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Budget Threat to First Home Buyers


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 - S

Schedule
Originally an explanatory or supplementary paper accompanying a document. In modern usage, a statement of detail appended to a statute or legal or financial document; also any tabulated or classified statement.
Security of Tenure
One of the advantages of home ownership as compared with renting a house or flat. When the term is used in connection with renting, it means the certain term you can remain in the rented property.
Settlement
(i) The process of making adjustments in a business transaction, an estate or in a legal dispute. Settlement is reached when the parties themselves come to agreement as to terms ? contrast the position when a court decides the matter for the parties. (ii) In real estate, it is the transfer of title with the resulting financial probations and adjustments.
Severance
This could be one of the effects of acquisition on other lands in possession of the owner by the severance of lands taken from the lands remaining. This is the physical effect of the acquisition and the land remaining to the owner may be affected in many ways. For instance tis drainage may be interfered with, its shape may be altered in such a way as to prevent or hinder its use for certain purposes, or it may actually be divided by the area acquired. The severed lands need not be actually contiguous nor held under the one title. There is a valid claim for severance even if the lands were not connected but were reasonably close and used in such a way that taking of a part injured the rest.
Strata title
Another popular form of property title. A strata title is different from a green title because it covers land that is shared by owners of adjoining strata titles. This shared land is known as common property. Strata titles are often used in developments of home units and townhouses, which require a facility to incorporate a common driveway in the development.
Sub-Agent
Where an agent employs a person as his sales man to assist him in transacting the affairs of his principal, the person so employed is called his sub-agent. In the absence of an agreement to the contrary, there is no privity between the principal and the sub-agent. But if the agent has an expresser implied authority to employ a sub-agent privity of contract does arise.
Survey/Strata
Survey/strata was a new concept of registraiton of a strata plan introduced by the 1995 Strata Titles Amendment Act. Survey strata plans differ to a conventional strata plan in that buildings are never defined on the survey strata plan - there are various other differences but this is the main one.


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