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0419 353 414 or
terry@cromersurveyors.com.au

Glossary

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Offer

Offer: A signed Sale and Purchase Agreement or Contract of Sale, which includes the price, terms and conditions of sale, signed by the buyer then presented to the seller. The offer becomes a contract (binding agreement) if accepted and signed by the seller. 

Open listing

Open listing (or general listing): A listing given to one or more estate agents which is not exclusive. The estate agent will only earn commission if they introduce the successful purchaser. If the property is sold by another estate agent or by the seller (vendor) then the estate agent who has received the open listing will not be entitled to a commission

Option

Option: A right given for a consideration to purchase property on before a fixed date, on terms previously agreed upon. An option entitles, but does not oblige, the person having the option to make the purchase. In other words, the owner is bound to sell at a particular price if the prospective purchaser wishes him to be bound, providing the purchaser makes up his mind within the term of the option. Options also appear in many leases, referring to a further term of tenancy. Many leases contain a clause giving the option of renewal for a further period, at a rent to be mutually agreed. 

Options can be formal or informal

Options can be formal or informal:. A Formal option is an option in writing where a sum of money is paid that is either forfeited to the vendor if the option is not exercised or becomes part of the purchase price if the option is exercised. An informal option is an option by "handshake" or gentlemen's agreement . It is not in writing and there is no monetary consideration. It is not legally binding on either party. 

Order for Relief

Order for Relief: in relation to a strata scheme means an order of the Recorder of Titles, following determination of dispute resolution procedures in the strata title legislation.

Ordnance

An Ordnance: is the ‘written document’ side of a Planning Scheme that defines all matters relating to the scheme and the uses that are specified for certain zones.

SIMPLY:

The ‘words’ about a scheme and what can and cannot be achieved within zones.

HOW WE ASSIST:

We have access to all ordnance documents relating to Planning Schemes and can advise how they affect your entitlement. 

Outgoings

Outgoings: Operating expenses and expenditure related to a property.