Here are a few helpful definitions to increase your understanding of Settlement agents.

Settlement: The completion of a real estate transfer, where the title passes from seller to buyer.

Settlement Agent: is responsible for the preparation of legal documents and facilitates the exchange of funds and documents to complete settlement.

Duty: A state tax on conveyance or transfer of real property calculated on the total value of the property.

Land: means the which the Seller has agreed to sell to the buyer including all improvements and other fixed improvements on that land.

Purchase Price: means the price payable for the property stipulated in the contract.

Transfer of Land Document: means the instrument required to transfer the land to the Buyer in a form acceptable for registration by Landgate, subject to signing by all parties.

Caveat (Buyer beware): A warning to a person searching the original Certificate of Title that there is a claim lodged on the Title to the land, which may prohibit Landgate from registering the dealing upon that Title.

Crown Land: All land except alienated land (includes reserved and leased Crown land, tidal waters, reclaimed land, river beds and lakes).

Encumbrance: A lodged or registered interest in the land by a person who is not the registered proprietor. Examples are mortgages, lease agreements, caveats and easements.

Landgate: A Statutory authority that delivers land and property information in Western Australia (formerly known as Department of Land Information).

Joint Tenancy: The ownership of land in common by more than one person where there is a right of survivorship, that is where on the death of one joint owner, the share of the interest of the deceased goes to the surviving owner (s).

Mortgage: Agreement to the repayment of a loan with interest, over a certain time, by the owner of the property to the mortgagee.

Mortgagee: The lender of the money covered by the mortgage, for example a bank to the owner of the property.

Mortgagor: The borrower who has used his/her property as security for the mortgage debt.

Tenants in Common: Where there is a desire of two or more people to hold the land in undivided shares. For example x has 1/3 share and Y has 2/3 shares of the land. Both X and Y can transfer their shares to another or others. On the death of one party the land does not automatically go to the remaining partner unless stated in the will.