This week in the A – Z of Conveyancing, we’ll go through the commonly used terms in relation to conveyancing, looking at the letter O.
Occupation Certificate
A certificate which certifies that a newly built property is safe to be occupied and complies with legislation and building regulations. This is provided at the finalisation of a build. Until an occupation certificate has been issued, the premises cannot be legally occupied.
Off the Plan
A property which is not yet built is referred to as “off the plan”. Unlike an already built property you are unable to physically inspect the property and are reliant on the developer’s plans and designs for the building and draft strata plan or deposited plan.
Open house
Prior to entering into a contract to purchase a property, an inspection is undertaken to determine whether the home is suitable for your requirements. This is often done at the open house where several interested parties attend at a nominated time to inspect the property and make enquiries to the agent who is in attendance.
Owners Corporation
An Owners Corporation is the entity created when a strata scheme is established. This is made up of all the lot owners in the strata scheme and is usually managed by the strata manager who keeps records in connection with the scheme such as financials, strata meetings, and any changes to individual lots or to the common property.
For more information on the A – Z of Conveyancing check out our other posts:
The Letter A: Adjustments, Amendments, Auctions
The Letter B: Breach, Broker, Building Contract, By-Laws
The Letter C: Caveat, Certificate of Title, Community Title, Contract for Sale, Cooling-off Period
The Letter D: Deposit, Deposit Bond, Deposited Plan, Disbursements, Discharge of Mortgage
The Letter E: Easement, Electronic Notice of Sale, Exchange, Exclusions
The Letter F: Final Inspection, Finance, Fittings & Fixtures
The Letter G: Grants, Guarantee/Guarantor, Goods & Services Tax
The Letter H: Holding Deposit, Home Loan
The Letter I: Inclusions, Inspection Reports, Insurance
The Letter J&K: Joint Tenants, Keys
The Letter L: Land Tax, Lease, Lenders Mortgage Insurance, LRV – Loan to Value Ratio
The Letter M: Mortgage, Mortgagor, Mortgagee.
The Letter N: Negotiations, Notice of Rescission, Notice to Complete
The Letter P: Penalty Interest, PEXA, Principal place of residence, Proprietor
The Letter Q & R: Quiet enjoyment, Registration, Requisitions on Title, Rescission, Reserve price
