What does land registration mean?
Land registration refers to a system by which matters involving lot creation, ownership, possession or other rights in land are recorded (by a government agency or department) to provide evidence of title and assist with transactions to prevent unlawful disposal.
What is a maintenance easement?
The right of use to a section of your property by another party. A maintenance easement is generally 900mm wide. The easement is designed to enable servicing, construction and maintenance of the adjoining dwelling, which is built up to the boundary. No Structures can be built within this easement and free access to the benefited lot must be given.
What is a drainage easement?
A drainage easement is a right, held by Sydney Water or another land owner, to make use of the land for certain specific drainage purposes such as controlling stormwater runoff and can restrict the use of the burdened property and impose certain obligations on the land owner. A drainage easement protects Sydney Water’s property/assets and ensures access to Sydney Water’s works for operations and maintenance.
No Structures can be built within this easement site.
What does settlement mean?
Property settlement is the last stage of a property sale where the purchaser meets all payment requirements under the contract and pays all funds to the vendor. At this time, transfer of ownership of the property is effected. The “settlement period” is the period of time between the exchange of contracts and settlement. The settlement date is the actual date the settlement takes place.
What is a cooling off period and how does it work?
Purchasers are entitled to a 5 business day cooling-off period, which means that they can change their mind about purchasing a property prior to the expiration of this 5 days. The cooling-off period begins on the day that the purchaser is bound by the contract (ie, the ‘exchange’ date).
The cooling-off period ends on the fifth business day after the cooling-off period started. If a purchaser is bound by the contract on a day other than a business day, the cooling-off period commences on the first business day after the purchaser is bound by a contract. A business day refers to a day other than a Saturday or a Sunday or a public holiday.
The cooling-off period may be waived or shortened, but only by obtaining a conveyancers or a lawyer's certificate. If the cooling off period is waived, the contract is binding from that point, subject to the terms of the contract. At end time before the end of the 5 day cooling-off period, the contract can be rescinded by the purchaser giving a signed and dated notice to the seller or seller's agent, indicating that the purchaser wishes to rescind the contract. If a purchaser changes their mind and rescinds the contract during the cooling-off period, the Vendor must refund the deposit less 0.25% of the purchase price.
What is an exchange of contracts?
Contracts are exchanged when there are two identical versions of the contract, one copy signed by the Vendor and one copy signed by the Purchaser. These contracts are dated. The dating of the contracts constitutes the exchange of contract, formalises the agreement and commences the beginning of the cooling off period.
Both the Purchaser and the Vendor are bound by the contract as soon as the contract is exchanged.
What does Purchaser mean?
The Purchaser is the buyer of the property.
What does vendor mean?
The vendor is the name given to the seller of the property.
What is a split contract and how does it work?
A ‘split contract’ is the transaction where by one contract is used for the acquisition of land, between the land owner or Vendor and the purchaser. A totally separate contract is issed for the building process, between the builder and the purchaser. Normally both contracts would be entered into around the same time, however the land contract will settle prior to the commencement of construction works administered by the building contract.
What is a padmount substation?
A padmount or pad-mounted transformer is a ground mounted electric power distribution transformer in a locked steel cabinet mounted on a concrete pad. Since all energized connection points are securely enclosed in a grounded metal housing, a padmount transformer can be installed in places that do not have room for a fenced enclosure. Padmount transformers are used with underground electric power distribution lines at service drops, to step down the primary voltage on the line to the lower secondary voltage supplied to utility customers. A single transformer may serve one large building, or many homes.