GLOSSARY

66W – is a certificate provided by your conveyancer under section 66W of the Conveyancing Act 1919 in which it states that the purchaser understands their rights to waive the cooling off period under a contract.
Caveat – Is a legal document that prevents the registration of further dealings with respect to a property due to an interest of a third party. The word ‘caveat’ means ‘beware’.
Conveyancing – Is the process of transferring the legal title to a property from one owner to another.
Cooling Off Period – The period of time allowed under a contract where the purchaser has the right to withdraw from the purchase of a property.
Deposit Bond – Is essentially an insurance policy that you buy in place of having a cash deposit. Usually used when your deposit is coming from the equity of another property.
Disbursements – Are costs incurred during the matter for searches, enquiries and other incidentals and paid out on your behalf by your conveyancer.
Exchange – When contracts for both the vendor and the purchaser are “exchanged”, being identical of each other and binding the parties to the terms of the contract.
LPI – Is the Land and Property Information. The central register for property information in NSW and titles to land.
Mortgagee – Is the bank or financial institution lending the money.
Mortgagor – Is the person or persons borrowing the money.
Purchaser – The person or persons buying the property.
Registration – Is the process of lodgement and registration of documents at the Land and Property Information (see LPI).
Settlement – The final stage in the conveyancing process where the title to the property is exchange for the purchase price.
Torrens Title – The system by which is land is known and dealt with which. A simple system using a single register to record all property transactions. Named after Robert Richard Torrens in the 1800s.

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