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Glossary

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Currently displaying definitions for words starting with - C

Capital growth
The increase in the value of a property. The capital gain is the difference between the purchase price and the selling price for a property. It is used primarily in income tax calculations.
Caveat
Literally means beware. In real estate, it warns (prospective purchasers, mortgagees etc) who propose to deal in the land that a third person (normally the person lodging the caveat at the Registrar or Titles Office) has some right or interest in the land.
Caveat Emptor
In real estate, in the absence of specific representations by the vendor or his agent as to the conditions of a property or the uses to which it may be put, the buyer takes the risk and must make his own inquires.
Certificate of Title
The document of title to land held under the Torrens System. It consists of duplicate deeds stating the fact and extent of the interest of a person (the registered proprietor) in land held under the Torrens system. The deeds are numbered. One is kept in the Titles Office and the other is held by the registered proprietor. When the land is dealt with, a note of the dealing is made on both copies by the Titles Office.
Chattels
Any property other that freehold land. Chattels are treated as person property, although they are divisible into chattels real and chattels personal.
Collateral
By the side of. A collateral assurance, agreement etc is a further assurance or agreement affecting the same subject matter. A collateral security is one which is given in addition to the principal security, usually, but not necessarily, a secondary security. Thus a person who borrows money on mortgage (which is the principal security) may deposit shares with the lender as collateral security. Collateral security is a term applied to any security added to the principal security, usually but not necessarily a secondary security.
Commission
Remuneration of a real estate agent for services rendered, eg to effect the sale of property. The amount being a prescribed percentage based on the consideration of the contract or agreement.
Common Property
(i) Land or a tract of land considered as the property of the public in which all persons enjoy equal rights. A property not owned by individuals by groups. (ii) In a home (villa) unit or flat development that part of the property owned and used in common by all the unit or flat owners or occupiers and which is maintained by the Body Corporate.
Conditional Purchase Leases
Leases of rural land granted to applicants at low rentals on condition that certain capital works are carried out within stated periods. They may be free hold i.e. the fee simple obtained, on the completion of the original conditions and other formalities and the payment of a total sum equal to twenty times the annual rental.
Conditions of Sale
The conditions under which a purchaser takes property sold to him. In the case of auction, a copy of the conditions may be advertised prior to the day of sale, posted in a conspicuous placed in the sale room on the day of sale, printed with the particulars or catalogue of the property to be sold or copies may be distributed amongst the intendant bidders. Where real property is the subject of sale the conditions contain provisions as to title to be accepted by the purchaser and how it is to be proved and amount of deposit. When a sale is concluded, the purchaser signs a memorandum endorsed on the conditions, the whole becoming the contract of sale. Conditions of sale are frequently attached to goods specifying what warranties attach or do not attach and generally, the purchaser will be deemed to have notice of such conditions and the sale will be affected by them accordingly.
Conversion
The act of changing a property from one use to another, eg a residence renovated and partitioned into offices.
Co-Owners
Persons owning property in common; they are not necessarily partners. The distinction between partners and co-owners is:(i) Partnership generally involves and depends upon the sharing of profits and losses; co-ownership does not necessarily involve this.(ii) Partnership is the result of agreement; co-ownership is not necessarily such a result. For example, it may arise in the case of beneficiaries of a will.(iii) A partner cannot transfer his interest with out the consent of the other parties to the partnership; a co-owner may.(iv) A partner is an agent of the partnership; a co-owner is not necessarily an agent of his co-owners.(v) A partnership is for gain, co-ownership need not be.
Covenant
An agreement or promise by deed, by which one party pledges to the other that something has been done or will be done, or stipulates for the truth of certain facts. He who promises is called the covenanter; and he to whom the promise is made is the covantee. Covenants are either positive or negative, and relate as a rule to the relationship between vendor and purchaser, or landlord and tenant. A positive covenant is one by which the party binds himself to do some act or carry out some work; and a negative covenant is one by which the party is restricted in his rights in relation to the other party, or promises not to do a certain thing. Covenants are also express or implied; express, where they are set out in terms; implied, where the mere relationship of the parties automatically creates the covenant.


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