Glossary T

Tenants in common
Two or more purchasers owning the one property in any share proportion they choose. When a tenant in common dies, their share in the property passes in accordance with their will. Unlike joint tenants where the share passes to the other owners or joint tenants.

Also known as the life of the loan and refers to the length of time for which the loan is to be repaid.

Title deed
This legal document advises of ownership of a property.

Torrens Title
Torrens Title is the most common form of property title in Australia. All previous and current owners are listed on the one deed, as are all previous mortgagees etc. Also know as “RPA” standing for “Real Property Act”, the legislation that governs the operation of Torrens Title

This document confirms a properties change of ownership with the Land Titles Office.

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