Real Estate Glossary
The agreement of the terms and conditions of the offer by the person receiving the offer.
The person to administer the estate of a person who died without a will (intestate). Appointed by a Probate court.
The increase in the value of a property over time.
The moulding above and around windows and doors.
The price of a property that a owner may be willing to negotiate at.
The transfer of property from one person to another.
Assignment of Lease
The transfer of the interest of a tenant to another.
The selling of any property in public by a licensed auctioneer endeavoring to persuade buyers to make offers until it is knocked down to the highest bidder.
A principal load-supporting member of a building; can be timber, steel or concrete.
Timber that carries the floor joists.
The person receiving the income from the trust, deed of trust or estate.
The administrative body made up of the registered proprietors of the units that handle administration and upkeep of the property.
A sum of money paid by tenants as an assurance that they will not breach the term and conditions of the tenancy.
A construction type in which a single brick external wall is tied to the timber frame.
The increase in the value of property.
An addition that is built as a permanent improvement to add value to the property.
An open or semi-enclosed roofed structure for sheltering cars.
It is a warning on the title that a third party has some right or interest in the land.
"Let the buyer beware". It is up to the buyer to satisfy any specific items and make their own enquiries before purchasing.
Certificate of Occupancy
A document that permits the building to be occupied that is issued by local government to the developer.
Certificate of Title
The document of title to land held under the Torrens System. One is kept in the Titles Office and the other is held by the registered proprietor.
Personal property that is movable that can be included in the sale.
Land considered as the property of the public in which all persons enjoy equal rights.
Contract Note (Vic. Only)
The agreement that sets out in writing the terms and conditions of the offer to buy the property.
Cooling Off Period
Refers to the time during which a buyer can terminate the contract. This differs from state to state and in Western Australia there is no cooling off period at all. It was introduced to allow buyers to quickly make an offer and secure the property before seeking legal advice, financial approval or undertaking a professional property inspection.
Restrictions placed on the title; these invariably can affect future plans with the property.
Cul De Sac
A street with only one way in or out sometimes referred to as a court.
A percentage of the purchase price as part of the terms and conditions of the sale.
Due to usage and wear and tear the reduction in the value of an asset.
A single residential site split or shared with two dwellings.
An area of land reserved by law for a specific purpose i.e. water sewer.
An impediment to the use or transfer of the property in the form of an interest or right in the property.
The removal of a tenant or occupant legally from a property.
The contract giving the real estate agent the authority to sell your property.
The person named in the will to handle and administer the estate.
An addition to a building to increase the size of the floor area.
The representation of the greatest interest in land that can be enjoyed.
Building material made of asbestos fibres that are cement bound into sheets.
Objects not intended to be removed from the property when selling.
Something tangible that is attached or fixed to the building so it becomes part of the structure.
The legal process involved in selling the property by auction to settle the mortgage debt. This is due to the borrower defaulting on payments.
The owner owns the land and dwelling until they choose to sell it.
The triangular portion of a wall between the lines of two sloped roofs.
Occurs when a seller accepts a higher offer after agreeing to a sale with someone else before exchanging contracts.
Borrowing funds to invest.
A party who agrees to repay a loan using their own assets in case the borrower defaults.
A property that is produced to income and not owner occupied.
Joint ownership by two or more persons that includes the right of survivorship.
The major tenant in an office building or shopping centre.
A state tax based on the value of the property, paid by the owner but doesn't include the principal place of residence.
The property owner who leases it to another.
The agreement between a tenant and the landlord that outlines the terms of the tenancy.
The person leasing the property.
The owner of the property who leases out that property.
The legal claim upon a property that is paid off when the property is sold.
The price at which a buyer is willing to buy and a seller is willing to accept.
The document that gives security for payment of debt over a property.
Negative GearingIs when an investment property is purchased with borrowed funds and the rental income is less than the interest charged over the course of the year.
A person who acts or represents another in a limited sense.
Notice to Quit
A notice to a tenant advising them to vacate the property.
Off the Plan
Purchasing a property before completion and from a plan.
The price conveyed by one party to another to form a contract.
A property in which multiple real estate agents are employed to sell. Commission is paid to the agent who finds the buyer.
Is when the highest bid at an auction fails to meet the selling price the seller has set.
Power of Attorney
The person who has the capacity or authority of another party to act on their behalf.
The owner selling the property without an estate agent.
Private Treaty Sale
The owner selling the property utilising the services of an estate agent.
The act of managing the property on behalf of its owner including collecting the rent and finding the tenant.
The beams supporting the roof system.
Requisitions on Title
The requests made from a buyer for additional information about the title of the property from the seller.
The price at which the owner of a property is prepared to sell at auction.
Right of Way
The right to cross another property or for the general public to cross another's property.
Rise and Fall Clause
The building contract clause that allows for the final price to be increased or decreased according to material prices or wages fluctuations.
The angle at which the roof slopes.
The frame that holds the glass panes in the window.
When demand for property outstrips supply and as a result prices move upwards.
Two properties that share a common wall or walls.
The date when the new assumes possession after finalising payment.
Small rectangular shaped pieces of timber used instead of concrete tiles on roofs.
A roof sloping in the one direction not attached to another roof surface.
Conditions specified by the purchaser must be met before the contract can become legally binding i.e. the contract can be made subject to the purchaser getting finance.
The State Government tax on the purchase price payable at time of settlement by the purchaser.
A title used for units and townhouses. It gives the owner ownership of a defined part of the building including air space as well as membership to the owners' corporation.
Different to a strata title in that the owner purchases a shareholding in the company that manages the common area. Lenders sometimes can be reluctant to lend more than 80% of the property value.
The upright framing in the wall of a building.
The act of dividing land into individual lots to develop.
Persons living in a property under agreed terms and conditions on a non-ownership basis.
Tenants in Common
Joint ownership of real estate that may be in equal or unequal shares. Different from Joint Tenancy in that shares don't automatically pass onto the other owners in the event of death.
A row of homes built in a similar style that have common dividing walls.
A check on whether the owner has the right to sell and transfer the property.
Most common form of title to property.
A two storey dwelling attached to similar buildings.
Document registered at the Land Titles Office recording entries of change of ownership.
Legal term referring to the holder of property on behalf of another.
Support provided for added strength under an existing wall.
A property free from covenants or any other restriction.
The estimated value of a property prepared by a qualified registered valuer.
The legal statement made by the seller setting out certain particulars of the property.
A dwelling that is single storey and usually attached.
Wall CavityThe spacing between the outer and inner sections of a wall.
YieldThe percentage of the amount earned over the amount invested.
The guidelines as to the permitted uses of land by local authorities.