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Glossary

> Agreement
> Chattels
> Conditional Agreement
> Cross-lease (title)
> Deposit
> Equity
> Freehold (title)
> Interest
> Interested Party
> KeyTrack®
> Leasehold (Title)
> Mortgage
> “MSR”- Marketing Status Report
> Possession
> Principal
> Settlement date
> Term
> Title
> Transaction Status Report (TSR)
> Unconditional agreement
> Unit title
> Valuation
> Vendor
 

Agreement (also called the Agreement for Sale and Purchase)
This is the written contract for sale and purchase of the property between the vendor (seller) and the purchaser (buyer). We recommend that you consult with your lawyer prior to signing an agreement for Sale and Purchase.

 

Chattels
These are the moveable objects found in a house or elsewhere on the property that are included in the sale. Most often they include the stove, television aerial, carpets, blinds, curtains, drapes and light fittings. However, they may include dishwashers, refrigerators, heaters and so on. These should be specifically listed in the Agreement for Sale and Purchase.

 

Conditional Agreement
This is a legally binding agreement, but it is subject to certain conditions being satisfied.   These might relate to: the purchaser arranging suitable finance to complete the purchase, receipt of a satisfactory Builder's Report or Valuer's Report, receipt of a satisfactory LIM, or the purchaser's solicitor approving the title to the property.   They may also require the seller to do something by a certain date.   Once the conditions are satisfied, the contract is confirmed. Whether you are a buyer or seller, it is important to get legal advice to ensure that the conditions are expressed clearly in the agreement.

 

Cross-lease (title)
This type of ownership is common where there is more than one property (often called flats) on a single title. The owners of each property co-own the land and each leases their own property, which together form the cross-lease title.

 

Deposit
Part of the purchase price (usually 10%) paid by the purchaser when the agreement is signed.

 

Equity
This is the amount of the property that the purchaser actually owns - rather that owes!   Initially, it will be the amount of "cash" the purchaser contributes towards the purchase price for the property - not counting any amount borrowed against the property (mortgage).   Over time, the amount of equity increases if the value of the property increases, providing the mortgage isn't increased. In shared property arrangements, the amount of equity each party has provided should be recorded.   Co-owners should seek legal advice on these issues, in the light of potential impacts of the new Property (Relationships) Act.

 

Freehold (title)
This form of title means that you own the land and the buildings on the property, with few restrictions (although the buildings are not shown on the title documents). It is the most common form of title in New Zealand.

 

Interest
This is the sum charged by the lender to the borrower over the term of the loan. It will be expressed as a percentage of the loan and collected at intervals such as fortnightly, monthly, quarterly or sometimes six monthly, from the borrower.

 

Interested Party
This is a person who has an interest in the progress of a particular transaction. For instance, you may be the Real Estate Agency Manager or Agent and would like to be kept informed as to when the Agreement becomes unconditional. You may be the Mortgage Broker who has arranged finance for the purchaser. Phone us if you are not yet on our Interested Party Database and would like to be.

 

KeyTrack®
This is the name and Registered Trademark given to the web based system developed by KeyTrack New Zealand Limited

 

Leasehold (Title)
Under this form of title, someone other than the occupier of the property owns the land and charges rent for a specific term to the lessee. Sometime buildings on the land belong to the lessee, subject to the terms of the lease. The lessee may have an option to purchase the freehold, giving them unrestricted title to the land in addition to the buildings. Your lawyer will advise you whether you are buying freehold, leasehold or another form of property ownership, as this will determine what you can do with the property and will affect the amount you pay.

 

Mortgage
This is the security the borrower gives the lender and which is registered against the title to the property being purchased. Except in rare cases, the property cannot be sold without the loan being repaid and the mortgage removed from the title (discharges). If the borrower fails to meet obligations under the loan, the lender can, after giving notice to the borrower and following legal procedures, take steps to sell the mortgaged property to recover the loan. The obligations of parties under a mortgage - especially an all obligations mortgage - and their on-going liabilities need to be fully understood.

 

“MSR”- Marketing Status Report
This is a report in KeyTrack® created by a Real Estate Agent that allows their Vendors, Manager and Administrator to view a secure online report that follows marketing developments as recorded by the Agent, prior to an Agreement for Sale and Purchase being signed. The clients are able to view the MSR online and the only editing functionality they have is that they can add their own notes to their own MSR’s.

Download PDF Brochure Click To Download MSR brochure
 

Possession
This is the date on which the buyer takes physical possession of the property.

 

Principal
This is the total amount of the loan borrowed.

 

Settlement date
This is the date on which you pay for the property. Usually, it is the same as the date you take possession, but that it is not always the case.

 

Term
This is the period of time over which the loan is to be repaid. The longer the term, the more interest the borrower will pay overall.

 

Title
The Certificate of Title is the document that describes the property and gives legal right of ownership to the property. In New Zealand it can be freehold, leasehold, cross-lease or unit title.

 

Transaction Status Report (TSR)
This is a central feature of the KeyTrack® system. Every transaction at one of the keytrack.co.nz licensed law firms has an online TSR created. This is the electronic version of the paper file at the law firm. As the various milestones are reached during the transaction, the TSR automatically sends e-mails and text alerts to clients and all interested parties, informing them instantly and simultaneously of that development. Electronic File Notes made by the lawyers and legal executives are also contained in the TSR's.

 

Unconditional agreement
This form of agreement is not dependent of any conditions. You need to ensure that you have the full purchase price arranged and have carried out your checks on the property before signing such an agreement. You should never sign an agreement, conditional or unconditional, without taking advice from your lawyer.

 

Unit title
A Form of ownership of apartments and units where each owner has freehold title to his/her individual unit and any garage/parking space or similar area attached to it, as set out on a unit plan. Owners of units have common legal areas and share duties for any common property, such as driveways.

 

Valuation
Your local authority uses a valuation for rating purposes (previously a Government Valuation). This provides a guide only to the market value of the property. A private valuation, carried out by a professional valuer or Quotable Value New Zealand, will reflect the market conditions at the date of valuation.

 

Vendor
This is the person selling the property. The vendor pays the commission to the real estate agent who arranges the sale of the property.

 
 
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