This week in the A – Z of Conveyancing, we’ll go through the commonly used terms in relation to conveyancing, looking at the letter C.
A Caveat is a notice registered on a title claiming an interest on the land. This restricts the sale or transfer of a property until the Caveat is withdrawn, lapsed, or removed. There are strict rules for lodging a Caveat on a property and the type of interest being asserted to be held. A Caveator is the person or party who lodges the Caveat.
Certificate of Title
Often referred to as the Deed to the property, the Certificate of Title is the document showing the identifying details for the property, the registered proprietor/s and any registered dealings such an easement or mortgage. There are two types of Certificates of Title in NSW, physical, issued when there is no mortgagee, or an Electronic Certificate of Title (eCT).
A form of land tenure, when the owner of the property owns their individual lot but also holds an interest in common areas of a larger parcel of land. The most common forms of community title are housing estate developments, in which purchasers buy and build on individual lots but also benefit from the use of shared facilities such as gardens, roads, play centres and sporting facilities.
Contract for Sale
A Contract for Sale is prepared by a solicitor or conveyancer when you decide to sell your property. The contract contains the terms and conditions of the sale and documentation to identify the various aspects of the property such as title, plan of the property and zoning certificates. A Contract is required to be prepared before an agent can market your property.
Cooling off period
When Contracts for Sale are exchanged it is standard to enter a cooling off period unless it is waived by the purchaser. The cooling off period is a 5-business day period which commences the day after Contracts are exchanged and expires close of business on the 5th day. A request can be made to extend this period and must be agreed by the vendor. Once the cooling off period expires Contacts are binding on all parties.