Glossary Terms
Affordable Housing Action Plan
The Affordable Housing Action Plan 2007 released by the ACT Government in April 2007 which is available at www.actaffordablehousing.com.au.
Attached House
A dwelling that shares a common party wall such as a duplex or terrace house.
Building Contract
The contract for the building on a block between a purchaser and an OwnPlace Builder, usually based on a Housing Industry Association (HIA) or Master Builders Association (MBA) building contract.
Call Option Deed
The deed that has been entered into by an OwnPlace Builder and the LDA for a Detached Block.
Certificate of Occupancy
A certificate issued by the ACT Planning and Land Authority certifying that the building works are complete.
Completion
The point in a transaction for the sale of land where the Buyer pays the outstanding purchase price under the Land Contract and the Seller (the LDA) transfers ownership of the land to the Buyer.
Conveyancing
The process and documents involved with transferring ownership of land from the Seller (the LDA) to the Buyer..
Crown Lease
The lease granted under the Planning and Development Act 2007 (ACT). It is also referred to as the title.
Detached Block
The land component of Detached Housing.
Detached Housing
A housing type that stands alone and does not generally share any common walls or roof structures with neighbouring dwellings.
Direct Sale
A direct sale of land by the LDA to a purchaser.
Exchange
The process whereby the Buyer and the Seller (the LDA) physically exchange identical Land Contracts, each receiving a copy executed by the other party, resulting in the entry into a binding contract.
Home Buyer Concession Scheme
The ACT Government initiative administered by the ACT Revenue Office. Please visit the ACT Revenue website at www.revenue.act.gov.au/home_buyer_assistance/home_buyer_duty_concession for further information.
Index
A number that represents the change in price or value in comparison with a reference number for a previous period.
Land Contract
The contract between the LDA and a purchaser for a block of land.
Land Sale Price
The price specified in the Schedule of the Land Contract.
Nomination Form
The form attached to the OwnPlace Builder’s Call Option Deed.
OwnPlace Builder
A builder selected for the Attached or Detached Housing panel.
OwnPlace Package
A select house and land package for sale in the estate of Bonner priced at or below $328,000*.
Settlement
The point in a transaction for the sale of land where the Buyer pays the outstanding purchase price under the Land Contract and the Seller (the LDA) transfers the ownership of the land to the Buyer.
Stamp Duty
A tax placed on legal documents upon transfer.
Transfer
Documents passing from Seller to Buyer.
Threshold
This is the threshold amount for an Affordable House and Land Package under the ACT Government's Affordable Housing Action Plan. This threshold amount is determined annually, generally to accord with the Consumer Price Index.
Variation
Variation is an alteration to the building works in the Building Contract, whether by addition or deletion, after the Building Contract is entered into.
* Variations requested by the Buyer after the building contract is signed may increase the price.