Agent
A person authorised to act for another in the buying
of a property. Mirvac has authorised some external
Sales Consultants to act as its agent.
Body Corporate
A Body Corporate or Owners Corporation is a separate
statutory entity which comes into existence when the
strata plan for a building is registered. The Body
Corporate or Owners Corporation is the legal owner of
all Common Property and has certain statutory rights
and obligations in relation to the Common Property.
The Body Corporate or Owners Corporation can be sued
and can sue. Each owner is automatically a member of
the Body Corporate or Owners Corporation for that
building. You should check the by-laws to understand
what responsibilities and rights the Body Corporate or
Owners Corporation has.
Building Inspector
A qualified person who is responsible for checking
buildings and dwellings during and after construction to
ensure that they comply with building regulations.
Building Regulations
These are laws imposed by the Building Code of Australia
and local authorities relating to the design and
construction of buildings. Building Regulations ensure
the safety and health of people in or about dwellings.
They can also be used to help improve efficiency and
reduce waste.
Buying off the plan
Buying a property before it has been constructed.
Certificate of title
The document evidencing ownership and interest of a lot
of land.
Colour schemes
A selection of colours and finishes that you can choose
from when building your home. E.g. tiles and cupboard
handles.
Common property
An area of land jointly owned by all members of the
Owners Corporation or Body Corporate and for which all
owners have common liabilities. You should check the
plans to understand what is and isn't Common Property
but this will usually include things such as stairwells,
garden areas, external walls and windows.
Community title
A Certificate of Title for a community lot, community
strata lot, development lot or common property in a
masterplan.
Conditions of sale
The terms of a contract of sale made between the vendor
and purchaser.
Conjunct agent
Where an agent works with one or more other agents to
sell a property.
Contract of sale
The binding agreement relating to the sale of the
property.
Cooling off period
A statutory period after the contract of sale is
executed during which the purchaser may cancel the
contract unconditionally. Not all properties have a
cooling off period, and the duration of the period may
vary depending on the property and the State.
Crown land
Land owned by a State Government or the Commonwealth
Government.
Deposit
Percentage of the purchase price, or an agreed amount,
paid on the exchange of Contract. The deposit is
normally 10% of the Purchase Price of a property but
this may vary.
Development Approval
Approval from the relevant planning authority which sets
out the conditions for development and construction.
Development approvals must be obtained prior to
commencing development or construction.
Disclosure Statement
A statement required by law, in which vendors of
particular kinds of property must reveal specified
information to potential buyers. Disclosure Statements
are usually attached to the Contract of Sale, although
it may be provided separately before a contract is
available.
Easement
A legal right to a non-owner to use land or airspace for
a specified purpose. E.g. to gain access to a road or to
swing a crane.
Finishes
Colour Schemes and options which you may choose from
when building your home.
FIRST HOME OWNER’S GRANT (FHOG)
The FHOG is a national scheme funded by the states and
territories and administered under their own
legislation. Under the scheme, a one-off grant is
payable to first home owners that satisfy all the
eligibility criteria. The FHOG may vary in different
states and territories within Australia.
Guarantor
A person who guarantees to fulfil obligations including
the obligation to pay money under a contract/loan if a
party to that contract or loan does not comply.
Holding Deposit
An agreed amount paid by the buyer to take a property
off the market. It is normally 10% of the Purchase
Price.
Interest Rate
The rate charged by a lender for the borrowing of money.
It is normally a percentage of the total amount
borrowed.
Joint Venture
Where two or more parties partner to carry out some
activity. E.g. to purchase and develop real estate.
Market Price
The price a willing buyer is prepared to pay.
Outbuildings
A building separate to a particular allotment of land or
main building but associated with it. E.g. a garage.
Owner Occupier
An owner of a property who resides in the dwelling.
Pre-approval
Before you start looking for a home you can apply for
pre-approval for a loan/mortgage through most banks and
financial institutions. Pre-approval will give you a
clear guide as to how much money you have to work with.
Purchase price
The price agreed to in the Contract of Sale.
Restrictive Covenants
A written agreement between a landowner and a purchaser
that restricts the use of some part of the land. For
example, there may be covenants that restrict the type
of building materials you can use to build a home to
ensure that a neighbourhood retains its character.
Right of first refusal
The right to have the first option to buy (or refuse to
buy) a property.
Sales Advice
A form used to prepare a Contract of Sale. It is
normally accompanied by a Deposit or Holding Deposit.
Sales Consultant
A person authorised to act for another in the buying of
a property. Sometimes referred to as an agent.
Settlement
A settlement of property completes the contract of sale
and usually occurs when the purchaser completes the
final payment of the contract price and takes legal
possession of the property.
Stamp Duty
A tax on legal documents relating to the transfer/sale
of property. Stamp Duty varies from state to state and
is calculated as a percentage of the purchase price or
the market value of the property, whichever is the
greater.
Strata Levy
A fee agreed by the Body Corporate or Owners Corporation
imposed on land and property owners to fund the running
and maintenance of Common Property and administration
costs. Strata levies are normally billed on a quarterly
basis.
Trust Account
A bank account where funds are held by an agent for or
on behalf of another person, usually to hold deposits.
Zoning
When a town or land is divided in areas for the purposes
of planning and controlling the development of each
area.
