SlideShare ist ein Scribd-Unternehmen logo
1 von 4
Downloaden Sie, um offline zu lesen
Real Estate Jargons You Need to Know




© The Mortgage Gallery Rockingham
Have you experienced applying for a home loan or real estate purchase and finding
       yourself puzzled with all the property/real estate jargons?

       This helpful jargon-buster word list can help you.

       Asking Price: This is the listed property price. This price can still be negotiable and is
       not yet considered as the selling price.

       Auction: This is the procedure in which the property is sold to the highest bidder.

       Bridging loan/bridging finance: This is known as the short-term loan used to cover up
       the financial gap between selling and buying.

       Building Inspection: Is the detailed and systematic inspection of the property by a
       licensed builder. The licensed builder will examine the mechanical and structural
       condition of the property at the buyer’s
       expense.

       Buyer’s Market: A situation wherein the
       property demand is less than the property
       supply. The scenario creates an advantage
       shift to the buyer.

       Certificate of Title: This is a very
       important document and is included in the contract of sale made by the seller’s solicitor.
       It has the property description and includes the name of the real owner and any other
       impediments including easements and mortgages.

       Commission: Is a portion of the sale, normally a percentage of the property being paid
       to the real estate agent after closing the deal.

       Contract of Sale: Is the agreement written in details including the terms and conditions
       concerning the purchase and sale of the property.

       Conveyancing: Is the traditional term for the legal work included in the sale and
       purchase of the property.




© The Mortgage Gallery Rockingham
Deeds: These are the legal title documents which prove ownership. The mortgage
       lender will hold these documents.

       Deposit: The percentage of the purchase price which will then be given during the time
       of exchange or winning the bid at the auction for the purpose of binding the sale.

       Easement: An individual’s right to use the property or land which belongs to the other.
       For instance, a water authority has a sewerage easement.

       Exchange of contracts: The situation wherein the buyer and the seller physically
       exchanges their signed contracts legally upon the sale and purchase of the property
       with the settled price.

       Fittings: These are objects which can be removed or detached from the property
       without causing any damage.

       Fixtures: These are objects like stoves, built-in cupboards, dishwashers and others
       which cannot be detached from the property. These are objects somewhat permanently
       fixed to the real estate or property.

       Gazumping: A situation wherein a seller accepts and agrees to the offer of the buyer
       and promises to sell the property to that particular buyer and in the long run sells the
       property to another potential buyer at a higher price.

       Joint Tenants: Is a type of co-ownership which offers every tenant an equal share of
       the property.

       Listing: Is a written agreement between a real estate agent and the owner. This states
       the authority of the real estate agent to perform the services to sell the property of the
       owner.

       Local Authority Search: Is a process where a buyer’s solicitor enquires at the local
       council concerning any future developments or outstanding enforcement that can
       possibly affect the real estate.

       Market Value: The price of the property which is agreed by both the seller and the
       buyer.



© The Mortgage Gallery Rockingham
Off the Plan: Is a term described for selling a property which does not exist yet. It could
       be a proposal building soon to be developed, this is common in building units,
       subdivisions, and apartments.

       Open Listing: Also considered as a non-exclusive real estate agreement, which means
       that there could be more than one real estate agent involved in selling the property.

       Private Treaty: This is when the owner of the property sells the property with the
       assistance of a real estate agent who makes the direct deal to the potential buyer.

       Reserve Price: Is the smallest amount which a seller will allow at the auction.

       Settlement: Is the time where all the involved parties of the real estate sale meet and
       exchange important documents and payments to close the deal. The sale will be closed
       by the lawyer, the seller, and the buyer who is now the new owner of the property.

       Stamp Duty: A charge from the government incurred by the buyer of the real estate.
       This is computed from the overall value of the property.

       Strata title: This is a title of the property. This title includes the width, depth, and the
       height of the upper and lower boundaries of the land.

       Valuation: is a written analysis of the estimated property value, most commonly done
       by an eligible valuer.

       Zoning: Is a legal guideline followed by the local authorities to control the real estate.

       Once you are dealing with real estates and mortgage, expect that you will encounter
       numerous legal terms when buying a property. Hence, it is very important that you seal
       a deal with a lawyer and ask any legal advice before making commitments.




© The Mortgage Gallery Rockingham

Weitere ähnliche Inhalte

Kürzlich hochgeladen

Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access
 
Entrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsEntrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsP&CO
 
PDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfPDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfHajeJanKamps
 
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBBPMedia1
 
MC Heights construction company in Jhang
MC Heights construction company in JhangMC Heights construction company in Jhang
MC Heights construction company in Jhangmcgroupjeya
 
Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024Winbusinessin
 
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)tazeenaila12
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access
 
Fabric RFID Wristbands in Ireland for Events and Festivals
Fabric RFID Wristbands in Ireland for Events and FestivalsFabric RFID Wristbands in Ireland for Events and Festivals
Fabric RFID Wristbands in Ireland for Events and FestivalsWristbands Ireland
 
7movierulz.uk
7movierulz.uk7movierulz.uk
7movierulz.ukaroemirsr
 
Mihir Menda - Member of Supervisory Board at RMZ
Mihir Menda - Member of Supervisory Board at RMZMihir Menda - Member of Supervisory Board at RMZ
Mihir Menda - Member of Supervisory Board at RMZKanakChauhan5
 
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for BusinessQ2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for BusinessAPCO
 
Data skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story pointsData skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story pointsyasinnathani
 
Slicing Work on Business Agility Meetup Berlin
Slicing Work on Business Agility Meetup BerlinSlicing Work on Business Agility Meetup Berlin
Slicing Work on Business Agility Meetup BerlinAnton Skornyakov
 
Team B Mind Map for Organizational Chg..
Team B Mind Map for Organizational Chg..Team B Mind Map for Organizational Chg..
Team B Mind Map for Organizational Chg..dlewis191
 
To Create Your Own Wig Online To Create Your Own Wig Online
To Create Your Own Wig Online  To Create Your Own Wig OnlineTo Create Your Own Wig Online  To Create Your Own Wig Online
To Create Your Own Wig Online To Create Your Own Wig Onlinelng ths
 
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...Khaled Al Awadi
 
PDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdfPDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdfHajeJanKamps
 
Developing Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursDeveloping Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursKaiNexus
 

Kürzlich hochgeladen (20)

Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024
 
Entrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsEntrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizations
 
PDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfPDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdf
 
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
 
MC Heights construction company in Jhang
MC Heights construction company in JhangMC Heights construction company in Jhang
MC Heights construction company in Jhang
 
Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024
 
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024
 
Fabric RFID Wristbands in Ireland for Events and Festivals
Fabric RFID Wristbands in Ireland for Events and FestivalsFabric RFID Wristbands in Ireland for Events and Festivals
Fabric RFID Wristbands in Ireland for Events and Festivals
 
7movierulz.uk
7movierulz.uk7movierulz.uk
7movierulz.uk
 
Mihir Menda - Member of Supervisory Board at RMZ
Mihir Menda - Member of Supervisory Board at RMZMihir Menda - Member of Supervisory Board at RMZ
Mihir Menda - Member of Supervisory Board at RMZ
 
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for BusinessQ2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
 
Investment Opportunity for Thailand's Automotive & EV Industries
Investment Opportunity for Thailand's Automotive & EV IndustriesInvestment Opportunity for Thailand's Automotive & EV Industries
Investment Opportunity for Thailand's Automotive & EV Industries
 
Data skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story pointsData skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story points
 
Slicing Work on Business Agility Meetup Berlin
Slicing Work on Business Agility Meetup BerlinSlicing Work on Business Agility Meetup Berlin
Slicing Work on Business Agility Meetup Berlin
 
Team B Mind Map for Organizational Chg..
Team B Mind Map for Organizational Chg..Team B Mind Map for Organizational Chg..
Team B Mind Map for Organizational Chg..
 
To Create Your Own Wig Online To Create Your Own Wig Online
To Create Your Own Wig Online  To Create Your Own Wig OnlineTo Create Your Own Wig Online  To Create Your Own Wig Online
To Create Your Own Wig Online To Create Your Own Wig Online
 
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...
 
PDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdfPDT 89 - $1.4M - Seed - Plantee Innovations.pdf
PDT 89 - $1.4M - Seed - Plantee Innovations.pdf
 
Developing Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursDeveloping Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, Ours
 

Empfohlen

5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summary5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summarySpeakerHub
 
ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd Clark Boyd
 
Getting into the tech field. what next
Getting into the tech field. what next Getting into the tech field. what next
Getting into the tech field. what next Tessa Mero
 
Google's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search IntentGoogle's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search IntentLily Ray
 
Time Management & Productivity - Best Practices
Time Management & Productivity -  Best PracticesTime Management & Productivity -  Best Practices
Time Management & Productivity - Best PracticesVit Horky
 
The six step guide to practical project management
The six step guide to practical project managementThe six step guide to practical project management
The six step guide to practical project managementMindGenius
 
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...RachelPearson36
 
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...Applitools
 
12 Ways to Increase Your Influence at Work
12 Ways to Increase Your Influence at Work12 Ways to Increase Your Influence at Work
12 Ways to Increase Your Influence at WorkGetSmarter
 
Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...
Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...
Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...DevGAMM Conference
 
Barbie - Brand Strategy Presentation
Barbie - Brand Strategy PresentationBarbie - Brand Strategy Presentation
Barbie - Brand Strategy PresentationErica Santiago
 
Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them well
Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them wellGood Stuff Happens in 1:1 Meetings: Why you need them and how to do them well
Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them wellSaba Software
 
Introduction to C Programming Language
Introduction to C Programming LanguageIntroduction to C Programming Language
Introduction to C Programming LanguageSimplilearn
 
The Pixar Way: 37 Quotes on Developing and Maintaining a Creative Company (fr...
The Pixar Way: 37 Quotes on Developing and Maintaining a Creative Company (fr...The Pixar Way: 37 Quotes on Developing and Maintaining a Creative Company (fr...
The Pixar Way: 37 Quotes on Developing and Maintaining a Creative Company (fr...Palo Alto Software
 
9 Tips for a Work-free Vacation
9 Tips for a Work-free Vacation9 Tips for a Work-free Vacation
9 Tips for a Work-free VacationWeekdone.com
 
I Rock Therefore I Am. 20 Legendary Quotes from Prince
I Rock Therefore I Am. 20 Legendary Quotes from PrinceI Rock Therefore I Am. 20 Legendary Quotes from Prince
I Rock Therefore I Am. 20 Legendary Quotes from PrinceEmpowered Presentations
 

Empfohlen (20)

5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summary5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summary
 
ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd
 
Getting into the tech field. what next
Getting into the tech field. what next Getting into the tech field. what next
Getting into the tech field. what next
 
Google's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search IntentGoogle's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search Intent
 
How to have difficult conversations
How to have difficult conversations How to have difficult conversations
How to have difficult conversations
 
Introduction to Data Science
Introduction to Data ScienceIntroduction to Data Science
Introduction to Data Science
 
Time Management & Productivity - Best Practices
Time Management & Productivity -  Best PracticesTime Management & Productivity -  Best Practices
Time Management & Productivity - Best Practices
 
The six step guide to practical project management
The six step guide to practical project managementThe six step guide to practical project management
The six step guide to practical project management
 
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
 
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
 
12 Ways to Increase Your Influence at Work
12 Ways to Increase Your Influence at Work12 Ways to Increase Your Influence at Work
12 Ways to Increase Your Influence at Work
 
ChatGPT webinar slides
ChatGPT webinar slidesChatGPT webinar slides
ChatGPT webinar slides
 
More than Just Lines on a Map: Best Practices for U.S Bike Routes
More than Just Lines on a Map: Best Practices for U.S Bike RoutesMore than Just Lines on a Map: Best Practices for U.S Bike Routes
More than Just Lines on a Map: Best Practices for U.S Bike Routes
 
Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...
Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...
Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...
 
Barbie - Brand Strategy Presentation
Barbie - Brand Strategy PresentationBarbie - Brand Strategy Presentation
Barbie - Brand Strategy Presentation
 
Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them well
Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them wellGood Stuff Happens in 1:1 Meetings: Why you need them and how to do them well
Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them well
 
Introduction to C Programming Language
Introduction to C Programming LanguageIntroduction to C Programming Language
Introduction to C Programming Language
 
The Pixar Way: 37 Quotes on Developing and Maintaining a Creative Company (fr...
The Pixar Way: 37 Quotes on Developing and Maintaining a Creative Company (fr...The Pixar Way: 37 Quotes on Developing and Maintaining a Creative Company (fr...
The Pixar Way: 37 Quotes on Developing and Maintaining a Creative Company (fr...
 
9 Tips for a Work-free Vacation
9 Tips for a Work-free Vacation9 Tips for a Work-free Vacation
9 Tips for a Work-free Vacation
 
I Rock Therefore I Am. 20 Legendary Quotes from Prince
I Rock Therefore I Am. 20 Legendary Quotes from PrinceI Rock Therefore I Am. 20 Legendary Quotes from Prince
I Rock Therefore I Am. 20 Legendary Quotes from Prince
 

Real Estate Jargons You Need to Know

  • 1. Real Estate Jargons You Need to Know © The Mortgage Gallery Rockingham
  • 2. Have you experienced applying for a home loan or real estate purchase and finding yourself puzzled with all the property/real estate jargons? This helpful jargon-buster word list can help you. Asking Price: This is the listed property price. This price can still be negotiable and is not yet considered as the selling price. Auction: This is the procedure in which the property is sold to the highest bidder. Bridging loan/bridging finance: This is known as the short-term loan used to cover up the financial gap between selling and buying. Building Inspection: Is the detailed and systematic inspection of the property by a licensed builder. The licensed builder will examine the mechanical and structural condition of the property at the buyer’s expense. Buyer’s Market: A situation wherein the property demand is less than the property supply. The scenario creates an advantage shift to the buyer. Certificate of Title: This is a very important document and is included in the contract of sale made by the seller’s solicitor. It has the property description and includes the name of the real owner and any other impediments including easements and mortgages. Commission: Is a portion of the sale, normally a percentage of the property being paid to the real estate agent after closing the deal. Contract of Sale: Is the agreement written in details including the terms and conditions concerning the purchase and sale of the property. Conveyancing: Is the traditional term for the legal work included in the sale and purchase of the property. © The Mortgage Gallery Rockingham
  • 3. Deeds: These are the legal title documents which prove ownership. The mortgage lender will hold these documents. Deposit: The percentage of the purchase price which will then be given during the time of exchange or winning the bid at the auction for the purpose of binding the sale. Easement: An individual’s right to use the property or land which belongs to the other. For instance, a water authority has a sewerage easement. Exchange of contracts: The situation wherein the buyer and the seller physically exchanges their signed contracts legally upon the sale and purchase of the property with the settled price. Fittings: These are objects which can be removed or detached from the property without causing any damage. Fixtures: These are objects like stoves, built-in cupboards, dishwashers and others which cannot be detached from the property. These are objects somewhat permanently fixed to the real estate or property. Gazumping: A situation wherein a seller accepts and agrees to the offer of the buyer and promises to sell the property to that particular buyer and in the long run sells the property to another potential buyer at a higher price. Joint Tenants: Is a type of co-ownership which offers every tenant an equal share of the property. Listing: Is a written agreement between a real estate agent and the owner. This states the authority of the real estate agent to perform the services to sell the property of the owner. Local Authority Search: Is a process where a buyer’s solicitor enquires at the local council concerning any future developments or outstanding enforcement that can possibly affect the real estate. Market Value: The price of the property which is agreed by both the seller and the buyer. © The Mortgage Gallery Rockingham
  • 4. Off the Plan: Is a term described for selling a property which does not exist yet. It could be a proposal building soon to be developed, this is common in building units, subdivisions, and apartments. Open Listing: Also considered as a non-exclusive real estate agreement, which means that there could be more than one real estate agent involved in selling the property. Private Treaty: This is when the owner of the property sells the property with the assistance of a real estate agent who makes the direct deal to the potential buyer. Reserve Price: Is the smallest amount which a seller will allow at the auction. Settlement: Is the time where all the involved parties of the real estate sale meet and exchange important documents and payments to close the deal. The sale will be closed by the lawyer, the seller, and the buyer who is now the new owner of the property. Stamp Duty: A charge from the government incurred by the buyer of the real estate. This is computed from the overall value of the property. Strata title: This is a title of the property. This title includes the width, depth, and the height of the upper and lower boundaries of the land. Valuation: is a written analysis of the estimated property value, most commonly done by an eligible valuer. Zoning: Is a legal guideline followed by the local authorities to control the real estate. Once you are dealing with real estates and mortgage, expect that you will encounter numerous legal terms when buying a property. Hence, it is very important that you seal a deal with a lawyer and ask any legal advice before making commitments. © The Mortgage Gallery Rockingham