Equity
The owners interest in the property. For example the property value is $250000 and $100000 is the outstanding loan amount then the equity in the property is $150000.

Security
The collateral taken by the lender to insure against default by the borrower, on the loan.

Caveat
A warning to the buyer that there is someone interested in the land or a particular requirement must be observed.

Capital Value
The value of a parcel of land including improvements. This is normally referred to as CV or Council Value. This vale can normally be located on a council rates notice, water rates or directly from the lands titles office.

Certificate Of Title
A document or certificate issued by the Registrar-General pursuant to the Real Property Act 1886.

When issuing a certificate of title, the Registrar-General is effectively certifying that the person named as the registered proprietor has title to the land described in the certificate, subject to any encumbrances, liens, estates or interests that are notified on the original certificate. Certificates of Title or CT as they are generally known, have both a value and folio number.

Conveyancing/Broking
Conveyancing or land broking is the process by which the ownership to land is transferred, or conveyed, from one person to another.

Encumbrances
An Encumbrance is a document which is created to impose a restriction or liability over the land.

LVR
Loan to Value Ratio. Effectively expresses the loan amount as a percentage of a properties value. Eg. a $100,000 loan on a property worth $200,000 => $100,000/$200,000 => 50% LUR.

Mortgagee
The Lender under a Mortgage.

Mortgagor
The Borrower under a Mortgage.

Settlement
Occurs after both parties have exchanged contracts and agrees to the terms of the transaction.

Stamp Duty
State tax relating to purchasing a property. Stamp Duty is calculated of the purchase or transfer price of a property on a sliding scale.