Definition of Terms
Fixtures: Items which are attached to the property and cannot be removed without causing damage to the property. They are usually included in the sale.
Settlement: Settlement is the date on which the balance of the purchase price is paid to the vendor and the title of the property is handed over to the purchaser. The vendor sets the date of settlement in the contract. The settlement period is usually 42 days but a purchaser may be able to negotiate an alternative settlement period with the vendor prior to signing the contract.
Unconditional: Is the term used in reference to contracts in which there are no conditions. In some instances a property can be purchased with a cooling-off period which would make it a conditional contract. When a contract is exchanged unconditionally a purchaser cannot rescind the contract. All properties that are sold at auction are unconditional.
Terminate & Rescind: A contract that is terminated comes to an end allowing the parties to exercise certain rights that came into existence prior to termination. A contract that is rescinded is treated as not having come into existence and the parties are entitled to be returned to their positions as they were prior to the contract.
Easement: An easement is an interest in land that allows one person to make use of land owned by another person for a specific reason.
Caveat: A caveat is a form of statutory injunction. When a Caveat is lodged over a property at Land and Property Management Authority, it effectively prevents the registration of any dealing over that property until it is removed (except for some statutory exceptions and any specifically permitted dealings).
Breach of contract: A breach of contract is a legal cause of action in which a binding agreement is not honoured by one or more of the parties to the contract by non-performance or interference with the other party's performance. If the party does not fulfil its contractual promise, or will not perform its duty as mentioned in the contract, it is said to breach the contract.
Disclaimer: All material contained in the pages of this website is general information only, and is provided for the purposes of alerting consumers to some of the risks, responsibilities and procedures associated with buying and selling property. The information on these pages may change from time to time and it should never be relied upon as your only source of information. It is therefore recommended that you contact our office for any specific queries that you may have.
Settlement: Settlement is the date on which the balance of the purchase price is paid to the vendor and the title of the property is handed over to the purchaser. The vendor sets the date of settlement in the contract. The settlement period is usually 42 days but a purchaser may be able to negotiate an alternative settlement period with the vendor prior to signing the contract.
Unconditional: Is the term used in reference to contracts in which there are no conditions. In some instances a property can be purchased with a cooling-off period which would make it a conditional contract. When a contract is exchanged unconditionally a purchaser cannot rescind the contract. All properties that are sold at auction are unconditional.
Terminate & Rescind: A contract that is terminated comes to an end allowing the parties to exercise certain rights that came into existence prior to termination. A contract that is rescinded is treated as not having come into existence and the parties are entitled to be returned to their positions as they were prior to the contract.
Easement: An easement is an interest in land that allows one person to make use of land owned by another person for a specific reason.
Caveat: A caveat is a form of statutory injunction. When a Caveat is lodged over a property at Land and Property Management Authority, it effectively prevents the registration of any dealing over that property until it is removed (except for some statutory exceptions and any specifically permitted dealings).
Breach of contract: A breach of contract is a legal cause of action in which a binding agreement is not honoured by one or more of the parties to the contract by non-performance or interference with the other party's performance. If the party does not fulfil its contractual promise, or will not perform its duty as mentioned in the contract, it is said to breach the contract.
Disclaimer: All material contained in the pages of this website is general information only, and is provided for the purposes of alerting consumers to some of the risks, responsibilities and procedures associated with buying and selling property. The information on these pages may change from time to time and it should never be relied upon as your only source of information. It is therefore recommended that you contact our office for any specific queries that you may have.
