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Key Glossary of terms for Property Acquisition part 3
By arlene | August 28, 2008
NHBRC
The National Home Builders Registration Council ensures that builders extend their commitment to customers by providing a five-year warranty.
Null and void
A legal expression emphasising a final cancellation or lapse of a sales agreement. It puts both parties in the position they were in before the agreement was signed and leaves each without any obligation to the other.
Prior occupation
A buyer’s right to take personal occupation of a property before transfer takes place. Occupational rent, agreed to in advance between the parties, will be payable by the buyer until registration of transfer.
Occupation (Date of occupation)
The date the purchaser moves into the property, as agreed upon in the “Offer to Purchase.”
Occupational rent
Paid by the purchaser to the seller at an agreed amount, if the purchaser decides to move into the property before transfer of ownership takes place.
Offer to purchase (Agreement of Sale)
A document setting out the proposed purchase price and conditions on which a buyer is prepared to purchase a property. It will be submitted to the seller and, once he signs it, it becomes a valid deed of sale.
Possession
The date on which the risk in the property passes to the purchaser.
Property description
This is the definition of the property sold in a sale agreement. It can simply be its street address but usually records its stand number and suburb as described in the owner’s title deed.
Registration
This is the process whereby ownership of the property is transferred from the seller to the buyer via a deed of transfer. The home loan will be secured at the Deeds Office as a mortgage bond.
Repayments
This is the amount you will be required to pay back every month towards your home loan.
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Topics: Property, Rental, Sale | 6 Comments »
August 28th, 2008 at 8:08 am
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