Real Estate Glossary Terms

Old System Title

Another old form of land title and also known as Common Law Title. Automatically converted to Torrens Title on the sale of a property.

Older titles

Such as ‘common law’, or ‘old systems title’, ‘moiety’, would need to be turned into one of the modern titles above.

Option Fee

Usually one percent of price, is payable and forfeited if buyer does not go through with the transaction.

Option to Buy

Legal agreement giving the buyer the right to purchase property at an agreed time and price.

Party Wall

Wall separating two adjoining buildings and normally straddling the boundary.

Plan

This shows the ground plan design, elevation of house, number and size of rooms, kitchen, bathrooms and laundry layout, position of the house on the land.

Principal

The actual amount of money that has been borrowed to buy a property.

Private Sale

The seller does not engage an estate agent but acts on his own behalf, dealing directly with the buyer.

Private Treaty Sale

Sale of property via an agent through private negotiation and contract.

Property Insurance

Insurance policies that may cover properties, house contents, landlord, etc.
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