It's important to understand the Industry Terminology for a Stress-Free Conveyancing Experience
Entering the property market can sometimes feel like visiting a foreign country where you don't speak the language.
Words and phrases that are second nature to industry professionals can seem confusing to everyone else. At SL Conveyancing, we believe that demystifying this jargon is crucial to ensuring a smooth, stress-free experience for our clients.
Here's a guide to some of the most common — and important — terms you'll encounter.
Common Jargon and Their Meanings
Conveyancing: This is the process of transferring legal ownership of a property from one person to another.
Contract of Sale: The legally binding document that outlines the terms and conditions of the property sale.
Settlement: The final stage of the sale is when the buyer completes the payment, and the seller transfers the property title.
Stamp Duty: A state tax on property purchases, calculated as a percentage of the purchase price.
Vendor and Purchaser: 'Vendor' refers to the seller of the property, while 'Purchaser' is the buyer.
Exchange: This is when both parties exchange signed contracts and the buyer pays a deposit, making the deal legally binding.
Cooling-Off Period: A set period after the contract is signed when the buyer can withdraw from the sale with minimal penalties.
Title Search: A check is performed to confirm the seller’s legal ownership of the property and to disclose any encumbrances.
Disbursements: Out-of-pocket expenses that your conveyancer pays on your behalf, which are added to your final bill.
Financial Terms You Should Know
Mortgage: A loan is specifically taken out to purchase property, which is secured against the property itself.
Loan-to-Value Ratio (LVR): The amount of the loan compared to the value of the property, expressed as a percentage.
Pre-Approval: An indication from a lender that they will loan you a certain amount, pending final approval.
Fixed and Variable Rates: Types of interest rates for loans; fixed rates don't change for the set period, whereas variable rates can fluctuate with the market.
How SL Conveyancing Simplifies the Process
Fixed Fees: We offer a single fee for our services, so there are no surprises. You'll know upfront what our services will cost, without the worry of hidden charges.
Open Communication: We translate all the complex jargon into plain, clear English, ensuring you fully understand every stage of the process.
Understanding the jargon is more than just educational; it's empowering. It allows you to navigate the property market with confidence and makes for an informed, stress-free transaction. At SL Conveyancing, we're committed to not only managing your legal paperwork but also managing your stress, ensuring you're educated and comfortable at every turn.
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