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Glossary-of-terms
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.
AGENTS IN CONJUNCTION - Two or more agents employed by a principal to sell or let real estate and share commission.
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 in America to indicate what is termed in Australia as a Valuation. In Australia, the term means an opinion of the potential saleability of a residential property by a licensed Real Estate Agent.
APPRECIATION - An increase in value.
AUCTION - A sale usually in public, by an auctioneer, in which property is sold to the highest bidder.6
BID - A verbal or written offer to purchase.
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.
BUYER'S AGENT - Represents a property buyer in negotiations with a vendor or his/her agent. The buyer's agent is paid by the buyer. Buyer's agents should be licensed and certified to act as a buyer's agent.
CAPITAL GAIN - The amount by which the net proceeds from resale of a capital item exceed the book value of the asset.2 Refer to The Australian Tax Office (ATO).
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.
CLIENT - One 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. In many property circles, commercial property refers specifically to office property.
COMMISSION - The fee or payment made to an agent for services rendered, such as the sale of property, often calculated with reference to the value of the property, contract or agreement.
COMMON (OPEN) LISTING - See Open Listing.
CONDITIONS OF SALE - The conditions applicable to a sale contract made between a vendor and purchaser.
CONJUNCTION AGENCY - See Agents in Conjunction.
CONSIDERATION - Payment in the form of money or other form of benefit in exchange for an agreed action (e.g. the receipt of goods and / or services).
CONTRACT - A legally binding agreement.
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.4
COOLING OFF PERIOD - A short statutory period after the contract is made, during which the purchaser may cancel the contract unconditionally. Usually does not apply in the case of auctions.
COUNTER OFFER - A new offer as to price, terms and conditions, made in reply to a prior unacceptable offer. Normally the counter offer terminates the previous offer.
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