Real Estate Glossary Terms

Qualified Title

Applies to some Old System Titles converted to Torrens Title which may not have been fully investigated.

Real Property

Land, with or without improvements.

Requisition of Title

The process in which the buyer of a property asks for written information about the title to a property from the vendor in addition to that supplied in the Contract of Sale.

Reserve Price

A seller’s minimum sale price for property sale. It may be recorded on the authority to sell.

Right of Way

Right of access across a property.

Rise and Fall Clause

This clause would be contained in a building contract. It provides for an upward or downward contract price dependant on movement of prices, wages or other factors specified.

Sale by Private Treaty

Sale of property through private negotiation and contract.

Security

Property offered as backing for a loan. In the case of home loan money usually acts as the security.

Semi-detached

Two buildings joined by a common wall.

Settlement

The occasion when ownership of a property passes from the vendor to the buyer and the balance of the sale price is paid to the vendor.
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