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Glossary

These definitions are intended to apply only to the selling and buying of homes and land on the open market. Where property is being transferred within the family there are exceptions to these rules.

Adjustments The rates, levies and taxes on the property that the Buyer and Seller have to pay at the time handover of the property.
Conveyancer The person who does the Conveyancing.
Conveyancing The process of transferring the ownership of land (including home unit) from one person to another.
Contract of Sale or Contract for Sale (usually called The Contract) The paperwork between the Buyer and Seller which sets out the terms and conditions of sale.
Cooling-Off Period The 5 day business period after the Buyer signs the Contract. The Buyer can pull out of the Contract in this 5 days but at a penalty of .025% of the purchase price.
Deposit The money the Buyer puts down when they sign the contact to buy the property. In NSW it is 10% of the purchase price but in Qld it is what the Seller will accept.
Requisitions Questions which the purchaser makes to the vendor regarding the property. It is compulsory for the Seller to answer them.
Settlement The moment in time where the Buyer pays what is owing to buy the property and gets the legal paperwork for ownership in return. The Conveyancers do the handover. The Buyer and Seller don’t need to be there.
Stamp Duty A State tax payable by the Buyer when they sign the Contract. It’s on a sliding scale based on the purchase price. There are exemptions for First Home Buyers.
Title Deed The written proof of ownership of the property. If there is a mortgage, the Lender holds the Deed until the loan is repaid. No title deed is issued in Queensland.
Transfer The actual piece of paper that is registered to effect the change in ownership from Seller to Buyer.