Helpful meanings to common terms in conveyancing.
certificate of title
a certificate pursuant to the Real Property Act 1886 that records details in relation to specified land including ownership, boundaries, limitations of title and mortgages. The original of the certificate of title is held by the Lands Titles Office at Adelaide and may be in an electronic form. A copy of the certificate is delivered to the registered proprietor or other person entitled to receive it.
the corporation automatically created on the deposit of a community plan. The community corporation manages the common property within that plan and facilitates various matters of common interest for the residents of the community lots. The owners of the community lots are its members.
a defined piece of land (not being common property or a development lot) within a community plan.
a plan under the Community Titles Act that divides a parcel of land into community lots and common property and sometimes development lots. Where the community lots are on different levels, the division of the land must be by strata.
a title to land within a community plan.
the legal and statutory processes required to transfer ownership of real estate. The preparation, execution, verification, and lodgement of various legal documents are important elements of a conveyance.
a person approved by the Government to advise on and prepare documents to transfer (or “convey”) real estate in South Australia. The term “conveyancer” includes a property solicitor and registered conveyancer.
withdrawing from (or “rescinding” or “terminating”) a contract under a statutory right given by the Land and Business (Sale and Conveyancing) Act. This right may only be exercised with a written notice by the purchaser and it ends two clear business days after both the contract has been made and the Form 1 has been formally provided to the purchaser. Not all purchasers have a cooling off right, be sure you know your rights.
to improve (land) in some way, often by building.
a defined piece of land within a community plan that is neither common property nor a community lot. Not all community plans include development lots. Development lots are subsequently converted into one or more community lots plus (in most cases) additional common property. A development contract (detailing how the development lot is to be developed) must be lodged at the Lands Titles Office with the community plan that creates the development lot.
a legal right to use a designated part of some-one’s land for a particular purpose. Types of easement include a right of way (to pass and repass to access adjoining land) and a right to use and maintain sewage pipes (to SA Water for sewage purposes).
the highest interest in land (whether built on or not) that can be owned by a person other than the Government. It does not mean total ownership because the Government reserved certain interests to itself (ie the right to minerals) when it first sold the land starting in 1836.
this term has a highly technical legal definition when used in a contract for the sale of land. In simple terms, it describes something that has been deliberately affixed to the land (or some building on the land) for the better use or enjoyment of the land, not of the fixture: hence, difficulties arise in classifying equipment such as air conditioners, dishwashers and clothes driers. Any item that may be a fixture should be specifically referred to in the contract to avoid disputes.
the statutory disclosure statement that the vendor is required to give to the purchaser under Section 7 of the Land and Business (Sale and Conveyancing) Act (hence also referred to as a “Section 7 statement”).
one of the two main ways in which two or more persons may own the same parcel of land (the other being tenancy in common).
The principal features which distinguish a joint tenancy are:
– unity of time, title, interest and possession; and
– the right of survivorship, under which the interest of a joint tenant passes automatically upon death to the surviving joint tenant(s).
two or more people holding land under a joint tenancy. Each joint tenant is entitled to the use, possession, and enjoyment of the whole of the land, subject to the rights of the other joint tenant(s).
the term to describe land whether built upon on not. By law, land defined by a certificate of title includes all buildings, fixtures and improvements on the land.
registered conveyancers were previously known as land brokers.
Lands Titles Office
the office of the Registrar-General (a public officer) that holds the records of all non-government land in South Australia. All transfers of land must be registered there.
an exclusive right to occupy land (whether for residential or other purposes) for a fixed period (see also “licence”).
a non-exclusive right to occupy land (see also “lease”).
an abbreviated reference to a community lot or a development lot (see “community lot” and “development lot”).
memorandum of transfer
a document signed by the vendor and the purchaser (not being the contract) that, when registered at the Lands Titles Office, legally changes the ownership of the land.
a loan for which land is used as security for repayment.
a lender whose debt is secured over property.
a borrower who uses property as security for repayment.
the person whose name appears on the certificate of title as the owner of the land.
right of way
a right to use a designated part of some-one’s land to access adjoining land.
Section 7 statement
see “Form 1”.
to complete (fulfil) the terms of the contract of sale. This involves handing over the purchase price in exchange for a memorandum of transfer that has been properly signed by the vendor and physical and legal possession of the land in accordance with the contract.
The time at which the parties settle (see “settle”).
a condition in a contract of sale that must be satisfied or waived before the person for whose benefit the condition was inserted can be forced to settle on the contract.
the corporation automatically created on the deposit of the strata plan. The strata corporation manages the common property within that plan and facilitates various matters of common interest for the residents of the strata units. The owners of the strata units are its members.
a plan under the Strata Titles Act that divides a parcel of land into strata units and common property. Note that a parcel of land may also be divided into strata by a community plan under the Community Titles Act (see “community plan”).
a title to land within a strata plan.
a three-dimensionally defined piece of land within a strata plan.
tenancy in common
one of the two main ways in which two or more persons may own the same parcel of land (the other being joint tenancy). Tenancy in common lacks at least one of the features of joint tenancy ? for example the parties own the land in unequal shares (see “joint tenancy”).
tenants in common
two or more people holding land under a tenancy in common.
the right to occupy and use specified land but subject to any limitations of title set out on the certificate of title. (See also “certificate of title”).
a system of registration of titles that is maintained and guaranteed by the South Australian Government.
a certificate of title issued pursuant to the Real Property Act.
see “strata unit”.
to give up a legal right. A purchaser of land may waive the right to cool off in certain circumstances (see “cooling off”). A person may waive the right to be able to rely on a term (including a special condition) of a contract of sale.