Commonly Used Terminology – Marina Berths & Leasehold
Sublease – the sublease over the berth, under the terms and conditions usually attached to the contract.
Mortgagee – The lender in a mortgage.
Transfer – a document signed by the Land Title Office, recording the change of ownership of property.
Vendor – seller of the property.
Stamp Duty – tax paid on a property transaction.
Consent Fees – the fees and costs associated with obtaining the consent’s necessary to transfer the sublease.
Consent – Generally means the consent from:
- The Minister responsible for administering The Land Act 1994;
- Consent from the sublessor under the Sublease; and
- Consent from any mortgagee or chargee whose consent might be required.
Sunset date – the specific date set out in the contract which the Consents must be obtained by, or the contract may be terminated by either party.
Settlement date – usually takes place following a number of days of consents being obtained, or from a set date following contract execution (whichever later)
Headlease – the lease over the lot which the berth is situation, usually between the state of Queensland and the marina.