This chapter includes information about buying and selling a house where the property has a registered land title (see ‘Land titles’, below). The topics covered include conveyancing, mortgages, government assistance schemes, and the An agreement that the law will enforce. of sale.
A note on conveyancing
While this chapter contains information about conveyancing, it does not provide information detailed enough to enable you to do your own conveyancing.
Furthermore, it is now difficult for a A person or organisation directly involved in a court case. Parties include the plaintiff or applicant, the defendant, and any third party added to the action, but not independent witnesses. to a real All the property a person has, including real property and personal property. It is often used to describe property belonging to someone who has died, or the property of a bankrupt. transaction to do their own conveyancing, as in Victoria, electronic conveyancing is now Required by law to be done; a law that must be strictly complied with. Under mandatory reporting, people in particular jobs to tell a government agency if they know an offence is being committed – for example, doctors and teachers must report child abuse. Mandatory sentencing requires judges to give an automatic jail term for certain offences.. Most electronic conveyancing now takes place via the electronic platform Property Exchange Australia (PEXA), to which solicitors and conveyancers subscribe. (See ‘Conveyancing’, below.)
The key terms used in this chapter include:
- A seller.: the person or organisation selling a property;
- buyer: the person or organisation purchasing a property;
- discharging A person or body, such as a bank, that lends money secured by a mortgage over the property of the borrower.: the bank lending the money to the vendor;
- incoming mortgagee: the bank lending the money to the buyer.
All these four parties participate in the settlement of a A document used to transfer real property from one person to another. Similar to a transfer of land registered with Land Victoria, but applicable only to the tiny percentage of old system title land that is not under the Torrens title system. See also certificate of title..