There are a number of essential terms and legal jargon that you’ll encounter when you look at buying and selling property in the Northern Territory. Tschirpig Conveyancing is the expert in conveyancing in Darwin and beyond, here to help you understand all of the conveyancing terminology. If you have any further questions, feel free to contact us.
Glossary of Terms
Conveyancing: A legal term for the transferring of property ownership from one party to another.
Caveat: A notice that another entity aside from the owners have an interest in the property.
Covenant: Prohibitions or guidelines on what can be built on the property.
Title: A legal document which identifies who has a right to ownership of the property that it pertains to.
Stamp Duty: Effectively a tax from the government of whatever state/territory the property resides in, paid by the buyer when property ownership has been transferred between the involved parties.
Encumbrances: A collective term for any mortgage caveats, covenants, easements registered for the property on its Title.
Mortgage: A legal agreement in which an entity is loaned money by another party for the purposes of property purchase. May result in caveats being placed on the property in question. Registered on the title of the property.
Common Property: Areas of a property that are used and owned jointly and equally by all owners of a property. Usually seen in Apartment Blocks etc.
Settlement: Refers to the completion of sale, where the buyer pays the amount of money required for the purchase and the seller transfers possession of the property, along with the associated Title to the purchaser.