Licensed Residential and Commercial Real Estate Settlement Agents in Perth, Western Australia.
With the development of private property ownership, real estate has become a major area of business. Purchasing real estate requires a significant investment, and each parcel of land has unique characteristics, so the real estate industry has evolved into several distinct fields. Specialists are often called on to valuate real estate and facilitate transactions. Some kinds of real estate businesses include:
Conveyancer: Another name for a Settlement agent in Western Australia.
Settlement: The process of transferring the ownership of a property to another party.
Discharge of Mortgage: The process of paying out a mortgage with a lender.
Finance clause: A time frame whereby the purchaser has to obtain finance from a lender within a set time frame.
Caveat: A document lodged on a Certificate of title, registering another person interest in the property.
Appraisal: An idea of what property will sell for in a current market.
Valuation: A professional report by a sworn valuer.
Brokerages: A fee charged by the mediator who facilitates a real estate transaction between the two parties.
Development: Improving land for use by adding or replacing buildings.
Net lease: Sharing leased property amongst tenants.
Property management: Managing a property for its owner(s).
Real estate marketing: Managing the sales side of the property business.
Real estate investing: Managing the investment of real estate.
Relocation services: Relocating people or business to a different town or country.
Corporate Real Estate: Real Estate located usually in a city and zoned Commercial, as opposed to zoned residential.
Major physical categories in Australia, North America and Europe include:
Green Title or Torrens Title.
Single dwelling located on land whereby a registered certificate of Title is registered by the owners and those having an interest in the property.
Attached / multi-unit dwellings
Apartment - An individual unit in a multi-unit building. The boundaries of the apartment are generally defined by a perimeter of locked or lockable doors.
Often seen in multi-story apartment buildings.
Multi-family house - Often seen in multi-story detached buildings, where each floor is a separate apartment or unit.
Terraced house - A number of single or multi-unit buildings in a continuous row with shared walls with no intervening space.
Condominium - Building or complex, similar to apartments, owned by individuals. Common grounds are owned and shared jointly by owners.
Townhouses: A group of units / apartments, usually in high rise tower blocks.
Semi-detached dwellings
Duplex - Two units with one shared wall.
Single - Family detached home on a single block of land.
Portable dwellings
Mobile homes - Potentially a full-time residence which can be (might not in practice be) movable on wheels.
Houseboats - A floating home.
Western Australia operates under one of the most secure title systems in the world.
The Torrens Title system.
Quote: "The Torrens title system operates in many States of Australia and works on the principle of 'title by registration' (i.e. the indefeasibility of a registered interest) rather than 'registration of title. " Unquote.
The Torrens system does away with the need for a chain of title (That is: Tracing a title through a series of documents)
Each parcel of land is given a separate folio in the register and is identified by reference to a registered plan. The Transfer of Land is usually effected from one party to another party by a licenced settlement agent.
The folio (Volume number and Folio number) records the dimensions of the land, its boundaries, the names of the registered proprietors, and any legal interests that may affect title to the land.
The State Government guarantees title and is usually supported by a compensation scheme for those who lose their title due to the State's operation. (resumption of land etc)
