• Home loan terms and mortgage definitions

  • The language and jargon used in purchasing a property can be very confusing. Here's an A-Z glossary of commonly used words and phrases, with easy-to-understand definitions for each one.
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    • Tenants in common

      Joint ownership of property which may be in equal or unequal shares. Each joint owner may dispose of their share in the property independently and unlike Joint Tenancy, the shares do not automatically pass to the other owners in the event of death but form part of that person’s estate.

    • Torrens Title

      Torrens Title is the name given to the system of registration of ownership and dealing with property. Under this system, title to a property is established by a statutory title issued by the Registrar General. It is the most common form of residential property ownership. You are lawfully entitled to lease, sell or dispose of the property as you desire.

    • Townhouse

      A type of dwelling which shares at least one common wall with neighbouring dwellings - usually a two storey dwelling registered under a strata title.

    • Transfer

      A document registered with the Land Titles Office that confirms a change of ownership. The change of ownership is noted on the Certificate of Title.