Page 49 - Real estate: a guide for buyers and sellers

Title A legal document identifying who has a right Glossary
to ownership of a property. 49

Torrens title A system of title by registration
governed by the Transfer of Land Act.

Transfer of land A document recording the change of
ownership of a property from the seller to the buyer.

Underquoting The illegal practice of understating
the likely selling price.

Unfair contract terms Terms not in good faith
causing a significant imbalance in the rights and
obligations of both parties to the detriment of the
buyer.

Valuation An estimate of the value of a property by
a registered valuer, usually for a fee.

Vendor (seller) The person selling the property.

Vendor bid A bid made on behalf of the vendor.
Vendor bids can only be made by the auctioneer
and only when the auction rules allow it. The
auctioneer makes this statement before bidding
starts and announces the amount of each vendor
bid as, or before, it is made.

Vendor’s statement (or section 32) Information
which the seller must provide to the buyer, advising
of restrictions such as covenants and easements,
outgoings such as rates and any other notices such
as compulsory acquisition.

Vendor terms contract (terms contract) When
a loan is supplied by the vendor rather than by an
established lender.

Zoning The permissible uses of an area of land as
stipulated by the council.