Adjustment of rates and taxes charged against the property from the date of settlement IE: Council rates, SA Water, ESL , Land Tax etc.

Agency Agreement
An agreement between the Real Estate Agent and Vendor setting out the terms and conditions upon which the Vendor appoints the Agent to sell the property including the selling price, agents commission, advertising etc.

To transfer one’s rights and obligations

Assignment of Contract
An Agreement which transfers the rights and obligations of one person to another under an already signed Contract.


Certificate of Title
A document identifying the ownership of land. Commonly known as the deeds to the land.

Personal property of the Vendors, not fixed to the property being sold. Generally not included in the sale of the property such as rugs, furniture, pot plants etc

Community Corporation
The Community Corporation’s role is to administer the by-laws and manage the common property and is made up of the Community Lot owners.

Community Lot
A defined piece of land (not being common property or a development lot) within a community plan.

Common Property
Common property is the part of the land and building in the Strata / Community plan which does not form part of any unit and is for common use by all owners. eg stairways, paths and driveways.

Community Plan
A plan created under the Community Titles Act where a parcel of land has been divided to create 2 or more community lots and common property.

An instrument by which title to property is transferred; a deed

A person who prepares the Conveyancing instruments for fee or reward for the purpose of transferring property from the Seller to the Buyer. Conveyancers must be Licensed and Registered.

Conveyancer CPC
As for Conveyancer, with the added achievement of Certified Practicing Conveyancer accreditation. They must undergo annual continued professional development & have practiced full time for a minimum of 2 years licensed.

Cooling off
The period of time in which the buyer can withdraw from a Contract to Purchase (unless bought at auction). In SA this period covers 2 clear business days form the services and receipt of the Form 1 for Residential and 5 clear business days for Businesses

An agreement that restricts / stops, the right of the Owner from doing something to the property. Eg. dividing the land, the type of fence being erected and the paint colour to be used, single or double story dwelling


Failure to meet an obligation

Default Interest
The rate of interest that may be changed as a result of defaulting under the Contract. Such as not settling on time

The amount of money payable as part of the Contract

To add something to the land, typically a dwelling

Development Lot
A piece of land within a Community Plan which is to be further developed at a future date. Typically seen in larger developments where the building may be staged

Development Assessment Commission (DAC)
Independent body statutory body who’s role is to assess and determine development applications in South Australia. See Links for more detail

to remove

to divide


a legal right to use another persons land for a specified purpose. A typical easement is a Right of Way

Emergency Services Levy (ESL)
Government levy for the funding of South Australia’s Emergency Services

Equitable Interest
an interest that is not registered. Such as the right of a Purchaser that has entered into a Contract to buy land that has not yet settled


Items fixed to a property such as carpet (not rugs), built in cupboards etc

Fixed Interest
A pre determined and agreed rate to be charged to money borrowed. Will also include the time frame for the rate to apply

Form 1
Vendor Disclosure Statement for land which provides specific detail on the property being sold

Form 2
Vendor Disclosure Statement for a business which provides specific detail on the business being sold


Going Concern
According to the Australian Taxation Office (ATO), ‘supply of a going concern’ occurs when:

  • A business is sold, and that sale includes all of the things that are necessary for the business to continue operating, and
  • The business is carried on up until the day of saleThe supply of a going concern is GST free if it meets certain requirements, including:
  • The sale is for a payment or consideration
  • The purchaser is registered, or required to be registered, for GST, and
  • The seller and the purchaser have agreed, in writing, that the supply is of a going concern

Goods and Services Tax. 10% tax charged on most goods and services provided in Australia


Head Lease
The main lease – the first right to the exclusive use and right to occupancy of land under an agreement (Lease)


Interest Rate
The rate charged by a lender on money lent. May be fixed or variable

Interest (in a contract)
A right to (land) as a result of a Contract being entered into


Joint Tenant
An ownership whereby; in the event of the death of one of the parties the survivor will become the sole owner.

Joint Venture
The relationship between two or more parties who enter into an agreement to work towards a common goal, while remaining separate entities. Typically in real estate between a land owner and developer


Land Broker
See Conveyancer. The term by which Conveyancers used to be known

Lands Titles Office (LTO)
The statutory body responsible for land administration functions in South Australia

Land Tax
A State Tax imosed on all investment property in South Australia. The revenue is used towards public services such as education, health and safety

A contractual agreement for the exclusive use and right to occupy land

The owner of the land being Leased

The tenant of the land being Leased

Licence to Occupy
An agreement in writing for the right to access and use land / property before settlement has taken place.


Margin Scheme
a method used to calculate the GST payable. Both Vendor and Purchaser must agree to apply the Margin Scheme to a Contract in writing. The Purchaser is not able to claim an input credit for GST paid under the Margin Scheme

Memorandum of Transfer
The legal document which gives effect to the transfer of land from one person or entity to another

The agreement by which money is lent from one person or entity to another

The Lender

The Borrower


A written advice given to one party from another


A relationship between parties carrying on a business in common with a view to making a profit. Can be either in writing or implied.



Registered Proprietor
The registered owner (of land)

Right of Way
A legal right to pass and re-pass over someone else’s land. See Encumbrance

R1 – (Vendors written guide to) Sales Agency Agreements
Form required to be given to Vendors by Real Estate Agents explaining the Sales Agency Agreement.

R2 – Disclosure of Benefits
Form required to be given to Vendors & Purchasers by Real Estate Agents explaining their [the Agent’s] requirement to disclose any benefit received by a person or business they refer to.

R3 – Buyers Information
Notice Form required to be given to a Purchaser by the Vendor (or Vendor’s Agent) explaining what Purchasers should be aware of when buying a house

R4 – Bidders Guide
Form advising prospective bidders of their rights and obligations when bidding for land.

R5 – Collusive Practices
Form advising prospective purchasers of the prohibition of engaging in collusive practices when bidding for land.

R6 – Warning Notice to Purchaser
Form advising Vendors and Purchasers of the general prohibition for an Agent to act for both parties, unless correctly disclosed.

R7 – Warning Notice (Financial and Investment Advice)
Form advising Vendor’s & Purchasers on the legal obligation of the Agent to inform you of certain factors when providing financial advice in relation to land.


Section 7 statement
see “Form 1”.

The act of finalising a Contract. The final stage.

Settlement Statement
The statement of all debits and credits associated with the sale / purchase of land

Special Condition
A Condition of the Contract that must be satisfied before Settlement can occur

Stamp Duty
The statutory charge made on the transfer of goods including land in South Australia.

Strata Corporation
The Strata Corporation’s role is to administer the articles and manage the common property and is made up of the Strata Lot owners.

Strata Plan
A plan created under the Strata Titles Act where a parcel of land has been divided to create 2 or more community lots and common property.

Strata Unit
A defined piece of land (not being common property or a development lot) within a strata plan.

Sub Lease
A contractual agreement for the exclusive use and right to occupy land between parties whereby one party holds the head lease

An engineer who determines the boundaries and elevations of land or structures


Tenants in Common
An ownership whereby;Upon the death of a Tenant in Common their interest in the land can be left to anyone they nominate in their Will.

To end. Terminate.

Deed to land

Torrens System
The method of land registration used in South Australia

Torrens title
The Title to land issued pursuant to the Real Property Act


Variable Interest
The rate to be charged to money borrowed which may vary, up and down, through the course of the loan



To forgo a right