Asking Price Appraisal Auction Body Corporate Bond Bridging Loan Building Inspection Buyers Market Caveat Certificate of Title Commission Common property Company title Contract of Sale Conveyance Cooling Off Period Covenant Deposit Easement Encroachment Encumbrance Exclusive Authority Exchange of Contracts Existing use right Fittings Gazumping Inclusions Investment Joint Tenancy Lease Listing Market Value O.F.I. Offer Old system title Passed In Private Sale Private Treaty Reserve Price Right of way Sellers Market Semi - detached Settlement Stamp Duty Strata title Survey Tenants in common Title Title search Torrens title Transfer Trust account Unencumbered Valuation Vendor Zoning
The listed price of the property. The owner may be willing to negotiate so this may not be the selling price.
An agent's view of the reasonable selling expectation of a property, it is not a valuation.
Real Estate that is sold to the highest bidder, subject to any reserve price decided by the owner..
The administrative body made of the owners of a group of units or apartments of a strata building.
With residential properties, any security received by a landlord (or his/her agent) against failure by a tenant to comply with any terms or conditions of a lease (lodged with the rental bond board and subject to the provisions of the act).
A short term loan used to cover the financial gap between buying and selling.
A thorough inspection by a licensed builder that evaluates the structural and mechanical condition of the property.
When the demand for property is less than the supply of property the advantage shifts to the buyer.
A warning on the title that a third party may have an interest in the property.
A description of a property that includes the name of the registered owner and any encumbrances such as mortgages and easements. Included in the contract of sale prepared by the solicitor.
A proportion of the sale price (generally a percentage) of a property paid to real estate agent for negotiating the sale.
Areas in strata-title properties shared by owners
The title gives you legal ownership over a piece of property and also gives you a share in the company set up to look after the common areas of the flats or units you live in.It does not include air space.
An agreement in writing that details the terms and conditions in regards to the sale or purchase of a property.
Legal instrument by which land or interest in land change ownership.
The buyer pays a deposit of .25% of the purchase price giving the buyer a cooling off period of 5 working days. Within this time the buyer can withdraw from the contract (sale) forfeiting their .25% deposit. As a buyer you cannot be gazumped during the cooling off period.
Terms, conditions and restrictions noted on the title.
A payment made by a purchaser or tenant, in good faith, to the agent towards securing a property. It can also specifically refer to the 10% of purchase price paid to seal an exchange of contracts for the purchase of a property.
A right that someone has to use the land that belongs to another. An example is a water authority having a sewerage easement.
Part of a building, fence or overhang incorrectly erected on or over the land of another (established by the survey).
Any type of disability or burden that affects land (crown reservations, easements, mortgages, covenants or restrictions-generally recorded on the title).
A written contract that gives one real estate agent the exclusive right to sell a property in a specific time period.
The point at which signed contracts are physically exchanged, legally committing the buyer and the seller to the purchase and sale of a property at an agreed price.
A use which does not conform with the current zoning, but which was previously a legal use and so retains the right to continue such use.
Objects that can be removed from a property without causing damage.
Gazumping occurs when a seller accepts a buyer’s offer and verbally agrees to sell the property to that buyer but later sells the property to another buyer offering to pay more.
Any removable item(s) that the vendor has agreed will be included in the sale and listed on the sales contract.
The purchase of an asset, such as real estate with the ultimate goal of producing capital gain on the resale of the asset.
A form of co-ownership that gives each tenant equal shares in the property, if one person dies, their share passes to the survivor/s.
The right to exclusive possession for a period on the payment of rent or other consideration.
A written contract between an owner and a real estate agent, authorizing the agent to perform services for the sale of the owners property.
The price or rent that is achievable in the general marketplace, it is greatly influenced by the interaction of supply and demand and the market assessment of the highest and best potential use that the land can attain.
Open for inspection. An agents advertisement inviting the general public to inspect a property for sale or lease.
A sum of money that a buyer offers to pay for a property, the offer may be firm (no conditions attached) or conditional (certain conditions apply).
A type of land-holding based on a series of transactions going back to a good root of title.
The highest bid fails to meet the reserve price of a property at auction and therefore does not sell.
Where the owner undertakes the selling of a property without the help of an agent.
The sale of a property through a real estate agent by negotiation.
The minimum price which a seller will accept at auction.
Right of access across a property.
When the demand for property is more than the supply of property the advantage shifts to the seller.
Two building joined by a common wall.
The completion of sale when balance of contract price is paid to the vendor and the buyer is legally entitled to take possession of the property.
A State Tax on conveyance or transfer of real property calculated on the total value of the property.
The subdivision of land and buildings into individual strata lots which can be sold separately.
Process of establishing the extent of the land and buildings on the land, particularly in relation to adjoining properties.
Tenancy in common is the holding of property by two or more persons, either equal shares or unequal shares. If one person dies, the property is dealt with in accordance with the law.
Recording ownership and any encumbrances.
The process of examining the land title to ensure the vendor has the right to sell and therefore transfer ownership.Title search details the names of the owners and other information regarding the property ie encumbrances or caveats on the title.
A system for the state governmentregistration of the ownership a defined area of land and noting the restrictions thereon.
Submitted only to the land titles office. Document registered in the land titles office recording change of ownership of a property.
A bank account into which an agent must pay all moneys received on behalf of another person.
Property free of covenants or other restrictions.
A written analysis of the estimated value of the property prepared by a registered valuer.
The seller, the owner of a property for sale.
Local authority guidelines for the permitted use of the land.
Certificate of Title
Contract of Sale
Cooling Off Period
Exchange of Contracts
Existing use right
Old system title
Right of way
Semi - detached
Tenants in common