Encyclopaedia

Mortgagee Costs

Purchasers who are borrowing to make their purchase should take care to avoid unfair mortgagee costs. These are cost generated by the lender "behind the back" of the borrower, through direct contact with the borrower's conveyancing lawyer, and are often in breach of the Consumer Credit Code.

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Conveyancing Legal Advice

The giving of good legal advice involves the obtaining of an understanding of what the client wants to achieve, the checking of relevant documents, having a sound understanding of relevant principles of law or researching finer points of law, and then explaining to the client what options are available.

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Fidelity Insurance

Fidelity insurance protects the clients of professionals against theft or misappropriation of funds by the professional person or an employee while the client's funds are under the control of the professional person.

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Exclusive Sale Authority

This insidious document is the means by which an estate agent is able to exclusively secure the Vendor, the property being sold, and all potential purchasers who enquire about the property for a set period of time.

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Escorted Inspections

Escorted inspections are little more than a control device used by commission estate agents. They serve no genuine purpose, they separate the vendor and the purchaser, and they add to the expense of real estate sales.

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Current Market Value

The current market value of a property is determined according the following standard: The price at which a willing but not anxious vendor would sell, and at which a willing but not anxious purchaser would buy.

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Conveyancing Kit

Conveyancing kits are not really a cheaper option. In their promotional material, conveyancing kit-writers don't emphasise that those who use the kit will still have to pay for rate and planning certificates, title searches, postage, transport to settlement, etc.

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