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Kendall Real Estate

10-12 Main Street North Tamborine

07 5545 5000

07 5545 5050

admin@professionalstamborinemountain.com.au

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FAQ and Real Estate Terms

FAQ’S

The person or firm appointed in writing by you to act on your behalf with third parties, and thereby receive a commission.

You (as a vendor or landlord) may appoint more than one agent; or an appointed agent may act with another agent who introduces a purchaser or tenant, to your property.

A small site for home building, sometimes called a block.

An increase in property value triggered by inflation, improvements or increased demand.

Usually considered a debt in rent, which have not been paid on time.

The sum of a person’s real and personal property, including equities.

The transfer of a property, a lease, rights or an interest and sometimes a liability from one party to another.

Sale of a property in public to the highest bidder at a set time and date.

In rentals, a sum of money which is paid by the tenant to ensure against damages to the propert

This is the first stage of building a home on land where the approval has been made by the council that the land can be built on.

A temporary loan to bridge the time-gap between paying for one property and receiving payment from a previous property.

The uniform distance, usually from a road, behind which buildings must be erected.

Laws laying down standards in materials and construction methods which you must observe to maintain health, safety and certain design minimums in any building or alteration.

The money you pay to an agent for helping you to acquire a specific type of building.

Breaking the terms of the contract.

The profitable difference between your buying price and selling price, now subject to Capital Gains Tax.

A person who engages an agent or valuer, and who is obliged to pay that agent or valuer commission or fees.

For business purposes office buildings, shops, warehouses, hotels etc.

A percentage payable to real estate agent for selling a property by the person authorising the sale.  Usually a percentage of the sale price.

Subject to conditions such as finance, building inspections etc.

The sum of labour and material costs, plus contractors overheads and profits in the erection of improvement of a property.

New/21st century/modern.  Very geometric, diverse and open planned.

Written agreement setting out the terms and conditions of a property sale.

An identical copy of an original document.

An agreement between landlord and tenant, or vendor and purchaser, covering specific things which will be done or cannot be done to a property.

Immediate insurance cover, often issued by an insurance broker on the insurance company’s behalf, for a property which has just been bought.

Legal process of transferring the ownership of a property from one person to another.

The day, under the terms and conditions of the contract, when a vendor is obliged to transfer a property to the purchaser.

Usually 5% – 10% of the purchase price of a property placed in trust as evidence of intention to buy.  Non-refundable, after exchange of contract, it goes towards the purchase price when the sale goes through.

Drop in a property’s value due to passage of time, deterioration, or changes to neighbouring properties.

A person who buys property and by improving it through sub-division or construction for instance lifts it’s value.

The contractual right of one person to use a portion of another persons land, usually as a drive for access or as a run off for water.

The potential number of years a property could be profitable.

The real rate of return or repayment, as opposed to the nominal rate.

When a building overhangs someone else’s property, or a fence is built over the dividing line between two properties.

An easement, mortgage, or other liability on a property which impedes its use or transfer.

An experts assessment of long-term environmental effects of a particular land-use scheme.

The percentage of a property an owner holds after outstanding loans have been deducted from the market value.

The front face of a building.

Items that can not be removed without being damaged.  Refers to items in or around a property.

A property which is owned outright and for unlimited duration.

Such a title pre-dates the Torrens Title System under which ownership is government-recorded by Certificates of Title; it is based on a comprehensive history of ownership.

The distance from floor to ceiling.            .

The metric measurement of land area equal to 10,000 square metres, or 2.47 acres.

Another zoning regulation limiting the height of buildings in a particular area.

One weeks rent on the property applied for which secures the perspective tenants interest.

Individually-owned homes in a development of two or more homes.

The rate per month (or year) of return on investment produced by rental and resale.

Cannot be undone.

Two or more people or companies combine to carry out a project or enterprise.

The owner of a property for leasing.

Determined by zoning regulations residential, industrial etc.

The formal arrangements by which one party has use of another’s property in return for rent.

A lease embodying the right of the lessee to buy the property at an agreed price within an agreed time.

The party who grants a lease.

A property available for sale or rent.

The expenditure required to keep a property in an efficient operating condition.

A real estate agent authorised by you to manage your property.

The price paid for a property it is real, whereas “market value” is only an estimate.

An intermediary floor, usually between the ground and first floors.

A document pledging a property as security for the repayment of the money you borrow on the property.

The lender on the mortgage.

The borrower.

System of selling the property through many agents.  The buyer pays only one commission.  This goes to the agent who lists the property on an official multiple listing form and is shared between the first agent and the agent who actually finds the buyer.

àNet Lease

Where your lessee is responsible for all building outgoings on top of the agreed rent.

A formal legal agreement which offers a specified price for a specified property.  The offer may be firm (no conditions attached) or conditional (certain conditions apply).

In selling, the right (secured by a payment) to purchase a property at an agreed price on or before an agreed date.  In leases, the right to renew at a mutually agreed rent.

All expenses on a property.

When a property fails at auction to reach the vendors reserve price.  (The highest bidder has the right to meet the reserve price or try to negotiate an acceptable price).

A perception.  Up market.  High quality of living.  Refers to area’s and housing.

The ratio of building area to site area.

Refers to an agent presenting themselves and the company they represent in a good light to a perspective buyer.

The sale of a property without the assistance of a Real Estate Agency.

A real estate agent manages properties for landlords ensuring the property complies with legislation and regulations at all times, selecting tenants, collecting rents, arranging maintenance and so on.

The insurance taken by companies and private individuals to protect themselves against claims made by members of the public, who might be injured in some way on the property.

The estimated value of a property on which rates are assessed.

The ownership of physical real estate land and buildings.

The updating of urban property, usually by demolition and rebuilding.

Price below which an owner is not prepared to at auction.

Land is sold with,perhaps, the covenant that only one home can be built upon it or that the home must be built at a specified cost or height.

A planning term in which the local authority can alter a planning scheme to allow, say commercial rather than residential building.

An investor buys a property and leases it back to the seller – a practice which is on the increase.

Completion of sale when balance of contract price is paid to the vendor and the buyer is legally entitled to take possession of the property.

The amount an unencumbered piece of land, less any improvements, is likely to realise at the time of a muncipal valuation; the land component of a developed property.

One agent or agency has the sole rights to sell a property.

A punter who buys property in the ecpectation of selling it later for a higher price.

A State Government Tax imposed on the sale of real estate.  It is determined by the sale value, and it varies between states.

The title for a segment of a property, flat, unit, office in which there are several owners.  (Nowadays, a separate Torrens Title is issued).

The division of apiece of property into building lots; inevitably required several official approvals.

A property which is already leased is  leased again, but not for a longer period that the unexpired part of the original lease.

The accurate measurement and description of a piece of land, usually showing structures and contours.

Occupant of a property whether it be a house, unit or apartment.

The documents proving ownership of property.

An estimated value of a property based on features and renovations etc.

Person offering a dwelling for sale.

When a property is paid for over time usually a deposit and then regular payments of the balance, plus interest over several years.

Statement setting out particulars of the property, made by the vendor.

These words, used during negotiation, mean that any suggestion or plan put forward cannot be used as evidence later if the negotiations fall down.

The money you derive by way of income or profit from a property deal.

The method by which councils or planning authorities control property use residential, industrial etc.

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