Real Estate Glossary Terms

Sole Agency

One agent or agency has the exclusive rights to sell a property.

Solicitor

A legally qualified professional who undertakes legal work for a fee.

Stamp Duty

A government tax based on the sale price of a property.

Strata Title

Applies to more than one property on a single piece of land, such as an apartment block. Each unit will have a separate strata title, organised under a ‘strata plan’.

Stratum Title

This 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’.

Survey

Confirmation of the property boundaries and improvements.

Tenancy Agreement Document

Sets out details of the property to be rented and the terms and conditions agreed to between landlord and the tenant.

Tenant

One who leases/rents a property from a lessor owner.

Tenants in Common

A form of joint ownership in a property in which each person owns a share of property.

Term

The time length of a home loan. Payments made may not fully repay the outstanding principle by the end of the term because the amortisation period is longer. For example, a Fixed Rate Loan might have a five year term, but it will take 20 years to repay the loan completely. When a term expires, the loan is renegotiated.
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