This week in the A – Z of Conveyancing, we’ll go through the commonly used terms in relation to conveyancing, looking at the letter H.
Holding Deposit
This is the initial deposit which is payable to the real estate agent and enables the property to be exclusively held for the purchaser during the cooling off period. The holding deposit is 0.25% of the purchase price and is paid on or before the exchange of Contracts which triggers the start of the cooling off period. The balance of the deposit will then be paid at the expiry of the cool off period.
Home loan
There are various types of home loans available which can assist you to purchase your property. Examples include variable, fixed rate and interest only home loans and vary in suitability depending on your borrowing capacity. It is vital to have your home loan approved prior to entering into an unconditional contract to purchase a property. Your banker or broker will be able to assist you in finding the most suitable loan for you.
For more information on the A – Z of Conveyancing check out our other posts:
The Letter A: Adjustments, Amendments, Auctions
The Letter B: Breach, Broker, Building Contract, By-Laws
The Letter C: Caveat, Certificate of Title, Community Title, Contract for Sale, Cooling off Period
The Letter D: Deposit, Deposit Bond, Deposited Plan, Disbursements, Discharge of Mortgage
The Letter E: Easement, Electronic Notice of Sale, Exchange, Exclusions
The Letter F: Final Inspection, Finance, Fittings & Fixtures
The Letter G: Grants, Guarantee/Guarantor, Goods & Services Tax
The Letter I: Inclusions, Inspection Reports, Insurance
The Letters J & K: Joint Tenants and Keys
The Letter L: Land Tax, Lease, Lenders Mortgage Insurance, LRV – Loan to Value Ratio
The Letter M: Mortgage, Mortgagor, Mortgagee.
The Letter N: Negotiations, Notice of Rescission, Notice to Complete
The Letter O: Occupation Certificate, Off the Plan, Open House, Owners Corporation
The Letter P: Penalty Interest, PEXA, Principal place of residence, Proprietor
The Letter Q & R: Quiet enjoyment, Registration, Requisitions on Title, Rescission, Reserve price
