| Agency Agreement |
A signed agreement between a vendor and an agent defining the conditions of the sale of the property. Conditions include commission payable, g.s.t. payable, advertising costs, inspection details etc. |
| Agent |
Professional real estate person with experience in selling property. |
| Apartment |
Strata titled property with common walls. |
| Auction Agency Agreement |
Agency agreement with particular information on auction sale conditions. |
| Building Certificate |
A certificate or report describing the state of the building. |
| Buying |
The process of acquiring a property. |
| Commission |
A fee payable to the agent for services involved selling the property. |
| Company Title |
Refers to property owned by a company or run by a board of directors. The owners purchase shares rather than owing a Title Deed. |
| Conditional Offer |
An offer made on a property that includes conditions that must be accepted to confirm the sale, such as the successful purchase of another property, or subject to a building report etc. |
| Contract for Sale |
A compulsory legal document devised when a property is listed for sale that includes all details of the property, including the Special Conditions. |
| Conveyancer |
A legal representative who specialises in the sale of property. |
| Cooling Off Period |
A period of time after Contracts have been signed where the purchaser can change their mind and cancel the exchange. (Five working days) It is very unusual that a purchaser will have access to a cooling off period. Usually the purchaser signs a form (called a 66W Certificate) to void the clause. |
| Council Approval |
The local council has approved the design (usually of plans or works) submitted. |
| DA & BA Approved Plans |
Development Application and Building Application plans are approved. |
| Exchange |
Refers to the time when contracts are signed by both parties, after all negotiations have been completed. The deposit is paid and this is now a binding contract for both parties. After this both parties wait for settlement. |
| Exclusive Agency Agreement |
Vendor agrees that they do not have the right to sell their property privately, or through another agency for the period of time defined by the agreement. The agent therefore has 'exclusive' rights to sell the property. |
| Expressions of Interest |
A method of selling where purchasers who are interested are asked to express their interest in writing to the agent. Sometimes this method of sale also has a cut-off date where purchasers must submit their interest by. |
| First Buyers Home Grant |
A scheme the Australian Government started to assist purchasers buying their first home. |
| FIRB Approval |
Foreign Investment Review Board Approval. More Information. |
| First Eight |
The name for our Auction venue and concept. More information. |
| G.S.T. |
Goods & Services Tax. For more information see this page. |
| House |
Torrens title, free standing property. |
| Land Value |
Value of the land a property is on without the value of the construction. |
| Listing |
A property that is listed for sale. |
| Market |
The environment that the property goes to the buyers in. |
| Offer & Acceptance |
When an offer has been made and has then been accepted by the Vendor. |
| Open Listing |
Vendor agrees that the property is for Sale and that any agent can sell it, but does not give exclusive rights to anyone in particular. |
| Open for Inspection |
The time period that the public can inspect a property. |
| Open by Appointment |
A private appointment to inspect a property. |
| Opinion of Value |
An estimate of the price value of a property that does not constitute a valuation. |
| Pest & Building Certificate |
A certificate that describes the state of the property in relation to building and the pests. |
| Possession Date |
The date after a property has settled that the purchaser legally owns the property. |
| Private Treaty |
A method of selling a property with an asking price. |
| Property Manager |
A person who looks after the leasing section of the real estate industry. |
| Public Auction |
A method of selling where the property is sold to the highest bidder. |
| Purchaser |
Person who buys a property. |
| Selling |
The process of parting with a property that you own. |
| Selling Agent |
The agent who is responsible for selling the property. |
| Selling Period |
The time period within which the agent must have the property sold. (as specified in the agency agreement) |
| Semi |
A semi detached property. |
| Settlement |
The day that all final moneys and paperwork are completed and the purchaser legally owns the property. |
| Special Conditions |
Conditions of the sale that may be out of the ordinary, usually located after page two in the Contract for Sale. (eg. what the property will be sold with or without, completion date after exchange, certificate of title. zoning and identifying documents etc.) |
| Sole Agency |
Vendor agrees that no other agent can sell the property during the agency period, but the Vendor reserves the right to sell the property privately as well. |
| Solicitor |
Person with legal background who creates the Contract for Sale and then performs the searches, exchange and settlement procedures of your property sale. |
| Stakeholder |
A person who has an interest whether it be financial or legal in a matter, usually the person who holds the deposit. |
| Strata Title |
Property where people own a stratum or specific area within the building with separate certificates of title. |
| Title Deed |
A document that specifies the owner of a property and the way that the land is classified by the Government Surveyors. |
| Torrens Title |
A type of title. |
| Under Offer |
When a property has had an offer made on it, but it has not yet been accepted by the Vendor. (see offer and acceptance) |
| Unit |
Strata titled property with common walls. |
| Vacant Possession |
Means the property will be vacant for possession on settlement. |
| Vendor |
Seller. |
If there is a term that you would like included here, please send us an email. |
