This week in the A – Z of Conveyancing, we’ll go through the commonly used terms in relation to conveyancing, looking at the letters Q&R
An owner or tenant of a property has the right to enjoy quiet enjoyment of their residence. There must be a reasonable expectation that a landlord or any other party does not interfere with your right to enjoyment. For instance, if you are a tenant the landlord cannot enter your residence without reasonable prior notice.
Registration of all plans and dealings in connection to a property occur at the NSW Land Registry Services. These include the registration of Strata Plans, Deposited Plans and most commonly Transfers from Vendors to Purchasers.
Requisitions on Title
Requisitions on Title are a standard set of questions that are “served” by the purchaser’s solicitors/conveyancer to the vendor’s representative for reply. These questions are provided by the Law Society in a form that is usually attached to the Contract for Sale. There are questions available for strata commercial, strata residential, commercial and general residential properties.
Rescission occurs when either party of a Contract withdraws from a Contract for Sale. A Notice of Rescission is served on the other party and must be made within the requirements as set out by legislation and the terms of the Contract.
This is the minimum price that is discussed between a selling agent and vendor(s) prior to going to auction. The price is not disclosed to potential bidders. If the reserve price is not met at the auction the property will be passed in.
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 F: Final Inspection, Finance, Fittings & Fixtures
The Letter G: Grants, Guarantee/Guarantor, Goods & Services Tax
The Letter H: Holding Deposit, Home Loan
The Letter I: Inclusions, Inspection Reports, Insurance
The Letter J&K: Joint Tenants, Keys
The Letter M: Mortgage, Mortgagor, Mortgagee.
The Letter N: Negotiations, Notice of Rescission, Notice to Complete