Real Estate Glossary Terms
List of items included with a property for sale; usually furniture, furnishings and other removable items.
The purchase of an asset, such as real estate, with the ultimate goal of producing capital gain on the resale of the asset.
Where two or more people purchase a property in equal shares.
Value-based levy applied to some property (exemptions include principal place of residence).
Is the owner of property being rented.
The lease (also known as a Tenancy Agreement) is a legal contract between the tennant and landlord agent. This covers the amount of rent to be paid, the method of payment, term of the agreement, security bond amount and other conditions and rules.
There are two types of tenancy agreements:
A Fixed Term agreement is for a set period of time. Even though the agreement will have an end date, it is still necessary for the tenant to give notice in writing, or in the case of the landlord, to give a ‘Notice to Vacate to Tenant/s of Rented Premises’ when a tenant is required to leave at the end of the agreement.
A Periodic Term agreement is set from week-to-week, or month-to-month. In the case of neither the tenant nor landlord giving notice to end the fixed term agreement, the agreement automatically becomes a periodic tenancy agreement
The interest in land of a person who owns a lease granted by a freeholder.
One who leases/rents a property from a lessor owner.
Your outstanding debts or what you owe.
Form or Torrens Title which applies to a property before it has been adequately surveyed.