This week in the A – Z of Conveyancing, we’ll go through the commonly used terms in relation to conveyancing, looking at the letter B.

Breach

A breach is a failing by one of the parties to a contract to observe or comply with a condition or term set out in the Contract of sale. The Contract of sale will outline the consequences or penalty for breaching a condition of the contract.  Common breaches include failing to settle on the contracted completion date or not providing vacant possession.

Broker

An intermediary party between a purchaser and lenders who can assist a purchaser to compare and choose an appropriate home loan. The broker will assess various factors such as purchaser’s income, savings, other property as well as the property to be purchased and loan scenarios in order to find the most suitable loan for the purchaser.

Building Contract

A contract for the construction, renovation or extension of a property that sets out the works to be completed and the rights and responsibilities of the builder and the property owner. Works between $5,000.00 and $20,000.00 require a “small jobs contract”, while works over $20,000.00 require an extensive building contract.

By-laws

A set of specific regulations for a Strata building put in place and regulated by the Owners Corporation. By-laws set out the rules that must be followed by owners, tenants and even visitors. By-laws can cover the use of common property, the behaviour of occupants and guests, parking, renovation and tenancies.