| Gazumping | If someone has agreed to sell you a property and then sold it to someone else for a higher price you have been gazumped! |
| General Law Title | Old, complicated form of land ownership in form of chain of documents. Can be more than 100 years old and of historic interest. |
| Governor Value |
The governor value is the value of the property. It is also made up of the governor value of both the land and the buidling. This value is not the market price, but a value calculated by the local government authorities.
The governor value of the building, and/or the land is used used to calculate the annual fixed asset tax (Land tax + building tax) for the building and the land. As a rule of thumb, for a new building, the governor value is around 10-30 percent of the contruction costs of a new building. The governor value for land depends largely on the zoning of the land, and its location to other developments/buildings. Thus the governor value for land is quite variable, ranging from near to zero value to 30-50% of the market value is some cases.
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Glossary 
