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Definition of Legal Terms
M to S

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Explanations for words and terms, M to S used in "Do It Yourself Kit."

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Moiety: One half

Mortgage: Recording of a debt against Real Estate for the purpose of securing repayment of a debt

Mortgagee: The person to whom the property is mortgaged. The lender of the debt.

Mortgagor: The borrower. The person who mortgages his property as security

Mortgage (Release of ): The discharge by a person of his interest in land in favour of the person in possession

Old System: Prior to 1857 freehold land was registered under the Old English Deed of Grant system. Now replaced in Australia with the Torrens Titles system.

Perch: See Conversion Table

Personal Representative: see Executor

Possession Date: The date the purchaser is to obtain possession of the property

Power of Attorney: Formal instruction by which a person empowers another to represent him.

Power of Sale: under Bill of

Mortgage: The right of a person to sell the property of another

Probate: Proving a Will

Provisional Certificate of Title: When a Deed is lost and replacement is required an Affidavit is necessary from every person who has handled the Deed since it was issued by the Titles Office.

Recording of Marriage: The act of recording new married name on Title Deed

Release by Consent: When a large parcel of land is being subdivided has mortgage and release is for one piece having new title.

Requisitions on Title: Requests in writing from buyer to vendor regarding possible defects to the Title not discoverable by search. There are no standard requisitions.

Servitude: An Easement

Settlement Date: The date mutually agreed upon by Seller and Buyer for Buyer to take over and occupy property

Stamp Duty: A Tax payable to the Government via the Stamp Duties Office and related to the value of the property.

Statutory Declaration: A written statement of facts declared to be true - not sworn on the Bible & refers to "The Oaths Act".

Strata Title: Under this arrangement the purchaser obtains the title of the actual space occupied by one, from floor to ceiling and wall to wall, which can be freely bought sold let or mortgaged without the consent of any other person.

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