The apportioning of expenses such as rates between a buyer and vendor.
Financial
Allotment
A lot or block subdivided from a larger land area.
Property
Amortisation period
The full term of a loan; the number of years it is expected it will take to completely repay a home loan. 25 years is usually the maximum amortisation period.
Finance
Appraised value
An estimation of the market value of a property pledged as security for a home loan.
Valuation
Auction
Public sale of a property to the highest bidder.
Sales
B
Bridging finance
A loan that can be taken over a short period when buying a home before selling a current one, usually at a high rate of interest.
Finance
C
Caveat
A warning to potential dealers in a property that the person who lodged the caveat has some right or interest in the land.
Legal
Certificate of Title
A legal document issued by the Registrar of Titles to detail the ownership of land.
Legal
Commission
A fee paid to a real estate agent, usually by the person selling the property. Often a percentage of the selling price.
Sales
Contract of Sale
A contract signed by both the seller and the buyer. When signed it becomes legally binding.
Legal
Conveyancing
The legal transfer of property ownership from one person to another.
Legal
D
Deposit
A guarantee put forward by the buyer towards the purchase of a property. Usually 10% of the purchase price.
Financial
E
Easement
A right to use a part of land owned by another person for a specific purpose.
Legal
Equity
The value of a property after mortgages and other charges have been deducted from the market value.
Financial
F
Freehold
Complete ownership of both a property and the land it stands on.
Property
L
Leasehold
When someone buys the right to own a property but still leases the land off the freeholder.
Property
M
Mortgage
A financial agreement where a property is used as security for repayment of a loan.
Finance
P
Private Treaty Sale
The sale of a property through an agent where the buyer and seller negotiate a price and sign a contract affecting the sale.
Sales
S
Stamp duty
A real estate tax imposed by the State Government determined by the total value of the property.
Financial
Strata Title
Grants ownership of a small piece of a larger property, such as a unit or townhouse. The owner becomes part of the body corporate.
Property
T
Torrens Title
The most common system of recording ownership of property. Also known as Certificate of Title.
Legal
V
Valuation
A professional's estimation of the value of a property.