfer of property ownership from one party to another. Whether you’re buying or selling a property, understanding the terms and concepts related to conveyancing is crucial. In this article, we will create a glossary of terms for conveyancing in Queensland to help you navigate the complex world of property transactions.

Definition of Conveyancing

Conveyancing refers to the legal and administrative process of transferring property ownership from a seller to a buyer. It involves various tasks such as property searches, preparing legal documents, conducting inspections, and settling financial transactions. Conveyancing ensures that the transfer of property is done legally and protects the interests of both the buyer and the seller.

Importance of Conveyancing in Queensland

Conveyancing plays a vital role in property transactions in Queensland. It ensures that the property being bought or sold has a clear title and is free from any encumbrances or legal issues. By conducting thorough searches and due diligence, conveyancers identify potential risks and protect their clients from future complications. They also handle the complex legal paperwork and ensure that all necessary legal requirements are met.

Conveyancing: The legal process of transferring property ownership from one party to another.
Title: Legal ownership of a property.
Transfer: The legal document that transfers ownership of a property from the seller to the buyer.
Contract: The legally binding agreement between the buyer and seller outlining the terms of the property sale.
Vendor: The seller of the property.
Purchaser: The buyer of the property.
Settlement: The final stage of the conveyancing process when the property ownership is officially transferred.
Deposit: A sum of money paid by the buyer as a commitment towards the purchase.
Encumbrance: Any claim or right on a property that may affect its value or use.
Certificate of Title: A document that proves the ownership and legal status of a property.
Easement: A right to use another person’s land for a specific purpose, such as access to utilities.
Caveat: A notice lodged on a property’s title to protect an interest or claim until resolved.
Search: Investigation conducted to gather information about a property, such as title records and planning documents.
Cooling-off Period: A specified timeframe after signing a contract during which the buyer can withdraw without penalty.
Stamp Duty: A tax paid on the purchase of property or land also know as Transfer Duty.
Land Registry: The government agency responsible for recording property ownership and interests.
Certificate of Occupancy: A document issued by the local council stating that a property is suitable for occupation.
Torrens Title: A system of land registration where the government guarantees the ownership and title of a property.
Body Corporate: A governing body responsible for managing common property in a strata-titled development.
Settlement Agent: A person or entity responsible for coordinating the settlement process.
Disbursements: Additional costs incurred during the conveyancing process, such as search fees and registration fees.
Mortgagor: The borrower who pledges the property as security for a loan.
Mortgagee: The lender who holds the mortgage over the property as security for the loan.
Chattels: Moveable personal property included in the sale, such as furniture or appliances.
Encroachment: A situation where a structure or improvement extends beyond the boundaries of a property.
Land Tax: A tax imposed on the ownership of land, usually paid by the property owner.
Plan of Subdivision: A document that divides a larger piece of land into smaller lots or units.
Rescission: The act of canceling or voiding a contract.
Unencumbered: Property that is free from any mortgages or encumbrances.
Certificate of Currency: A document that confirms the validity and coverage of an insurance policy.
Counter Offer: A revised offer made in response to the original offer, changing some terms.
Marketable Title: A property title that is free from defects and encumbrances, allowing for a clear transfer of ownership.
Leasehold: A form of property ownership where the land is leased for a specified period rather than owned outright.
Adverse Possession: The acquisition of another person’s property rights through continuous and unauthorized use over a specified period.
Building and Pest Inspection: A professional assessment of a property’s condition to identify any structural or pest-related issues.
Memorandum of Transfer: The document used to transfer property ownership from the seller to the buyer.
Joint Tenancy: A form of property ownership where two or more people have an equal share in the property, with the right of survivorship.
Community Title: A form of property ownership where a community scheme is established, such as townhouses or apartments.
Setback: The minimum distance required between a building or structure and the property boundaries or other structures.
Residual Current Device (RCD): A safety device that detects electrical faults and quickly shuts off power to prevent electric shock.
Rateable Value: The value assigned to a property by the local council for the purpose of calculating rates and taxes.
Mortgage Insurance: Insurance coverage that protects the lender in the event of a default by the borrower on a high-risk mortgage.
Inclusions: Items specified in the contract that are included in the sale of a property, such as fixtures or appliances.
Exclusions: Items specified in the contract that are not included in the sale of a property.
Special Conditions: Specific terms or clauses added to a contract to address unique circumstances or requirements.
Chattel Mortgage: A loan agreement where personal property, such as a vehicle or machinery, is used as security for the loan.
Unregistered Land: Land that is not yet recorded in the government’s land registry system.
Body Corporate Disclosure Statement: A document that provides information about the management and finances of a body corporate.
Stratum Title: A form of property ownership where multiple owners have a share in the land, such as in a high-rise building.
Land Tax Clearance: A certificate that confirms the payment of outstanding land tax on a property.
Covenants: Restrictions or obligations imposed on the use of land, as outlined in the property’s title or governing documents.
Building Approval: The official approval granted by the local council or a private certifier for the construction or renovation of a building.
Settlement Date: The agreed-upon date on which the balance of the purchase price is paid, and ownership is transferred.
Good Title: A title that is legally valid and allows the owner to freely transfer and sell the property.
Drainage Diagram: A diagram that shows the location and flow of stormwater and wastewater pipes on a property.
Default: Failure to fulfill an obligation or meet a contractual requirement.
Joint Form of General Conditions for the Sale of Land: A standardized document that outlines the general conditions of a property sale in Queensland.
Electronic Conveyancing: The process of conducting conveyancing transactions electronically, including signing and lodging documents online.
Strata Manager: A professional appointed by a body corporate to manage the administration and maintenance of a strata-titled property.
Enclosing Fencing Notice: A notice served by a neighbor to request contribution towards the cost of constructing or repairing a dividing fence.
Body Corporate By-Laws: Rules and regulations that govern the use and management of common property in a strata-titled development.
Notice of Intention to Sell: A notice served by a body corporate to inform owners of the proposed sale of common property or units.
Subdivision: The process of dividing a larger parcel of land into smaller lots or titles.
Survey: The process of measuring and mapping the boundaries, dimensions, and features of a property.
Strata Levies: Regular fees paid by strata property owners to cover the costs of managing and maintaining common property.
Owner Builder: An individual who carries out building work on their own property without engaging a licensed builder.
Duplex: A residential building divided into two separate dwellings.
Land Registry Fee: A fee paid to the government for registering changes in property ownership or interests.
Riparian Rights: The legal rights of a landowner to use and access water from a river or other water source that borders their property.
Registered Plan: A plan of survey that has been officially registered with the land registry.
Nominee: A person or entity appointed to act on behalf of another party, such as a buyer or seller.
Deposit Holder: The party responsible for holding the buyer’s deposit until settlement.
Developer: A person or company that purchases land for development or subdivision.
Special Levy: Additional fees imposed by a body corporate to cover unexpected or significant expenses.
Discharge of Mortgage: The process of removing a mortgage from a property’s title once the loan has been repaid.
Land Tax Valuation: The assessed value of a property for the purpose of calculating land tax.
Body Corporate Manager: A professional or company appointed to handle the administrative and financial affairs of a body corporate.
Notice to Complete: A notice served by one party to another, requesting that the contractual obligations be fulfilled by a specified deadline.
Sunset Clause: A provision in a contract that specifies a date by which certain conditions or obligations must be met.
Beneficiary: A person or entity entitled to receive the benefits or proceeds of a trust or will.
Enclosing Fencing Act: Legislation that governs the construction, maintenance, and sharing of costs for dividing fences between neighboring properties.
Pool Safety Certificate: A certificate issued by a licensed inspector to verify that a swimming pool or spa complies with safety standards.
Rental Guarantee: An agreement by a developer or landlord to guarantee a specified rental income for a property.
Bankruptcy Search: A search conducted to determine if a party involved in the property transaction has been declared bankrupt.
Power of Attorney: A legal document that authorizes one person to act on behalf of another in specified matters, such as property transactions.
Community Management Statement: A legal document that outlines the rules and regulations governing a community titles scheme.
Fixture: An item that is permanently attached or affixed to a property and is considered part of it.
Vacant Possession: The condition in which the property is empty and available for immediate occupation by the buyer.
Deed of Assignment: A legal document used to transfer the rights and obligations of a contract from one party to another.
Development Approval: Official permission granted by the local council or relevant authority to carry out specific development or construction.
Completion Date: The date specified in the contract when all contractual obligations must be fulfilled, and settlement occurs.
Body Corporate Committee: A group of elected owners who are responsible for managing the affairs of a body corporate.
Termination Notice: A notice served to terminate a contract due to a breach of terms or other specified circumstances.
Crown Land: Land owned by the government or Crown and managed for public purposes.
Survey Plan: A plan that shows the precise boundaries and measurements of a property based on a survey conducted by a licensed surveyor.
Outgoings: Expenses associated with owning and maintaining a property, such as rates, taxes, and insurance.
Residual Value: The estimated value of an asset at the end of its useful life.
Cooling-Off Waiver: An agreement between the buyer and seller to waive the cooling-off period specified in the contract.
Lot Entitlement: The proportionate share or entitlement of an owner in a community titles scheme, usually based on the lot’s size or value.
Settling Agent: A person or entity responsible for arranging the financial settlement of a property transaction.
Plan of Development: A detailed plan that shows the proposed layout and design of a development, including buildings and infrastructure.
Building Certificate: A certificate issued by the local council that confirms a building’s compliance with relevant building codes and regulations.
Accession: The legal principle by which the ownership of improvements or additions to property becomes part of the property itself.
Special Conditions of Sale: Additional conditions included in the contract that are specific to the property or parties involved in the transaction.
Disbursement Costs: Expenses incurred by the conveyancer or solicitor during the conveyancing process, such as search fees or postage charges.
Marketable Condition: The condition of a property that is suitable for sale and can attract buyers without significant obstacles.
Estate: The total property and assets owned by an individual, including real estate, personal belongings, and investments.
Tenure: The nature or type of ownership or occupation of a property, such as freehold, leasehold, or strata.
Surveyor’s Report: A report prepared by a licensed surveyor that provides details about the property’s boundaries, dimensions, and any encroachments.
Property Settlement Statement: A document that itemizes the financial adjustments between the buyer and seller at settlement.
Nominated Representative: A person authorized to act on behalf of an individual or entity in a property transaction, such as a power of attorney.
Settlement Statement: A document provided by the seller’s conveyancer or solicitor to the buyer’s conveyancer or solicitor, outlining the financial details of the transaction.
Variations: Changes or modifications made to the original terms of a contract, typically agreed upon by both parties.
Title Insurance: An insurance policy that provides coverage for certain risks and defects that may affect the property’s title.
Community Management Statement: A legal document that outlines the rights, obligations, and rules for owners within a community titles scheme.
Joint Form of General Conditions: A standardized document commonly used in Queensland for property sales, outlining general conditions and requirements.
Indefeasible Title: A title that is secure and cannot be challenged or voided by adverse claims.
Contaminated Land: Land that has been polluted or contaminated by hazardous substances, requiring remediation or special considerations.
Depreciation Schedule: A report prepared by a qualified quantity surveyor that outlines the expected depreciation of assets in a property for tax purposes.
Zoning: The division of land into different zones or categories based on designated land use, such as residential, commercial, or industrial.
Caveatable Interest: An interest or claim on a property that is significant enough to allow for the lodging of a caveat.
Environmental Impact Assessment: An assessment conducted to evaluate and mitigate potential environmental impacts of a proposed development.
Revenue and Other Legislation Amendment Act: Legislative changes that may affect property transactions and related taxes and fees.
Community Titles Scheme: A development where multiple properties share common areas and facilities, governed by a body corporate.
Residual Current Device (RCD) Compliance Certificate: A certificate that verifies the installation and compliance of RCDs in a property.
Land Court: A court that deals with disputes relating to land, including boundary disputes and compensation claims.
Body Corporate Administration Fund: A fund established by the body corporate to cover the ongoing administrative and maintenance expenses.
Special Water Meter Reading: A reading of the water meter conducted to determine the water usage and charges applicable to a property.
Title Search: A search conducted to obtain information about the ownership, encumbrances, and other details of a property’s title.
Restrictive Covenant: A legal agreement that restricts or regulates certain activities or land use on a property.
Notifiable Interest: An interest or relationship that must be disclosed under the law, such as a conflict of interest.
Infrastructure Charges Notice: A notice issued by the local council to notify the property owner of infrastructure charges payable for new developments.
Land Tax Clearance Certificate: A certificate issued by the Office of State Revenue to confirm that all outstanding land tax obligations have been met.
Flood Risk Assessment: An assessment conducted to determine the potential risk of flooding to a property.
Cross-Easement: An easement that allows the mutual use and access of a particular area between two or more neighboring properties.
Land Valuation: The assessed value of a property determined by a licensed valuer for various purposes, such as taxation or insurance.
Cadastral Map: A map that shows the boundaries and dimensions of individual land parcels within a particular area.
Verification of Identity (VOI): The process of verifying the identity of individuals involved in a property transaction to prevent fraud and ensure compliance.
Crown Lease: A leasehold interest granted by the government for the use of Crown land.
Drainage Easement: An easement that allows for the drainage of water through a specific area of land.
Development Application: An application submitted to the local council or relevant authority seeking approval for a proposed development or building work.
Building Inspector: A qualified professional who conducts inspections to assess the structural integrity and compliance of a building.
Exemption Certificate: A certificate issued by a government authority exempting a property from certain regulations or requirements.
Crown Grant: A legal document issued by the government that grants ownership of Crown land to an individual or entity.
Title Deed: The official document that evidences ownership of a property and includes relevant details of the property.
Enduring Power of Attorney: A legal document that grants someone the authority to make decisions on behalf of another person, even if they become mentally incapacitated.
Water Allocation: The volume of water allocated to a property or user for a specific purpose, such as irrigation.
Transfer Duty: A tax payable on the transfer of property ownership, also known as stamp duty.
Trust Account: A designated account used by a conveyancer or solicitor to hold client funds for property transactions.
Error and Omissions Insurance: Insurance coverage that protects conveyancers and solicitors against claims resulting from mistakes or omissions in their professional services.
Off-the-Plan: A purchase of a property before it is constructed or completed, based on architectural plans and specifications.
Financial Settlement: The process of exchanging funds and legal documents between the buyer and seller to complete a property transaction.
Body Corporate Roll: A register maintained by the body corporate, containing information about lot owners, committee members, and other relevant details.
Development Agreement: A legally binding agreement between a developer and landowner for the construction or development of a property.
Encroachment: An unauthorized intrusion or trespass of a property onto an adjoining property.
Primary Production: The agricultural or farming use of land for the production of crops, livestock, or other agricultural activities.
Default Notice: A notice served by one party to another to inform them of a default or breach of the contract terms.
Statutory Easement: An easement created by legislation for public utility services, such as electricity, water, or sewerage.
Tenants in Common: A form of co-ownership where multiple individuals hold a share in a property, with no right of survivorship.
Encumbrance: Any claim, restriction, or liability that affects the title of a property, such as mortgages, easements, or caveats.
Possession Date: The date agreed upon in the contract when the buyer takes possession and assumes responsibility for the property.
Certificate of Classification: A certificate issued by a building certifier that confirms a building’s compliance with relevant building codes and standards.
Initial Disclosure Statement: A document provided by the seller to the buyer, disclosing certain information about the property, such as known defects or encroachments.
Council Rates Notice: A notice issued by the local council to the property owner, detailing the rates and charges applicable to the property.
Special Condition Finance: A condition in the contract that allows the buyer to terminate the contract if they are unable to secure satisfactory finance.
Land Court Consent: The approval obtained from the Land Court for certain transactions involving Aboriginal or Torres Strait Islander land.
Body Corporate Governance: The principles and practices governing the administration and decision-making processes within a body corporate.
Nominated Representative Agreement: An agreement that appoints a nominated representative to act on behalf of a lot owner in a body corporate.
Seller’s Disclosure Statement: A document completed by the seller that discloses relevant information about the property, such as past renovations or building approvals.
Special Condition Pest Inspection: A condition in the contract that allows the buyer to obtain a professional pest inspection and terminate the contract if significant pest-related issues are identified.
Confirmation of Identity (COI): The process of verifying the identity of individuals involved in a property transaction to prevent fraud and ensure compliance.
Operational Works: The physical works required for the development of a property, such as earthworks, road construction, or infrastructure installation.
Concurrent Lease: A lease that begins before the expiration of another lease, allowing for a smooth transition of tenancy.
Negotiation Period: A specified period in the contract during which the buyer and seller can negotiate and agree upon any changes or amendments.
Strata Search: A search conducted to obtain information about the management and financial status of a strata-titled property.
Building and Pest Inspection: A comprehensive inspection conducted by a qualified professional to assess the condition of a property and identify any structural or pest-related issues.
Land Tax Exemption: An exemption granted by the Office of State Revenue, relieving the property owner from paying land tax for specific reasons or circumstances.
Exclusive Use By-Law: A by-law that grants a lot owner exclusive use and enjoyment of a particular area of common property.
Setback: The minimum distance required between a building or structure and the boundaries of a property, as specified by planning regulations.
Cooling-Off Period Extension: An extension of the standard cooling-off period specified in the contract, allowing the buyer additional time for due diligence or obtaining finance.
Stratum Title: A form of ownership in a multi-level building where each individual unit owner holds a share in the common property.
Contract Note: A document that confirms the agreement between the buyer and seller and provides a summary of the key terms and conditions of the contract.
Development Infrastructure Contribution: A fee imposed by the local council on developers to contribute towards the cost of infrastructure required due to the development.
Special Condition Pool Compliance: A condition in the contract that allows the buyer to ensure that the swimming pool or spa complies with safety regulations before proceeding with the purchase.
General Tenancy Agreement: A legally binding agreement between a landlord and tenant that outlines the terms and conditions of the tenancy.
Land Court Jurisdiction: The authority of the Land Court to hear and determine certain land-related matters and disputes.
Non-Standard Building Contract: A contract used for the construction or renovation of a property that is not covered by a standard building contract.
Body Corporate Disclosure Statement: A document provided by the seller to the buyer, containing information about the body corporate, financials, and by-laws.
Deposit Bond: A financial instrument that acts as a substitute for a cash deposit in a property transaction, issued by an insurance company.
Master Planned Community: A residential development that is carefully planned and designed, incorporating various amenities, open spaces, and community facilities.
Off-The-Plan Sunset Date: The date specified in the contract by which the developer must complete the construction of the property.
Limited Title Guarantee: A guarantee provided by the seller that they have not encumbered the property except as disclosed in the contract.
Tax Depreciation Schedule: A report prepared by a quantity surveyor that outlines the potential tax deductions available for depreciation of building and assets within a property.
Body Corporate Insurance: Insurance coverage obtained by the body corporate to protect against risks and liabilities associated with the common property.
PEXA (Property Exchange Australia): An electronic conveyancing platform used for settling property transactions online.
Power of Sale: The authority granted to a mortgagee to sell a property in default to recover the outstanding debt.
Home Warranty Insurance: Insurance coverage that protects buyers against defects or incomplete work in newly constructed or renovated properties.
Settlement Notice: A notice served by one party to the other, specifying the proposed settlement date and time for the property transaction.
Statutory Warning Statement: A statement included in the contract to advise the buyer about the risks and importance of seeking legal advice before entering into the contract.
Conveyancer – A licensed professional who handles the legal aspects of property transactions. Also sometimes referred to as: convancer, converyancing, conveyancing, conveyencing, coveyancing, conveyincing, conveyencor, converyancer, conveyancors, conveyencer, convenyancer, conveyancor, conveyncer.

Please note that this glossary provides general definitions, and specific legal terms and processes may vary. It’s always advisable to consult a qualified conveyancer or solicitor for professional advice.

 

 

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