Eastern Examiner: Nov 2013

November 19, 2013
Super User

Great News - The housing market is on the move.

Great to see auction clearance rates on the rise and lots more interest in open inspections.

 

 

 

 

Suburb Watch

Burnside: Median Price: House: $ 685,000, Unit: $ 510,000

54 sales from July to Oct compared to 68 for the full 12 months last year

Unley: Median Price: House: $ 1,015,500, Unit: $ 431,625

Hahndorf:Median Price: House: $ 560,000, Unit: $ 285,000

 

What happening locally:

There is plenty of activity happening locally with the Norwood Xmas Pageant rolling down The Parade on Saturday, the great weather is an excellent driver to get into the Heart Foundations Walking Program or if croissants take your fancy head along to the City of Unley’s French Christmas Market.

 

Buying or Selling?

What does conveyancing mean?

Conveyancing refers to the sale of real estate from a vendor (seller) to a purchaser (buyer). 

 

Exchange - when a binding legal contract to buy and sell land comes into existence. A deposit of 5% or 10% of the purchase price is usually paid at the time of exchange and usually held by a stakeholder (the vendor’s real estate agent, solicitor, or conveyancer) until completion of the contract. 

Completion or Settlement - when the balance of the purchase money is paid over, the title is transferred to the purchaser and (usually) the purchaser takes possession of the land. 

Property - can refer to any kind of asset at all including land (also called real estate), goods (also called chattels), fixtures (goods which are attached to land), chooses inaction (rights to sue people) and non physical rights such as intellectual property and confidential information. Accordingly, when referring to real estate it is better to use the term real estate or land rather than the general term property. 

Person - to a solicitor means any legal entity. This includes individuals (i.e. human beings), companies, strata bodies corporate and statutory corporations (e.g. local councils).

Posted in: Local community

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