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Terminology Building Inspection - This is an inspection carried out by a licenced building inspector. Home building inspectors inspect the structural quality and general safety of buildings. A building inspector will also inspect home systems and features, including roofing as well as the exterior, site, attached garage or carport, foundation, interior, plumbing, electrical, and heating and cooling systems. Caveat - Generally speaking, a caveat is a warning to others that someone other than the registered proprietor claims to have an interest in the land. Certificate of Title - Certificates of Title show the volume and folio numbers, register number of the property, location, current ownership and any encumbrance details. Conveyancer - Also known as a Settlement Agent. Disbursements - These are costs or charges of an administrative nature such as telephone calls, postage, photocopying etc. These cost vary between settlement agencies. Easements - An easement or right-of-way is an an encumbrance shown on the title that confers the right to use part of the land. For example, if you own property and a utility company has a main gas line passing under your land, it is likely the utility will have a registered easement that will guarantee them access to the line and land. Offer and Acceptance Contract - The document setting out the terms of sale and purchase of property. Restrictive Covenant - Restrictive covenants are in effect a form of private planning control: they are restrictions on the development or use of land, enforceable by an interested party against the landowner. Settlement Statement - A settlement statement is prepared by the settlement agent. It details the purchase price for the property, any fees and disbursements, the provision for rates, the amount of deposit paid, the stamp duty payable and the balance due on settlement. Stamp Duty - Stamp Duty is a general revenue tax imposed on transfers and agreements for the sale of real estate, documented gifts, insurance policies, mortgages, and transfer and issue of motor vehicle licences. The Office of State Revenue have a Stamp Duty calculator on their website. Transfer Registration Fee - This fee is payable to the Department of Land Information and is based on the purchase price of the property. |
Sure Settlements and Earnshaw Lawyers, 15 The Crescent, MIDLAND 6056 Western Australia Telephone: +61 8 9274 0622 Fax: +61 8 9274 0544 E-mail: |