Like any profession, the real estate industry has a language of its own. Many of these terms no doubt you will already be aware of. But there may be some you have not come across. These are the top ten real estate terms that our customers generally ask for us to clarify the definition of.
Top Ten Real Estate Terms Defined
-
1. CONJUNCT
Should another agent/agency have a buyer wanting to purchase your home, we are more than happy to work with them and share our commission to achieve a sales result for our sellers. This is reflected in the Form 6.
-
2. COOLING OFF PERIOD
The contract is subject to a cooling off period which is 5 business days from the contract date.
-
3. EXCLUDED FIXTURES
Items that are presumed to stay with the property when sold but have been specified on the contract as not remaining. Fixed items such as curtains, light fittings, ceiling fans, shrubs, built in cabinets etc.
-
4. INCLUDED CHATTELS
Moveable items you decide to sell with the property, such as pool equipment, fridge, freestanding glasshouse, shed or playhouse, dishwasher, etc. These are noted in the contract if they are included in the sale.
-
5. FREEHOLD
A freehold property has a clear title of ownership and is not subject to a lease.
-
6. LISTING AUTHORITY
A contract between the owner and the real estate company marketing the property. It details the length of the agency, commission rate and any additional costs. The type of marketing method to be used is assigned and a summary of information about the property is detailed on the Listing Authority.
-
7. OPEN LISTING
Any appointed real estate agent/company can quote or sell your property. General low level of marketing and feedback. No one person is totally responsible for managing your sale.
-
8. RESERVE PRICE
The reserve price is the minimum price the seller will accept for their property at the auction. (Kept confidential between the seller, listing consultant and auctioneer.)
-
9. PRE SETTLEMENT INSPECTION
The purchaser will inspect the property prior to settlement to make sure it is in the same condition as when purchased.
-
10. SETTLEMENT DATE
The date when the seller is paid the full purchase price and ownership passes to the purchaser.
For other articles that will assist your property investment see :
- 8 Value Adding Improvements to Secure Better Rent Return
- Why Is My Water Bill So High? And How To Fix It.
- 5 Things You Need To Know About Claiming Tax Depreciation on Your Property
- How To Ensure Rental Return Makes Your Investment More Fruitful
- 3 Clever Ways That’ll Save You Money On Big Ticket Household Items
