Real Estate Glossary Terms
Another old form of land title and also known as Common Law Title. Automatically converted to Torrens Title on the sale of a property.
Such as ‘common law’, or ‘old systems title’, ‘moiety’, would need to be turned into one of the modern titles above.
Usually one percent of price, is payable and forfeited if buyer does not go through with the transaction.
Legal agreement giving the buyer the right to purchase property at an agreed time and price.
Wall separating two adjoining buildings and normally straddling the boundary.
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.
The actual amount of money that has been borrowed to buy a property.
The seller does not engage an estate agent but acts on his own behalf, dealing directly with the buyer.
Sale of property via an agent through private negotiation and contract.
Insurance policies that may cover properties, house contents, landlord, etc.