Property Terminology

Common Terminology



Subdivision

A subdivision involves dividing a larger piece of land into smaller plots or lots (like a piece of cake). These lots can then be sold individually.

Dual Occupancy

Dual occupancy refers to a property that contains two separate dwellings on the same land parcel. This could be a house with a separate granny flat or a duplex with two distinct units. Each dwelling has its own entrance and facilities.

Planning Permits

Planning permits, or building permits, are official approvals granted by local government authorities for certain construction or development activities. These permits ensure the proposed project adheres to zoning regulations, building codes, and other relevant regulations.

Zoning Regulations

Zoning regulations determine how the land can be used within specific areas. Different zones allow residential, commercial, industrial, or mixed-use development.

Easement

An easement is a legal right granted to a person or entity to use another person's land for a specific purpose. For example, a property might have an easement for a utility company to access utility lines.

Caveat

A property caveat is a legal notice or warning registered on a property's title to indicate that someone else (not the property owner) has an interest or claim in that property. It serves as a formal way to notify anyone dealing with the property that there might be an existing legal or financial interest that needs to be considered before any further actions are taken involving the property. A property can’t be sold unless the caveat is removed. This usually happens at settlement.



Property Ownership Types



Sole Ownership (Sole Proprietorship)

Sole ownership means that a single individual or entity owns the entire property solely. This is the simplest form of ownership.

Joint Tenancy

A joint tenancy is a co-ownership where two or more individuals share equal ownership and property rights. If one owner passes away, their share automatically transfers to the surviving joint tenants.

Tenants in Common

Tenants in common is a type of co-ownership where two or more people own distinct interests (which can be equal or unequal) in the same property. Unlike Joint Tenancy, when one party dies, their share of the property does not pass to the other owners and is passed onto his/her/their will. You might hear this called Tenants in equal shares of the property, which means that each party has an equal share, or Tenants in unequal shares, which means that each party will have a certain % share in the property.



Title Types



Sole Ownership (Sole Proprietorship)

Sole Ownership means that a single individual or entity owns the entire property in sole ownership. This is the simplest form of ownership.

Joint Tenancy

A joint tenancy is a co-ownership where two or more individuals share equal ownership and property rights. If one owner passes away, their share automatically transfers to the surviving joint tenants.

Tenants in Common

Tenants in common is a type of co-ownership where two or more people own distinct interests (which can be equal or unequal) in the same property. Unlike Joint Tenancy, when one party dies, their share of the property does not pass to the other owners and is passed onto his/her/their will. You might hear this called Tenants in equal shares of the property, which means that each party has an equal share, or Tenants in unequal shares, which means that each party will have a certain % share in the property.