Security Interest in Goods Act (SIGA)

This 2005 Act provides for the registration of securities held over assets and goods, such as livestock, crops, bills of sale, agricultural goods, stock, wool and aquaculture fish mortgages.

Schedule of Unit Entitlement

A schedule on community and strata plans listing the individual entitlement of every lot in the scheme. Used to apportion voting rights etc to registered proprietors.

Scheme

A plan adopted for residential development – a community scheme, a precinct scheme, a neighbourhood scheme or strata scheme.

Search

To search is the act of inspecting the Register for title information required to prepare documents or to satisfy inquiries on Reference Sheets, maps or plans for survey information required for the investigation deposited plans or strata plans or for conveyancing or other purposes.

Search Sketch

A diagrammatic record of the documents forming the chain of title. It illustrates the land description in each successive deed.

Second Schedule

That part of a folio which lists exceptions, restrictions, easements and other interests or notifications affecting the land (LPI reference).

Section 88B Instrument

An instrument under the Conveyancing Act 1919 lodged with a deposited plan or strata plan to create easements, restrictions on the use of land and positive covenants upon registration of the plan as an alternative to the creation of easements via a dealing.

Service Line

A pipe, wire, cable, duct or pole by means or which service is or is to be provided to a lot in a community scheme.

Service Provider

A statutory or government authority that provides a service to a lot in a community scheme by means of a statutory easement.

Servient Tenement

The land affected or burdened by an easement.

Share Title

A separate title issued for a registered proprietor’s share or for certain estates in a land title.

Special Resolution

A resolution of the community, precinct or neighbourhood association passed with at least 75% of eligible voted.

Stamp Duty

An ad valorem state tax on real estate transactions with a sliding scale commencing at 1.25% of the consideration sum.

Statutory Easement

Easements for the provision of essential services within a community, precinct or neighbourhood scheme - s36 Community Land Development Act 1989. Terms are set out as a by-law in the Management Statement and the sites are shown in the Service Works plan.

Strata (stratum)

The concept of layer upon layer - lots, stacked one on top of the other.

Strata Lot

A lot defined in a plan lodged under strata scheme legislation. Includes lots wholly or partially inside building, external lots (that maybe wholly or partially covered) and open space lots.

Strata Plan

A plan lodged with LPI creating individually-owned lots and common property within a parcel of land defining lots by a cubic space(s). Normally, a strata plan pertains to multiple units within a building.

Strata Scheme

A plan lodged under the Strata Schemes (Freehold Development) Act 1973 and related Acts, creating strata lots and common property.

Stratum Lot

A parcel of land restricted in height and/or depth by reference to Australian Height Datum (AHD) or other datum approved by the Surveyor General.

Stratum Subdivision

The division of land which at least one boundary between the lots in the subdivision is defined by a plane that is not vertical ie horizontal or inclined planes. This type of boundary results in the creation of lots on top of each other.

Sub-lease

A lease of a lease.

Subdivision

The division of land into parts for separate occupation and/or disposition. The land may be subdivided either vertically or by stratum.

Subdivision Certificate

The consent of the required authority, Local Council, accredited certifier or the Crown to the subdivision of land. Endorsed in the panel on the plan.

Subsidiary Scheme

A precinct scheme, neighbourhood scheme or strata scheme that subdivides a development lot in an existing community or precinct scheme.

Subsisting Interest

Any contingent or vested estate or interest in land, pursuant to s28K Real Property Act 1900 in existence at the date of issue of a Qualified Certificate of Title.

Survey (Plan)

A representation or drawing of land surveyed, prepared from particulars recorded in a field book of a surveyor.

Sold under the hammer

This means a property that goes to auction sells at the auction.

Serviceability

Whether you can manage your mortgage payments, based on your income and expenses.

Stamp duty

A state government tax on the transfer of property calculated on the value of the property.

Stock Turn

The number of times during a given period that the average inventory on hand is sold and replaced.

Shoplifting

Shoplifting is the theft of property which is worth less than $500 and which occurs with the intent to deprive the owner of that piece of property. The crime of shoplifting is the taking of merchandise offered for sale without paying.

Shrinkage

Retail shrinkage is a reduction or loss in inventory due to shoplifting, employee theft, paperwork errors and supplier fraud.

SKU

The Stock Keeping Unit (SKU) is a number assigned to a product by a retail store to identify the price, product options and manufacturer.

Staple Goods

Staple goods are products purchased regularly and out of necessity. Traditionally, these items have fewer markdowns and lower profit margins. While price shifts may raise or lower demand for certain kinds of products, the demand for staple goods rarely changes when prices change.

Stock Cover

Measures how long it will take for the stock on hand to run out based on the expected sales. This is measured in time (days, weeks, months etc.) The replenishment timing will often dictate the time unit of measurement used.