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Meaning of Real Estate Terms
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AGENT
A person authorised to act for another (usually for the
owner) in the selling, buying, renting or management of a
property.
AGENTS IN CONJUNCTION
In real estate transactions an agency conjunctional
relationship may be created where an agent acting on behalf of a
vendor allows another agent to introduce a purchaser. The agents
are said to be acting in conjunction and therefore share the
selling fee.
ALLOTMENT
A small area of land sufficient for building a house. An
allotment is also referred to as a building block, lot or block
of land.
AMENITIES
Those aspects of the home that provide advantages that can
be measured in terms of lifestyle satisfaction rather than
financial gain (eg convenient shopping, beach and transport
facilities).
APARTMENT
A room or suite of rooms used as a dwelling unit. Not
necessarily self-contained. The term flat is used to describe a
self-contained dwelling unit in multi-unit dwellings.
APPRAISAL
The term commonly used to indicate what may also be known as
a valuation. The term means an opinion or summation of the
saleability of a property without resorting to a full-scale
valuation.
APPRECIATION
An increase in the value of a property due improvements or
to the changes in market conditions or supply and demand, etc.
ARREARS
Debts not paid at the due date; e.g. rental or mortgage
payments.
ASKING PRICE
The listed price of the property. This may not always be the
selling price. The owner may be willing to negotiate
ASSESSMENT
The rate or tax payable on a property e.g. rate assessment,
land tax assessment
AUCTION
The selling of any property, real or personal, in public by
a licensed auctioneer, who offers the property for sale,
starting at a price possibly much below its value, and
endeavours to persuade those present to make successively
increased offers until it is knocked down to the highest bidder.
The owner may place a reserve price on the property and no sale
can then be made below this price.
AUCTION AGENCY AGREEMENT
An agreement between the vendor and agent, that the vendor
must sign when a property is listed for auction. Details the
reserve price of the house and the costs of the auction,
including advertising and the agent's commission. Usually
includes a condition that one agent will have the exclusive
right to sell the property for a period during and after the
auction.
AUCTIONEER
One who sells or offers for sale real estate where persons
become purchasers by competition, being the highest bidders.
BID
An offer to buy at a given or stated price a property, which
is being sold by auction.
BODY CORPORATE
An administrative body made up of all the owners within a
group of units or apartments of a strata building. The owners
elect a committee, which handles administration and upkeep of
the site
BOND
A bond is paid as an assurance that the tenant will not
breach the conditions of tenancy and upon vacating will leave
the premises in a state of good repair and order. This is lodged
with the Rental Bond Board until the tenancy is terminated.
BREACH OF CONTRACT
Breaking the terms of the contract.
BRICK VENEER CONSTRUCTION
In housing, a system in which a structural timber frame is
tied to a single brick external wall.
BRIDGING FINANCE
The need often arises for purchasers to effect settlement of
a real estate transaction prior to the date that the finance
becomes available. Under these circumstances it is necessary to
obtain bridging finance (a temporary loan) to provide for the
time gap in order to comply with the terms of the contract in
regard to settlement pending the availability of the long term
finance. This finance may also be necessary where a property is
purchased before selling your old home.
BUILDING CONSULTANT
An expert experienced in designing and/or constructing
buildings. When employing such a person for a pre-purchase
report on a property, inquire whether he or she has indemnity
insurance to cover any serious defects that the report may
overlook. A building consultant is not required to be registered
but many are registered as domestic builders, commercial
builders, drafts people, inspectors, surveyors or engineers.
BUILDING INSPECTOR
A local government officer who is responsible for checking
buildings in the course of construction and completed buildings
to ensure that they have been constructed in accordance with
local council building control provisions.
BUILDING PERMITS
A permit issued by Local Government Authorities for the
erection or structural alternations of all structures.
BUILDING REGULATIONS
Laws adopted and enforced by Local Government Authorities,
which specify the method of construction of buildings and the
nature and materials to be used, below which standards the
buildings must not fall. They are designed to ensure public
safety, health and the minimum acceptable standards as to
design, construction, alteration, repair and occupancy. Also
referred to as Building By-Laws or Building Codes.
BUILDING RESTRICTIONS
Laws designed by Local Government Authorities to limit the
use, size and location of buildings or other improvements on
land.
BUILDING SURVEYOR
A person registered with the Building Practitioners Board as
a building surveyor. Qualified to issue a building permit,
inspect for compliance with the Building Act and Building
Regulations and issue an Occupancy Permit or Certificate of
Final Inspection.
BUYERS ADVOCATE
A property consultant who acts solely for the buyer by
sourcing suitable properties and representing the buyer
throughout the buying process. A fee is paid to the buyer’s
advocate, by the buyer, on successfully introducing the buyer to
the property purchased, even if it is through a real estate
agent.
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.
CAPITAL GAINS TAX
This is a tax payable on the capital gain made in the sale
of investment properties. The capital gain is the profit made
between the final sale price and the original purchase price.
CAVEAT
A caveat can be lodged on the Land Titles Register by anyone
with a legal interest in the property, preventing the sale of
the property without his or her knowledge.
CERTIFICATE OF OCCUPANCY
A document issued by a local government to a developer
permitting the structure to be occupied. This generally
indicates that the building is in compliance with public health
and building codes.
CERTIFICATE OF TITLE
A description of a property with the name of the registered
owner, encumbrances, i.e. mortgages or easements on the
property. It must be included is the contract for sale of the
property.
CLIENT
A person who engages the services of an agent or valuer and
to whom the agent or valuer should look for payment of his
commission or fees, in return for services rendered.
COMMERCIAL PROPERTY
Property intended for use by all types of retail and
wholesale stores, office buildings, hotels and service
establishments.
COMMISSION
A proportion (usually a percentage) of the sale price of a
property paid to a real estate agent for negotiating a real
estate transaction.
COMMON PROPERTY
Areas of a building, land or amenities within a strata title
property that are shared by all owners, e.g. a driveway.
COMPANY TITLE
Rights to occupation in perpetuity of property based on the
ownership of shares in a company in which is vested the title to
the property. This was the common method of home unit ownership
prior to the introduction of strata title ownership.
COMPULSORY ACQUISITION
A power in the Crown to acquire property belonging to a
private person, irrespective of whether such person is willing
to sell or not.
CONDITIONS OF SALE
The conditions under which a purchaser takes property sold
to them. These will be stated in the contract for sale.
CONTRACT OF SALE
An agreement relating to the sale of property, which
expresses the terms and conditions of sale. This contract must
be prepared and available for buyers to view prior to the
property being offered for sale.
COOLING OFF PERIOD
A period after the contract is made (usually 5 days), when
the purchaser may cancel the contract. There is no cooling off
period when property is bought through Auction. A cooling off
period of 48 hours also applies to agreements signed between
Vendor and agent.
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.
COVENANT
An agreement by one party to adhere to certain terms,
conditions or restrictions regarding a property. A covenant is
not usually valid unless noted on the title to the land. The
nature of the covenant should always be established and the
question asked: What effect will this covenant have upon the
future plans for the property?
CUL-DE-SAC
Also called a 'Court' or 'Dead End Street'. A street with
only one entrance, the other end being closed. Often valued for
the privacy provided to homes in the street.
DATE OF SETTLEMENT
In relation to real estate transactions, it is the day on
which under the terms of the contract the vendor is required to
transfer his or her estate or interest in property to the
purchaser.
DEED
An instrument (i.e. document) whereby an agreement is made,
obligation entered into, or property conveyed, and is under the
seal of a party thereto.
DEFLATION
A general decrease in the market value of property.
DEPOSIT
A non-refundable percentage (usually ten per cent) of the
purchase price paid by the buyer when contracts are signed and
exchanged. The deposit must be held by the estate agency or
seller's solicitor in a trust account or held jointly in a trust
account by seller and buyer.
DETACHED HOUSE
A dwelling unattached to any other building and occupied or
intended or designed for occupation as a single dwelling.
DISBURSEMENTS
Money paid out. Expenditures, e.g. advertising expenses,
rates and taxes, insurance, etc., paid by an agent on behalf of
an owner.
DRY ROT
A decay of seasoned wood caused by a fungus.
DUAL OCCUPANCY
A block of land, which is zoned so that two distinct
dwellings are permitted to be constructed.
DURATION OF LEASE
The lease period. The remaining time for which the property
is leased. The length of a lease.
DWELLING
A residence. A place of abode or a structure occupied
exclusively for living purposes
EASEMENT
A right that someone has to use the land belonging to
another. The most usual easements are rights of way, easements
for light and easements for the flow of water over and through
another’s land.
ENCROACHMENT
An encroachment is usually in the form of a fence, or
portion of a building, erected by one person upon land of an
adjoining neighbour; or a structure overhanging the land of a
neighbour. An encroachment may similarly occur upon a street.
EQUITY
The difference between the market value of the property and
what is still owing on the mortgage. This will increase as the
loan is repaid, or the property's market value increases.
ESTATE AGENT
One who deals on behalf of clients in negotiating the sale,
purchase or leasing of land and buildings and in advising on
market values and other aspects of property.
ETHICS
The philosophy of human conduct with emphasis upon the
determination of right and wrong. The standards of character set
up by a profession to ensure that its members are worthy of
confidence. Professional rules defining unfair and wrong acts of
individuals in relationship to the professional group, to each
other, to clients, and to the public.
EVICTION
The act of disposing a person from property. Forcing out
e.g. where a tenant does not comply with a condition of lease,
the landlord is entitled to forfeit the lease and re-take
possession of the property. Where this cannot be achieved by
mutual agreement then the tenant is forcibly evicted by legal
process.
EXCHANGE
The trading of equity in a piece of property for the equity
in another piece of property. If a licensed estate agent
negotiates the exchange that person will normally treat each
transaction as a sale and charge a commission accordingly.
EXCLUSIVE AGENCY
Another name for sole agency.
EXCLUSIVE AGENCY AGREEMENT
An agreement, which entitles one agent only to sell the
property.
EXISTING MORTGAGE
A loan of money secured by way of a registered mortgage on
the security of a property. Generally when a property is sold or
in any way disposed of, the mortgage is to be discharged. In
some cases the mortgage may be transferred to the new owner.
EXTENSION OF LEASE
An agreement extending or renewing the terms of a lease for
a period beyond the expiration date
FACADE
The principal exterior face of a house or other building
FASCIA
A board carrying a gutter around the eaves of a building.
FAIR MARKET VALUE
See Market Value.
FAIR RENT
The likely market rent that a property could command on the
open market as indicated by the current rentals being paid for
comparable properties. FAMILY ROOM – An informal living room,
usually the centre of family activities, as distinguished from
the more formal living room.
FIRB
Foreign Investment Review Board. Reviews any proposals for
foreign investment in Australia and advises the government on
relevant foreign investment policy.
FIRST REFUSAL
The right granted to a person to have the first privilege to
buy or lease real estate, or the right to meet any offer made by
another.
FIXED FLOOR COVERINGS
Wall to wall carpet, kitchen linoleum, vinyl tiles, etc.
This term does not cover loose rugs.
FIXED INTEREST RATE
An interest rate that remains unchanged for a set period,
for example, for the whole term of the loan, or the first year
of a loan.
FIXED MORTGAGE
A mortgage whose terms do not require repayment of principal
until the end of the mortgage term. Normally the borrower pays
interest at regular intervals during the currency of the
mortgage, i.e. each quarter, half-yearly or yearly.
FIXTURES
'Fixtures' are those parts of a property usually included in
the sale, such as light fittings, carpets, awnings, and so on.
FLASHING
Sheet metal, copper, lead, or tin used in roof and wall
construction to protect a building from seepage of water.
FLAT
A self-contained dwelling unit in a multi-unit building.
FLOOR AREA
Total horizontal surface of a specific floor, or the total
area of all floors in a multi-storey building, computed from the
outside building dimensions of each floor. Balconies and
mezzanine floor areas are calculated separately and added to the
total floor area of the building.
FLOOR AREA RATIO
The relationship between the floor area of a building and
the square metre area of the site on which its stands.
FREEHOLD
The highest form of ownership in land, and the nearest the
law allows a real property owner to approach complete ownership.
GARDEN APARTMENTS
A term used to distinguish an apartment development of two
or more buildings which has a garden-like setting. They are
usually two or three storeyed walk-up buildings. These
residential units in a multi-storey block have part of the
ground floor garden area included in their title and which
therefore enjoy exclusive use of what would otherwise be common
property.
GAZUMPING
Where the vendor agrees to sell a property, but then sells
it to someone else or raises the price.
GENERAL LAW TITLE
There are two systems of providing title to land. One is the
Torrens Title System which uses government recorded certificates
of title. The other is the very much older system under which
title is proved by showing what is known as a good root of
title, that is a series of documents showing the whole of the
history of the land over a prescribed period and showing by that
history who is currently the lawful proprietor of the land. Also
referred to as; common law title, and old systems title.
GOING CONCERN
A business in actual operation and working order. One in
which the transfer of ownership would affect no interruption of
business.
GOOD TITLE
Title to real estate sufficiently free of defects, e.g.
easements, restrictive covenants, mortgages, etc.
GOODS and SERVICES TAX (GST)
A consumption tax levied on the final consumer of the goods
or services. The supplier of the transaction is responsible for
collecting the GST and then sending it to the Australian
Taxation Office (ATO). Businesses with an Australian Business
Number (ABN) can reclaim the GST from the ATO as input tax
credit.
GRACE PERIOD
A period when a mortgage payment or other debt becomes past
due, and before it goes into default. Most mortgages provide for
a specified period of time when it can be paid without penalty
or default.
GRADUATED LEASE
A lease, which provides for a certain rent for an initial
period, followed by an increase or decrease in rent over a
stated period.
HECTARE
The metric measure for an area of land measuring 10,000
square metres (approximately 2.47 acres).
HOLDING DEPOSIT
An amount given by a buyer to the estate agent acting for
the seller. It shows the buyer's serious commitment to the
property, but is not compulsory and is refundable if the offer
is rejected.
HOME UNITS
A self-contained dwelling unit in a multi unit residential
development building individually owned, usually occupied by the
owner, although not infrequently tenanted.
HOUSEHOLD INSURANCE
Insurance against all risks including theft, weather damage
and fire. Because the purchaser becomes the legal owner
immediately on the exchange of contracts, household insurance
should be taken at this point.
IMPLIED EASEMENT
An encroachment upon property that has been left
unchallenged for a long period of time. One that is apparent by
long and continued use.
IMPROVEMENTS
In relation to land means all works actually done or
material used on and for the benefit of the land. Improvements
can take the form of buildings, fences, driveways, retaining
walls, etc.
INDEMNITY INSURANCE
Insurance carried by a member of a profession or industry
body (for example, a real estate agent or conveyancing
solicitor) designed to protect the buyer/s from loss owing to
the negligence or criminal actions of the professional acting on
his/her behalf.
INTEREST ONLY LOAN
A loan where only the interest is repaid throughout the
course of the loan. The original amount or principal is repaid
at the end of the term of the loan.
JOINT TENANTS and TENANTS IN COMMON
Property may be owned under joint tenancy or tenancy in
common. Joint tenancy is ownership in equal undivided shares.
The most important feature of joint tenancy is known as
survivorship; on the death of one joint tenant, that person’s
share passes to the survivor. In the case of tenancy in common,
although each has an undivided share, such share is distinct and
separate. The interests need not be equal; thus ‘A’ may have one
undivided third share, and ‘B’ two undivided third shares of the
same property. The most important feature is that the share of a
tenant-in-common may be separately disposed of during a person’s
lifetime, or by will. On death it passes, not to the other
tenants-in-common, but by will, or by the laws of intestacy.
LANDLORD
The owner of leased property. The lessor.
LAND TAX
A State tax based on the value of a property (not the
principal place of residence) that is paid by the owner.
LAND USAGE
The use being made of land or the uses permitted under
zoning ordinances. Zoning ordinances act to control land usage
in a community by establishing building codes and set back
requirements. Proper land usage attempts to assign the highest
and best use to each parcel.
LEASE
Possession but not ownership of a property for a set period
of time. The terms and conditions are set out in a document
signed by both tenant and owner.
LESSEE
One who possess the right to use or occupy a property under
a lease agreement.
LESSOR
Property owner who rents it out.
LIEN
A legal claim against a property that must be paid off when
the property is sold.
LISTING
The recording of properties as being available for sale.
MANAGING AGENT
A real estate agent authorised to manage the business
affairs in connection with the property of another.
MARKET VALUE
The price at which a seller is happy to sell and a buyer is
willing to buy. This assumes that there is sufficient activity
in the market place to generate enough buyers and sellers so
that neither party controls the price. Establishing the market
value is the objective of an appraisal.
MEZZANINE
A low storey between two floors of a building, especially
the first two floors; an intermediary floor.
MORTGAGE
A written contract giving the lender certain rights over the
specific property for example, the house being bought by the
borrower, as security for the loan.
MORTGAGE GUARANTEE INSURANCE
Paid by the borrower to protect the lender against failure
by the borrower to keep up mortgage repayments or to pay back
the loan in full when it is due. Most lenders generally require
insurance when borrowing more than 80% of the property value.
MORTGAGEE
The source of funds for a mortgage loan and in whose favour
the property serving as security is mortgaged, i.e. the person
who lends money on the mortgage against some security normally
real property or goods. Usually the bank.
MORTGAGOR
The owner of property who borrows money and mortgages the
property as security for the loan.
NEGATIVE GEARING
When the income received from an investment property is less
than the cost of the investment, you can deduct this amount from
your taxable income, reducing your total tax bill.
NET INCOME
Income after income tax and expenses are deducted.
NOTICE OF TERMINATION
At the end of a lease either the landlord or tenant may give
notice that they want to end the rental agreement and vacate the
property.
OCCUPANCY
Having possession of property. Physically taking and holding it
and residing thereon as a tenant or owner.
OCCUPANCY PERMIT
A document, issued by a private or council building surveyor
to show that the building is suitable for occupation. It is not
evidence that the building complies with the Building Act or the
Building Regulations.
OFF THE PLAN
To purchase a property before it is completed after having
only seen the plans.
OLD SYSTEM TITLE
The common law system of title in use before the Torrens
system. On the sale of property Old system title is converted to
the new system.
ON SITE AUCTION
Auction sale held on premises being offered for sale or
chattels being offered at the owners residence as distinct from
an auction held at the premises of the auctioneer or auction
rooms.
OPEN LISTING
A type of listing agreement in which more than one real
estate agent may be employed to sell the property. The owner
pays a commission only to the agent who finds the buyer.
OPTION TO BUY
A legal document giving a person the right to buy. In the
document the price and period are specified. A fee is paid and
if the person proceeds to buy the property the amount comes off
the purchase price. When the person does not proceed to buy the
property the fee is forfeited.
OUTBUILDINGS
Any building other than the main structure on a particular
allotment of land. E.g. a garage, workshop etc.
OWNERS CORPORATION
The owner’s corporation (previously known as the body
corporate) is the body who controls the administration of common
property in strata title building. The members of the owner’s
corporation are the owners of each unit in the building.
OWNERSHIP
The right to possess and use property to the exclusion of
others.
PASSED-IN
If a property is not sold at auction because the owner’s
reserve price has not been reached, it is passed in. The highest
bidder has first option to purchase at the reserve price. It is
then possible to negotiate for the purchase, either on the same
day or afterwards.
PENTHOUSE
An apartment build on a portion of the roof or top floor of
a building. Typically, such units are larger and more luxurious
than most apartments.
PERIODIC LEASE
Where the tenant continues to rent the property after the
lease has formally expired. Notice to terminate the agreement
may be given by either party during this period.
PRIVATE SALE
An owner sells a property without using an estate agent.
PRIVATE TREATY SALES
An owner sells a property using an estate agent who deals
directly with the buyer/s. The property is not offered for
auction.
PROPERTY MANAGEMENT
A division of a real estate office composed of leasing
properties, collection of rents, selection of tenants and
generally the overall maintaining and managing of real estate
properties for clients.
PUBLIC LIABILITY
It is common practice for business people to insure against
this liability to others for death, injury or damage
accidentally caused by their negligence or by their employees,
servants or agent.
PURCHASE AND LEASE BACK
A real estate transaction wherein an investor purchased a
property and allows the seller to remain in possession as a
tenant.
PURCHASE PRICE
The price paid; the amount for which a property is sold.
PURCHASER
The buyer. The one who acquires title to a property or an
interest therein.
QUALIFIED TITLE
An Old System Title that has been updated to the Torrens
system, but which may not have been comprehensively investigated
to find out all the enduring legal interests in the property.
QUANTITY SURVEYOR
A person who undertakes the preparation of a statement of
the quantities of material involved in the carrying out of
constructional work.
REAL PROPERTY
This refers to the interests, benefits and rights inherent
in the ownership of the physical real estate. It is the bundle
of rights with which the ownership of real estate is endowed.
REDRAW FACILITY
A loan where the borrower can make additional payments and
then access those funds when required. There may be a minimum
redraw amount.
RESERVE PRICE
The minimum price at which the owner of a property is
prepared to sell a property at auction.
RESIDENCE
The place where one lives; a person’s home.
RESIDENTIAL TENANCIES TRIBUNAL
Specialist tribunal that determines most matters relating to
residential tenancies including breaches of tenancy agreements
by either the landlord or the tenant. Usually does not involve
lawyers.
RESUMPTION
The taking by the Crown, or some statutory body, of certain
lands.
RIGHT OF WAY
A right which gives a person access across certain land.
SALEABLE PROPERTY
Property that can be readily sold; marketable because of
location, demand, price or some other desirable factor.
SECOND MORTGAGE
A mortgage or charge on real property ranking after a prior
mortgage or charge, i.e. after a first mortgage.
SECURITY OF TENURE
One of the advantages of home ownership as compared with
renting a house or flat. When the term is used in connection
with renting, it means the certain term a person can remain in
the rented property.
SELLER’S MARKET
When real estate is in short supply, the seller is in a more
commanding position. Within reason, an owner can generally name
their price and terms.
SETTLEMENT
The sale of a property is finalised by the legal
representatives of the vendor and the purchaser, mortgage
documents come into effect, costs are paid and the new owner
takes possession of the property.
SIMPLE INTEREST
Interest that is computed on the principal amount of a loan
only. No amount need be paid for amassing interest, as occurs
with a loan containing compound interest.
SOLE AGENT
An agent appointed upon their own for the sale of a
property. Only this agent is permitted to introduce buyers to
the property and, if successful, be paid a selling fee. The
owner is also able to introduce buyers and in this case is not
liable to pay the selling fee.
SPECIAL CONDITION
A condition that must be met before the contract is legally
binding. For example, if buying a home the purchaser may specify
that the contract is not legally binding until the purchaser has
obtained a building inspection.
SQUARE
A square is a measurement of home area. One square = 9.3
square metres approximately.
STAMP DUTY
State governments impose a stamp duty, or tax, on the
purchase of property. The amount of tax payable is calculated as
a percentage of the property’s purchase price. Only buyers pay
stamp duty. See our handy stamp duty calculator.
STRATA TITLE
A building is subdivided and each part or unit in the
building is owned separately.
SUB-DIVISION
Literally a division into parts. The term is generally used
in the sense of dividing land into building lots. Before the
land can be sold, the council, other statutory authorities and
the Titles Office must approve it, as appropriate.
SUB-LEASE
A lease granted by a lessee of the whole or part of the
leasehold property. The length of the sub-lease must be less
than the unexpired part of the tenant’s own lease of the
property.
SUB-LESSEE
One who enjoys the benefits, rights and obligations of a
sub-lease.
SUB-LET
When a lessee permits another to occupy the property leased,
either a sub-lease or under an agreement for tenancy, verbal or
written, that person is said to sub-let the property.
SURVEY
The measurement of a property to confirm where its
boundaries are, and what improvements have been made to it.
SURVEYOR
A person qualified and licensed to practice land surveying.
TENANCY
A holding, as of land, by any kind of title, occupancy of
land, a house or the like under a lease or on payment of rent or
tenure.
TENANCY AGREEMENT
A document detailing the conditions of the tenancy. Used as
an alternative to a lease. It is not registered on the owner's
certificate of title.
TENANT
Any person in possession of real property with the owner’s
permission.
TENANTS IN COMMON
See Joint Tenants and Tenancy in Common.
TITLE
The ownership of property, or the documents constituting the
evidence of such ownership.
TITLE DEEDS
Documents evidencing the ownership of property that are
transferred to the new owner when the property is sold.
TORRENS TITLE
Under the Torrens system dealings and ownership of land are
managed by registration with the Titles Office.
TOWN HOUSE
The term is used to describe those residential developments,
which permit single-family construction on high cost land, by
use of row houses.
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.
UNDERPINNING
In general, the term applies to timbers or other props
temporarily supporting a foundation during construction; also
permanent supports added to increase the load-bearing capacity
of a foundation.
UNENCUMBERED PROPERTY
Property free and clear of mortgages, restrictive covenants,
leases, and assessments of any kind.
UNIT
Each subdivided area registered within a strata title
building.
URGENT REPAIRS
Repairs, which must be made to a property to ensure that it
is 'fit to live in'.
VACANCY
Rental property or any unit thereof, which is unlet.
VACATE
To give up occupancy; to make vacant; move out of property.
VALUATION
A written assessment of how much a property is worth, by a
registered valuer.
VENDOR
One who sells anything. In real estate transactions it is
the person selling the property.
WATERFRONT PROPERTY
Any property that has frontage on an ocean, river or other
watercourse.
WEAR AND TEAR
The depreciation of an asset due to ordinary usage.
ZONING
Local planning authorities control the present and future
development of land, including residential, business and
industrial uses.
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