NZ Buyers Guide Buyers Guide - Ray White_2019_NZ - single page no | Page 34

Sole/Exclusive Agency
A sole or exclusive agency precludes all other agents from working on the disposal of the
property, although another agent may approach the sole agent if the former has a suitable
client. But even then the sole agent would finalise the deal.
Special Condition
A condition that must be met before the contract is legally binding. For example, if buying a
home the purchaser may specify that the contract is not legally binding until the purchaser
has obtained a building inspection and been satisfied by the report.
Strata Title
A title to a unit or lot on a plan of subdivision associated with townhouses, units and blocks
of flats and based on the horizontal and vertical subdivision of air space. Owners have a
certificate of title, are absolute owners of a freehold flat and have an undivided share of the
common property.
Subdivision
A tract of land divided into individual lots for a housing development.
Survey
A drawing or map showing the precise legal boundaries of a property, the location of
improvements, easements, rights of way, encroachments, and other physical features.
T
Tenancy
The right to occupy a property under agreed terms and conditions.
Tenants in Common
A type of joint tenancy in a property where two or more purchasers own a property in
unequal shares. If one dies, his or her shares pass to his or her beneficiaries under the
terms of the will. The shares can be sold without consultation of the other owners.
Tender
A process of selling, calling for purchasers to make their best offers in writing for that
property by a given date.
Title
A legal document evidencing a person’s right to or ownership of a property.
Title Search
A check of the title records to ensure that the seller is the legal owner of the property,
legal description and the rights and restrictions registered against the property title, i.e.: a
mortgage, easement or covenant.
Townhouse
A dwelling unit, generally having two or more floors and attached to other similar units via
party walls. Can be Strata or Cross lease titled.
Trust Account
A bank account administered by a law firm or real estate agency to hold funds on
behalf of others.