Ad Valorem
According
to value.
The phrase is used in relation to duties levied according to the
value of the subject matter.
Assign
To
transfer an interest in property.
Assignment
A
document transferring ownership or giving the right to transfer
ownership.
At Arms Length
Not
connected in such a way as to bring into question the ability of one to
act independently of the other (relates to parties to a transaction).
Beneficial Interest
The
interest in a trust property of the beneficiary of a trust (ie an
equitable interest, by way of contrast with the legal or nominal
interest of the trustee). A beneficial interest includes a
potential beneficial interest for stamp duty purposes.
Beneficiary
1. A person for whose benefit trust property is held; or
2. A person designated in a will as the recipient of a bequest.
Bona Fide
In
good faith, honestly (eg. bona fide transaction).
Business of Primary Production
Means
the business of agriculture, pasturage, horticulture, viticulture,
apiculture, poultry farming, dairy farming, forestry or any other
business consisting of the cultivation of soils, the gathering of crops,
the rearing of livestock or the propagation and harvesting of fish or
other aquatic organisms.
Capital Value
The capital value includes the land and all improvements such as buildings, sheds, wells, dams and commercial planting of trees. It is the total value of the land and all things fixed to it, and is determined by qualified Valuers from the Valuer General's Office.
Caveat
A record on the Certificate of Title held at the Lands Titles Office.
A caveat prevents any dealing with the land inconsistent with the
interest claimed by the person lodging the caveat. The existence
of a caveat is noted on the Title but unlike registration of an interest
this noting does not in itself confer any interest. The existence
of an interest depends on the contract or other dealing involved. In some ways a caveat is a notice of the existence of unregistered
interests, if no caveat is noted, another person might infer that no
unregistered interests exist.
Certificate of Title
A
document issued by the Registrar of the Lands Titles Office showing the
registered proprietor of the land under the Torrens System. It is
equivalent to title deeds under the old system.
Chattels
Any
kind of personal property as opposed to real property (land). A
distinction is drawn between chattels real, that is, interests related
to real estate but not classified as real property interests, notably
leases, and chattels personal, comprising all other types of personal
property.
Collateral Security
A
security additional to the main security.
Contract
An
agreement between two or more persons which creates an obligation to do,
or not to do, a particular thing. A contract creates a legal
relationship between the parties to the contract.
Consideration
The amount of money paid by the transferee to the transferor for the property.
1. The formal transfer of property; or
2. The instrument by means of which such a transfer is effected.
For
a complete list refer to the definition in Section 60 of the SD Act.
Conveyance of other kind
Refers
to a conveyance which is not a conveyance on sale or a voluntary
conveyance.
Fractional Transfer
A transfer of an interest less than a full interest.
Inter Vivos
Amongst
or between living persons.
Intestacy
The
situation arising upon the death of a person who has not left a valid
will, or who has failed to dispose entirely of his/her assets (partial
intestacy).
Intestate
To
die without having left a valid will or having left a will which does
not dispose entirely of the deceased’s assets.
Laws of Intestacy
The
“laws of intestacy” are set out in the Administration
and Probate Act 1919. This Act states that if a person dies
intestate, then the property should be distributed in the manner set out
in that Act.
Lessee
The
person to whom a lease is granted (the tenant).
Lessor
The
person who grants a lease (the landlord) to another person.
Letter of Agency
Letter
whereby a purchaser appoints another party to enter into and execute a
contract on their behalf (ie act as their agent).
Life Interest
A
freehold interest or estate subsisting as long as the grantee, or some
other person, might live.
LTO
Lands
Titles Office. The Lands Titles Office is a branch of the Land Services Group which is responsible for key land administration functions for the South Australian Government. The Land Services website address is www.landservices.sa.gov.au
Market Value
The
price which a willing but not anxious vendor could reasonably expect to
obtain and a hypothetical willing but not anxious purchaser could
reasonably expect to have to pay.
Non – Residential
You
will need to indicate whether the land is used as residential or
non-residential.
Generally
the ‘non-residential’ classification will include all conveyances of land which are not
classified as residential. Clear examples are conveyances of industrial
and commercial land. In some instances properties may have a residential
capacity, but nonetheless should be classified as non-residential – this
would include:
- hotels;
- motels;
- short stay residential apartments;
- hostels;
- boarding houses;
- residential colleges/halls of residence;
- school boarding houses;
- nursing homes;
- retirement villages;
- caravan parks and camping grounds;
- marina berths; or
- farms and other primary production land - unless predominantly for residential use rather than primarily for use in primary production.
There
will be instances where a conveyance of real property has mixed uses –
eg a shop with a house/flat attached. In such instances, the predominant use of the property should determine whether it is classified as
residential or non-residential. Indicators of the predominant use
may include which potential uses are most active currently, the respective
floor area of the actual uses (if able to be determined) or the separate
valuation of each of the respective uses.
Notional Value
A notional value is a concessional property valuation available to primary producers and others under certain circumstances. Notional values are aimed at encouraging the retention of primary production uses on land where there is pressure to alter the use away from primary production.
Peppercorn rent
A
nominal rent.
Potential Beneficial Interest
The
rights, expectancies or possibilities of an object of a discretionary
trust in, or in relation to, property subject to the discretionary
trust. Object is a person on whom the trustee can vest any trust
property.
Quoted
Marketable Securities
Means
a marketable security that is quoted on a recognised stock exchange.
Recognised Stock Exchange
Means
the Australian Stock Exchange Limited or a stock exchange classified by
regulation as a recognised stock exchange.
Related Parties
Includes
persons who are connected by blood or marriage and also includes
“related persons” as defined in section 60A(6) of the SD Act, which
includes:
- natural persons who are either members of a partnership or who are related as spouses or as a parent and a child;
- related companies for Corporations Act 2001 purposes;
- trustees who have a common beneficiary in relation to their individual trusts;
- natural person and a company, where the natural person is a major shareholder, director, secretary of the company or in another related company;
- natural person beneficiary and the trustee of the trust; or
- a company and a trustee under certain circumstances (refer section 60A(6)(f) of the SD Act).
Remainder Interest
An
interest in land, vesting in possession on the determination of a prior
particular estate in the same land: to A for life, remainder to B in fee
simple. A contingent remainder is for a future interest which will
only arise (ie. vest in interest) on the happening of some contingency,
and if it does not arise, will vest in possession on the determination
of the prior particular estate: to A for life with remainder to B
in fee simple if B attains the age of 21.
Remainder Person
A
person entitled to a remainder.
Rent
Payment
to the lessor by the lessee for the right to exclusive possession of
premises for a period.
Residential
You
will need to indicate whether the land is used as residential or
non-residential.
The
following are examples of the main property types which should be
classified as ‘residential’.
These classifications apply irrespective of whether the property being
conveyed is established or newly constructed, and irrespective of
whether it is purchased for owner occupation, investment (rental) or
business use.
- houses;
- flats;
- units;
- apartments;
- holiday homes;
- vacant land zoned as residential use (if known);
- permanent houseboat moorings;
- permanent caravan park sites; or
- farms and other primary production land - only if predominantly for residential use.
There
will be instances where a conveyance of real property has mixed uses –
eg a shop with a house/flat attached. In such instances the predominant use of the property should determine whether it is classified as
residential or non-residential. Indicators of the predominant use
may include which potential uses are most active currently, the
respective floor area of the actual uses (if able to be determined) or
the separate valuation of each of the respective uses.
SD Act
This
is a reference to the South Australian Stamp Duties Act, 1923.
Site Value
The site value is the value of a piece of land excluding any value added by buildings or other improvements. It is the value of just the land, as if it were vacant. It is determined by qualified Valuers from the Valuer General's Office.
Surrenderor
The
surrenderor is the registered lessee that gives up their rights to a
Crown Lease, in effect, they surrender the Crown Lease.
Transfer
See
definition for ‘Conveyance’.
Trust Instrument
An
instrument creating and setting out the terms of a trust.
Trustee
One
who holds property for another under trust.
Trustee in Bankruptcy
One
authorised to act as trustee of a bankrupt’s estate.
Value Declared
Pursuant to section 71 of the SD Act, the value of the property conveyed by any conveyance operating as a voluntary disposition must be declared in the conveyance. This is the value of the property being conveyed.
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