caveat: A warning notice registered against the title to the land. A Latin term

certificate of title: The document evidencing legal ownership of a block of land or an interest in land. Also known as a 'CT'

chattel: An item of moveable property, such as carpets, curtains, stove, etc

contract: Also known, in this context, as 'the Agreement'. A contract is a binding and enforceable agreement between two or more parties.

conveyancing: In this context, the work involved in transferring property from one person to another.

deposit: The deposit is usually 10% of the purchase price to demonstrate commitment from the purchaser.

disbursements: Also known as 'expenses'. Disbursements are out-of-pocket expenses (such as toll call, registration fees, photocopies) incurred by a lawyer, on a client's behalf, and reimbursed.

discharge: When a mortgage is discharged, it is repaid in full and formally removed form the title (hence 'clear' title.)

easement: A right over the property of another, such as a drainage easement over a neighbouring property, or a right-of-way.

encroachment: A right over the property of another, such as a drainage easement over a neighbouring property, or a right-of-way.

enduring power of attorney: A Power of Attorney in special form which is not revoked if the person giving it subsequently becomes mentally or physically incapable of managing their own affairs.

fixture: Anything annexed to the land or building.

freehold: Land on which there is no mortgage or other debt.

lease: An item evidencing a persons right to the exclusive occupation of a piece of land for a fixed term, usually in years. The landlord is the lessor and the tenant is called the lessee.

leasehold: Land which is rented from an owner.

mortgage: A charge over the property of another given as security for a loan; usually required by a lender as security for a loan.

mortgagee: The lender taking a mortgage.

mortgagor: The borrower giving the mortgage

nominee: The person nominated by a buyer.

option: An agreement which, while at first sight appears binding, has so many conditions that it is unlikely objectively to be made unconditional.

power of attorney: Written authority where one person is authorised to act for another and sign documents on their behalf.

purchaser: The person/s buying the property

purchase price: In most residential sales GST does not apply, as a buyer, select the GST inclusive option. A buyer can then be assured that no GST has to be paid on the purchase price. When purchasing a lifestyle block, ascertain whether it is GST inclusive or GST exclusive or to be sold as a 'going concern'.

RV: The abbreviation for 'Rateable Value'. Previously called Government Valuation. GV.

tenure: The manner in which property is held, e.g. leasehold or fee simple.

vendor: The seller of the property.