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AUSTRALIAN REAL ESTATE

Real Estate and Financial Terms

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Buying, selling or renting property in Australia and having trouble understanding what they're saying? To help you figure it out, we've created brief explanations of the words used. For more complete information, see your local real estate agent, financial advisor or solicitor.

 

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T
tenancy The right to occupy a property under agreed terms and conditions.
tenants in common A type of joint tenancy in a property where two or more purchasers own a property. If one party dies, the property is divided according to law.
term The length of a home loan such as 25 years.
title fees A fee for the title search, registration of a new mortgage, discharge of an old mortgage and transfer of property ownership. The fee is paid to the states' Land Title Office.
title search A check of the title records to ensure that the seller is the legal owner of the property and that there are no outstanding liens or claims.
Torrens Title A system of recording property ownership. Also known as Certificate of Title.
townhouse A dwelling unit, generally having two or more floors and attached to other similar units by a common wall.
transfer A document registered at the Land Titles Office which confirms the change of ownership as noted on the Certificate of Title.

Note: We assume no liability resulting from any errors or omissions. Translation . . . we've done our best to bring you accurate information. However, you should seek your own independent advice as to the accuracy of the information supplied.

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