Index
Whether it's your first time buying or selling or the last. Sometimes the real estate lingo can be overwhelming. So we composed this index incase you need a quick refresher of what that particular real estate phrase means.
We hope you find this helpful!
Acreage: An acreage is a property of at least one acre in size but often much larger.
Agent: A real estate agent is a licensed professional who represents buyers or sellers in real estate transactions.
Appraisal: A property appraisal is an estimate of price for your property in the current market. Real estate agents specialize in answering the 'how much is my home worth' question.
Broker: A broker is an independent person or a company that organizes and executes financial transactions on behalf of another party.
Buying power: The financial ability and soundness of a business or individual to afford the purchase of property.
Contract: A written agreement, that is intended to be enforceable by law.
Contract of sale: Is the legal contract by which a vendor agrees to sell a specific property and a buyer agrees to buy that property.
Conveyancer: A conveyancer is a licensed professional who provides advice and information with regards to the transfer of property ownership. The legal work involved in preparing the sales contract, mortgage and other related documents, is called conveyancing.
Curb side appeal: The general attractiveness of a house or other piece of property from the sidewalk to a prospective buyer.
Deposit: Is a sum of money that buyers pay to a vendor, as part of an offer to buy.
Established: Is a property that has been owned for more than 6 months and/or is occupied.
Facetime video: FaceTime lets you make video calls to people on your iPhone, iPad or Macintosh computer's contacts list.
Open home: In an open inspection, a specific time and date is set for potentially buyers to drop by and walk through the property for a viewing.
Pest & building: The inspectors will thoroughly check the property for any significant damage, including defects, structural issues, mold and termite damage.
Pre-approval: Pre-approval is when your lender gives you conditional approval to borrow money for your ideal property.
Private Viewing: Private viewings allow prospective buyers the chance to view the property exclusively.
Property boundaries: An imaginary line exterior to any structure, along the ground surface, which separates the real property owned by one person from another person.
Prospective Buyers: A prospective buyer is anyone who may potentially buy your home.
Settlement: The settlement is the final stage in the home transaction. This is when the ownership of the property will be transferred from the seller to the buyer.
Solicitor: While similar to a conveyancer, a solicitor is more of an all-rounder when it comes to property and legal expertise.
Stock & station license: In NSW, you need a stock and station agent license to act as an agent for transactions concerning rural properties greater than 20 hectares.
Vendor: The “vendor” is the 'seller.'
Zoned: Zoning is a framework, generally set out by state and territory governments and applied by local councils, which dictates what can be built where and how.
We hope this was helpful if you'd like to see any others in here email us at [email protected]
