Real Estate Glossary Terms
The apportioning of expenses like council and water rates between buyer and vendor.
A registered person contracted to act for another in the selling, buying, renting or management of property.
A lot or block subdivided from a larger portion of land.
The number of years it will take to repay a home loan completely. Maximum amortization period is usually 25 years.
An estimate of the value of the property offered as security for a home loan. This appraisal is done for financial lending purposes and may not reflect the actual market value.
A public sale of a property sold to the highest bidder.
The collective ownership of common property such as a block of apartments or multi–dwelling complexes. It is responsible for the administration and upkeep of common areas.
Breaking the terms of a contract.
A system of building in which a structural timber frame is tied to a single brick external wall.