![]() The sum of money normally paid by the buyer at the time of exchanging contracts. Cooling off periods however do not apply at auctions.Ī requirement noted on the title of a property that forces the property’s owner to adhere to named terms, conditions and restrictions regarding the property.Ī document issued by an insurance company to temporarily prove that a property has current insurance.Ī legal document that is a record of an agreement, obligation or conveyance of property.Ī reduction in the value of an asset over time. The legal process of transferring the ownership of property from the seller’s name to the buyer’s.Ī period of time after the signing of a sale contract where the buyer can cancel the agreement. A compulsory acquisition order could be used for the building of new transport links.Ī document that lists the terms and conditions of a property sale between the seller and the buyer. The power of central or state governments to purchase property from without the owner agreeing to sell. Sometimes referred to as “old system title”, a common law title consists of a series of title documents referred to as “a chain of title”. Property other than real estate that is included in a sale, including items of furniture.Ī title that isn’t encumbered with outstanding mortgages or loans.ĭetached group of houses that have a common open space.Ī fee or payment made to a real estate agent on completion of the sale of a property.Ī shared area that is available for use by more than one person, which might include the stairwell of an apartment block. It shows who owns it and whether there are any outstanding mortgages or loans against it. The buyer purchases the property on an “as is” basis.Ī document that confirms the ownership of land. This principle of law requires that the buyer is satisfied with the property they wish to buy before completing the transaction. Warns a person buying real estate that a third party has some right or interest in the property. This is based on the difference between the original purchase price and the sale price, including purchase and sale costs.Ī discount of 50% on the CGT payable, provided the property has been owned for at least 12 months (and provided various other conditions have been met). The increase in property value over time. Market conditions where the supply of properties exceed the demand, giving buyers an advantage. Rules which are designed to maintain public safety, health and minimum acceptable standards of construction. This funding may be required if a home purchase completes before the owner’s sale. The council of the body corporate – elected by property owners in the block – meets at regular intervals to discuss various matters of administration, including repairs, maintenance and security.įinance that is obtained for a short period of time as a “bridge” to long-term finance. The amount that a seller wants a buyer to pay to purchase the property.Ī public sale in which property is offered for sale through a competitive bidding process.Ī horizontal, load-bearing piece of timber or metal that has structural properties.Ī sub-floor timber or steel beam that supports floor joists.Ī body of owners in a block of units. ![]() The increase in the value of property over time.Ī moulding surrounding a door or window opening. The assessment compares your home’s features against recently sold and current on the market properties to determine its likely selling price in the current market. The number of years it will take to fully pay off a home loan.Ī free and comprehensive estimation of the value of your property by a real estate agent. For example, a public swimming, school or park can be considered as amenities. Agents must be licensed from the relevant state agency.Īn area of land that is subdivided into smaller pieces. When a seller accepts a buyer’s offer according to its terms which usually leads to a binding agreement or contract.Ī person given permission to act on behalf of a client in the sale, purchase, letting or management of real estate. Here’s my A – Z list of some of the most common real estate terms you may encounter in the buying and selling process. ![]()
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