CAPITAL GAINS TAX - This is a tax payable on the capital gain made in the sale of investment properties. The capital gain is the profit made between the final sale price and the original purchase price.

CAVEAT - A caveat can be lodged on the Land Titles Register by anyone with a legal interest in the property, preventing the sale of the property without their knowledge.

CENTRAL HEATING - Heating of building from a central source either by circulating hot water or steam through pipes and radiators, or warm air through ducts.

CERTIFICATE OF TITLE - The document of title to land held under the Torrens System. It consists of duplicate deeds stating the fact and extent of the interest of a person (the registered proprietor) in land held under the Torrens System. The deeds are numbered. One is kept in the Titles Office and the other is held by the registered proprietor. When the land is dealt with, a note of the dealing is made on both copies by the Titles Office.

CLADDING - A term applied to relatively thin sheets or slabs used to enclose a framework, e.g. imitation bricks, aluminium, etc.

CLIENT - One who engages the services of an agent or valuer and to whom the agent or valuer should look for payment of his commission or fees, in return for services rendered.

COLONIAL ARCHITECTURE - Traditional design, most commonly following the characteristics of colonial homes.

COMMERCIAL PROPERTY - Property intended for use by all types of retail and wholesale stores, office buildings, hotels and service establishments.

COMMISSION - Remuneration of a real estate agent for services rendered, e.g. to effect the sale of property. The amount being a prescribed percentage based on the consideration of the contract or agreement.

COMMON LISTING - Also know as Open Listing. This is the term to denote where a person selling a property gives it to more than one agent. The opposite term to this would be "exclusive listing". The first agent who procures a buyer ready, willing and able for the price and terms acceptable to the vendor, is the one who receives the commission.

COMMON PROPERTY - (i) Land or a tract of land considered as the property of the public in which all persons enjoy equal rights. A property not owned by individuals but by groups. (ii) In a home (villa) unit or flat development that part of the property owned and used in common by all the unit or flat owners or occupiers and which is maintained by the Body Corporate.

COMPANY TITLE - Rights to occupation in perpetuity of property based on the ownership of shares in a company in which is vested the title to the property. This was the common method of home unit ownership prior to the introduction of strata title ownership.

COMPULSORY ACQUISITION - A power in the Crown to acquire property belong to a private person, irrespective of whether such person is willing to sell or not.

CONDITIONS OF SALE - The conditions under which a purchaser takes property sold to them.

CONTRACT OF SALE - An agreement relating to the sale of property, which expresses the terms and conditions of sale.

COOLING OFF PERIOD - A period after the contract is made (usually 5 days), when the purchaser may cancel the contract

COUNTER OFFER - A new offer as to price, terms and conditions, made in reply to a prior unacceptable one. Normally the counter offer terminates the previous offer.

COVER NOTE - This is given on behalf of an insurance company giving immediate temporary cover over a specified property for a particular sum as soon as you decide to buy a property, i.e. pay a deposit, and/or sign an agreement to purchase. In most States the estate agent handling the sale of the property can issue this cover note.

CUL-DE-SAC - An access street with a blind end in the form of a turning space for vehicles.

C of the A-Z Glossary Provided by the Real Estate Institute of Australia you will find Glossary C, Glossary, A-Z Glossary, Provided by the institute of Australia, if offers you Information, Advice, Help, in regards to Property, properties, apartments, units, buying, selling, and Real Estate, any further questions contact Alan McGillivray, at Alan McGillivray Real estate
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