Real Estate Glossary Terms

Deposit

A non-refundable percentage of the purchase price paid by the buyer to secure the purchase of the property.

Depreciation

Is a non-cash allowance that you may be able to claim on your tax which reflects the limited life of an asset.

Disbursements

Charges payable to solicitors or conveyancers such as postage, phone calls, stamp duty, registration fees and government charges.

Discharge Fees

An administration fee charged by a bank to cover the costs in finalising a loan account.

Easement

A right held by someone to use land belonging to someone else for a specific purpose. Mains, drains and water pipes are usually covered by an easement.

Encroachment

When a building overhangs someone else’s property, or a fence is built over the dividing line between two properties.

Encumbrance

An easement, mortgage, or other liability on a property which impedes its use or transfer.

Equity

The difference between the market value of the property and any loans that are outstanding on the property.

Exclusions

Any item that is specifically not included in the sale. e.g. An above ground pool, garden shed, etc.

First Home Owner Grant (FHOG)

A scheme providing first home owners with a non-means tested, one off payment as contribution towards deposit, fees and charges.
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