Real Estate Glossary Terms

Adjustment

The apportioning of expenses like council and water rates between buyer and vendor.

Agent

A registered person contracted to act for another in the selling, buying, renting or management of property.

Allotment

A lot or block subdivided from a larger portion of land.

Amortisation Period

The number of years it will take to repay a home loan completely. Maximum amortization period is usually 25 years.

Appraised Value

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.

Assets

What you own.

Auction

A public sale of a property sold to the highest bidder.

Body Corporate or Owners Corporation

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.

Breach of Contract

Breaking the terms of a contract.

Brick Veneer

A system of building in which a structural timber frame is tied to a single brick external wall.
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