Top 10 Real Estate Terms Defined

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. 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. 2. COOLING OFF PERIOD

    The contract is subject to a cooling off period which is 5 business days from the contract date.

  3. 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. 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. 5. FREEHOLD

    A freehold property has a clear title of ownership and is not subject to a lease.

  6. 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. 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. 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. 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. 10. SETTLEMENT DATE

    The date when the seller is paid the full purchase price and ownership passes to the purchaser.

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