Encyclopaedia

Contract Note

Most commission estate agents use and prefer the Contract Note over any other form of contract. This is because the Contract Note allows the commission estate agent to take control of the sale closure.

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Commission

Commission is the way in which the commission estate agent is paid, and is probably the most unfair and unethical form of payment imaginable. Real estate commissions have been described as a form of "wealth tax" levied by commission estate agents.

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Certificate of Title

If you wanted to identify a particular block of land, you would find out its volume and folio number, and use these numbers to look up the relevant page. To find out who owns the land, you would simply turn over the page, and see whose name was last added to the page. This person is the owner.

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Certificate of Occupancy

As the name implies, the Certificate of Occupancy certifies that a home can be lived in. It is a requirement of most local government or shire councils that an occupancy certificate be issued prior to the purchaser of a home taking occupation.

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Caveat

A caveat is a means by which a Certificate of Title at the Land Titles Office can be 'tagged' to show that someone has an interest in the property. Every purchaser of real estate is advised to lodge a caveat.

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The Buyer’s Agent

When the housing market slows, the buyer's agents come out. Tough times for a commission estate agent means that a new source of income has to be found. By declaring himself to be a "buyer's agent" the average commission estate agent is able to charge purchasers who are buying properties through competing estate agencies.

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Agent Taint

Agent Taint occurs where a vendor cannot accept an offer from a purchaser without having to pay a commission to the commission estate agent, even though the Exclusive Sale Authority has been ended.

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