AGENT - A person authorised to act for another (usually for the owner) in the selling, buying, renting or management of a property. Commonly used to refer to licensed real estate agents and real estate representatives.
BODY CORPORATE - (a) A term used in the Strata Titles Act to describe the body representing the building owners; (b) The control and administration of common property is vested in a statutory Body Corporate which comes into existence automatically on the registration of the plan, and to which the provisions of the Companies Act do not apply. The registered proprietors of the units are the only members of the Body Corporate. Associated rights and obligations are fixed by scheduled by-laws.
BOND (RENTAL) - Consideration held usually under a lease to ensure performance of lease terms and conditions. Normally refundable if possession of property is returned in good condition.
BUYER’S MARKET - The condition which exists when, under competitive conditions, the pressures of supply and demand are such that market prices are at a relatively low level, giving the buyer an advantage. An over-supply causing prices to decline.
CAVEAT - A notice on title proclaiming a possible interest other than that of an owner.
CERTIFICATE OF TITLE - A document issued under the Torrens System of Title, showing ownership and interest in a parcel of land.
CHATTELS - Any fixed asset other than freehold land. Items such as machinery, implements, tools, furnishings, fittings, which may be associated with land use, but which are not fixed to the land or premises or, if fixed, may be removed without causing structural damage to a building. Legally known as personality.
COMMON PROPERTY - (a) Land or a tract of land considered as the property of the public in which all persons enjoy equal rights. A property not owned by individuals but by groups; (b) In a home (villa) unit or flat development that part of the property owned and used in common by all the unit or flat owners or occupiers and which is maintained by the Body Corporate
CONTRACT OF SALE - An agreement relating to the sale of property, which expresses the terms and conditions of sale.
CONVEYANCE - An deed which transfers ownership of common law title from one person to another.
COUNTER OFFER: A new offer as to price, terms and conditions, made in reply to a prior unacceptable one. Normally the counter offer terminates the previous offer.
DEPOSIT - Percentage of total consideration, or an agreed amount, paid on exchange of contract for purchase of an asset.
EASEMENT: The most usual easements are rights of way, easements for light and easements for the flow of water over and through another’s land
FITTINGS - Installed items that may be removed from real estate without causing irreparable damage to the land, structure or use of the premises.
FIXTURES - Those parts of a property affixed to structures or land, usually in such a manner that they cannot be independently moved without damage to themselves or the property housing supporting or pertinent to them. Fixtures are usually included in a sale and commonly include items such as carpets and awnings.
JOINT TENANCY - The ownership of land in common by several persons where there is a right of survivorship i.e. where on the death of one joint owner the land as whole vests in the survivors.
LANDLORD - The owner of leased property. The lessor.
LEASE - An agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.
LICENSED REAL ESTATE AGENT - A Licensed Real Estate Agent may perform the activities in the conduct of a real estate business. He/she is licensed to hold responsibility for an agency’s legislative compliance activities.
MANAGEMENT AGREEMENT - A written contract recording the agreement between the owner and manager of real estate concerning the duties, responsibilities and liabilities of the owner and the manager in the management of that real estate.
MORTGAGEE SALE - Sale of a property where, in the case of a default of payments by the mortgagee, the mortgagor can sell the property over which the mortgage has been held.
PASSED-IN - If a property is not sold at auction because the owner’s reserve price has not been reached, it is passed in.
PERIODIC LEASE - Where a tenant continues to rent / occupy the property after the lease has formally expired.
SETTLEMENT: This is the final stage of the sale when the purchaser completes the payment of the contract price to the vendor and takes legal possession of the property.
STRATA PLAN - The registered plan of a strata title property showing the boundaries of lots and unit entitlements. Pursuant to legislation on strata or unit titles.
STRATA TITLE - (a) The formal ownership of property held within a strata plan where property is defined within horizontal and vertical boundaries; (b) A scheme of property ownership where each proprietor owns parts of a building and has joint rights with other proprietors over the land and other common areas.
TENANCY IN COMMON - Ownership that is separate and not held directly with another person. There is no survivorship.
TRUST ACCOUNT: A bank account relating to monies received or held by an agent for or on behalf of another person, e.g. deposits, rental etc.
VALUER - A person who is: (a) registered / licensed / approved to carry out property or plant and machinery valuations under any State, Territory or Commonwealth legislation; and / or (b) a member of the Australian Property Institute who is accredited as a Certified Practising Valuer.
VARIATION - An addition to, omission from, or alteration to a contract or to the contract conditions.
VENDOR - One who sells anything. In real estate transactions, the person(s) or entity selling the property.
ZONING: - Local planning authorities control the present and future development of land, including residential, business and industrial uses