Real Estate Glossary Terms
A non-refundable percentage of the purchase price paid by the buyer to secure the purchase of the property.
Is a non-cash allowance that you may be able to claim on your tax which reflects the limited life of an asset.
Charges payable to solicitors or conveyancers such as postage, phone calls, stamp duty, registration fees and government charges.
An administration fee charged by a bank to cover the costs in finalising a loan account.
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.
When a building overhangs someone else’s property, or a fence is built over the dividing line between two properties.
An easement, mortgage, or other liability on a property which impedes its use or transfer.
The difference between the market value of the property and any loans that are outstanding on the property.
Any item that is specifically not included in the sale. e.g. An above ground pool, garden shed, etc.
A scheme providing first home owners with a non-means tested, one off payment as contribution towards deposit, fees and charges.