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- Australian Property
- Glossary of terms
- Types of Purchasers - 'Promisor'
- Types of Vendors - 'Promisee'
Term
Commission account statement
Notes
An account statement containing information on commission transactions and balances.
Term
Deposit account statement
Notes
An account statement containing information on deposit transactions and balances.
Term
Closing statement
Notes
A statement generated when funds from an Agreement are disbursed to zero balance.
Term
Certificate of Funds
Notes
A dynamic statement generated upon every receipt and or every disbursement of funds. Funds underwritten by; AIG Australia Limited are declared within the statement. A Certificate of Funds is Agreement specific. A copy is issued to the Promisor and Promisee. Please click here to view sample.
Term
Agreement
Notes
A legal contract between promisor and promisee. Each agreement has a unique reference number.
Term
Promisee
Notes
The party that is providing the product or service
Term
Promisor
Notes
The party that is paying for the product or service
Authorisation for release of Funds
Who can Authorise
- Representative of Financial Institution in possession; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
Authorisation for release of Funds
Who can Authorise
- Liquidator; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
Authorisation for release of Funds
Who can Authorise
- Trustee in bankruptcy; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
Authorisation for release of Funds
Who can Authorise
- Each and every Trustee or Director of SMSF AND (if different) each and every Trustee or Director of Bare Trust; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
The ‘bare trust’ will be the Vendor on the contract who sells the property on behalf of the SMSF, the bare trust technically owns the property but cannot disseminate money in its own name. Hence the need for signatures from both entities. In most situations persons are both members of the SMSF and Trustees of the bare trust. Members will need to authorise the release of the funds in their capacity as a trustee or director of the SMSF and again in their capacity as trustee or director of the bare trust.
Authorisation for release of Funds
Who can Authorise
- Trustee or Director of SMSF AND (if different) Trustee or Director of Bare Trust; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
Members of a SMSF are mandatory trustees of that SMSF either as their natural person or as a director of a trustee company.
The ‘bare trust’ will be the Vendor on the contract who sells the property on behalf of the SMSF, the bare trust technically owns the property but cannot disseminate money in its own name. Hence the need for signatures from both entities. In most situations persons are both members of the SMSF and Trustees of the bare trust. A member will need to authorise the release of the funds in their capacity as a trustee or director of the SMSF and again in their capacity as trustee or director of the bare trust.
Authorisation for release of Funds
Who can Authorise
- One Director; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
Director must authorise pursuant to s127 of the Corporations Act 2001.
Authorisation for release of Funds
Who can Authorise
- Director; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
Director must authorise pursuant to s127 of the Corporations Act 2001.
Authorisation for release of Funds
Who can Authorise
- Each and every Natural person AND Power of Attorney; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
Where authorisation is given by someone under Power of Attorney, request proof of the stamped document showing that power prior to releasing funds.
Authorisation for release of Funds
Who can Authorise
- Natural person; OR
- Power of Attorney; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
Where authorisation is given by someone under Power of Attorney, request proof of the stamped document showing that power prior to releasing funds.
Authorisation for release of Funds
Who can Authorise
- Where Corporate Trustees, one Director from each; OR
- Each and every Natural Trustee; OR
- Where a mix of Corporate and Natural Trustees, each and every Natural Trustee and one Director of each Corporate Trustee; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
Director must authorise pursuant to s127 of the Corporations Act 2001.
Authorisation for release of Funds
Who can Authorise
- Where Corporate Trustee, one Director; OR
- The Trustee; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
Director must authorise pursuant to s127 of the Corporations Act 2001.
Authorisation for release of Funds
Who can Authorise
- One Director; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
Director must authorise pursuant to s127 of the Corporations Act 2001.
Authorisation for release of Funds
Who can Authorise
- Director; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
Director must authorise pursuant to s127 of the Corporations Act 2001.
Authorisation for release of Funds
Who can Authorise
- Each and every Trustee or Director of SMSF AND (if different) each and every Trustee or Director of Bare Trust; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
The ‘bare trust’ will be the Purchaser on the contract who purchases the property on behalf of the SMSF, the bare trust technically owns the property but cannot disseminate money in its own name. Hence the need for signatures from both entities. In most situations persons are both members of the SMSF and Trustees of the bare trust. Members will need to authorise the release of the funds in their capacity as a trustee or director of the SMSF and again in their capacity as trustee or director of the bare trust.
Authorisation for release of Funds
Who can Authorise
- Trustee or Director of SMSF AND (if different) Trustee or Director of Bare Trust; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
Members of a SMSF are mandatory trustees of that SMSF either as their natural person or as a director of a trustee company.
The ‘bare trust’ will be the Purchaser on the contract who purchases the property on behalf of the SMSF, the bare trust technically owns the property but cannot disseminate money in its own name. Hence the need for signatures from both entities. In most situations persons are both members of the SMSF and Trustees of the bare trust. A member will need to authorise the release of the funds in their capacity as a trustee or director of the SMSF and again in their capacity as trustee or director of the bare trust.
Authorisation for release of Funds
Who can Authorise
- Each and every Natural person AND Power of Attorney; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
Where authorisation is given by someone under Power of Attorney, request proof of the stamped document showing that power prior to releasing funds.
Authorisation for release of Funds
Who can Authorise
- Natural person; OR
- Power of Attorney; OR
- Representative being:
- Solicitor; OR
- Licenced conveyancer, listed on the contract.
Notes
Where authorisation is given by someone under Power of Attorney, request proof of the stamped document showing that power prior to releasing funds.
Transactions can be assigned to the following:
Master project: can contain one or more Projects. This reference is supplied by the subscriber.
Project: can contain one or more Deals. This reference is supplied by the subscriber.
Deal: can contain one or more Agreements. This reference is supplied by the subscriber.
Agreement: can contain one or more Transactions. Agreements numbers are system generated and have a pre-text letter of ‘A’
There are several types of transactions, depending on the type of funds. Each have different pre-text letters, these letter signify the following:
T = Transaction, funds have been added.
THD = Holding deposit
TD = Depoist
TC = commission
R = Receipt, monies have been reconciled.
RHD = Holding deposit
RD = Depoist
RC = commission
D = Disbursement
C = Certificate of Funds
F = Funds release