Real Estate Glossary Terms
A short-term loan, usually at a higher rate of interest, taken out by people who have bought a house while waiting for theirs to be sold, or when a normal mortgage and their savings fall below the asking price.
Designed to uphold the standards of public safety, health and construction, these regulations are in place and have been formulated by local councils to control the quality of buildings.
Represents a property buyer in negotiations with a vendor or his/her agent. The buyer's agent is paid by the buyer. Buyer's agents should be licensed and certified to act as a buyer's agent.
Is the tax based on the difference between the purchase and selling price, less inflation, applied upon the sale of an investment property.
Is a document any person with a legal interest in a property can lodge with the Titles Office to ensure the property is not sold without their knowledge.
Latin for ‘Let the Buyer Beware.’ This puts the burden onto the buyer to be satisfied with the item before purchasing a property.
A document stating who owns the property, the size of the land and whether there are any limitations on the title such as mortgages, easements or encumbrances.
Chattels are personal property. There are two types. Real chattels are buildings and fixtures. Personal chattels are clothes, furniture, etc.
Detached group of houses which share open space.
Each Cluster Title holder has a Certificate of Title which specifies ownership in terms of a particular area for which the owner is responsible and defines the common property. Unlike a Strata Title, it does not subdivide ‘airspace.’