This week in the A – Z of Conveyancing, we’ll go through the commonly used terms in relation to conveyancing, looking at the letter T.
When a property is leased, a Tenancy Agreement is entered into between the landlord and the tenant. When the property is sold the Tenancy Agreement must be disclosed in the Contract for Sale. The agreement is to be attached to the Contract even if the termination date has expired and no new agreement has been entered into as it is considered a month-to-month agreement in the same terms as the expired agreement.
Tenants in Common
One of two types of ownership selection when transferring a property. A tenancy in common is a type of co-ownership where two or more persons own distinct interests in the same piece of land. This may be equal or in different proportions. This type of tenancy is common for unrelated parties who want their families to inherit their share of the property. The share in the property can be any size from 1% to 99%.
This is the reference that identifies your property with the NSW Land Registry Services. The reference is set out as a lot in a Strata or Deposited Plan and is located on a Title Search or Certificate of Title for the property.
A Transfer is the document that is prepared and lodged at settlement by a purchaser’s legal representative. Once lodged it transfers the interest in a property from the vendor (Transferor) to the purchaser (Transferee). The interest transferred can vary and is required to be indicated on the document.
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