Real Estate Glossary Terms

Fixed Interest Rate

An interest rate that will remain unchanged for a set period of time.

Fixtures (or Fittings)

Items which are attached to a property and cannot be removed without causing damage; they are usually included in the sale unless expressly excluded.

Flat Interest Rate

Is calculated on the original amount of the mortgage for the whole term of the loan.

Freehold

An owner’s interest in land where the property and the land on which it stands both belong to their owner indefinitely.

Gazumping

If someone has agreed to sell you a property and then sells it to someone else for a higher price, you have been gazumped!

General Law Title

Old, complicated form of land ownership in form of chain of documents. Can be more than 100 years old and of historic interest.

Goods and Services Tax (GST)

A tax of ten per cent levied on the final price of some goods or services.

Inclusions

Lights, curtains, blinds, ceiling fans, airconditioning units, flyscreens, TV antenna, dishwasher, rangehood, stove, fixed cupboards, clothes hoist or any other removable item that the vendor has agreed will be included in the sale.

Interest

The lending body’s charge on paying back a loan.

Interest-only Loans

Loan on which interest only is paid periodically and the principal paid at the end of the term.
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