Skip to content

Appraisal

An estimate of the likely selling price of a property derived  using recent sales results of comparable properties

 

Chattels

Movable personal items that are not sold with the property  unless specified otherwise

 

Commission

A percentage of the selling price of a property, paid by the  seller to the agent, normally after the property is sold.

 

Conditional Contract

A contract where certain conditions must be met before the  home is deemed as sold. At this stage, the home is referred to  as being under contract.

 

Conveyancer

A person who specializes in the transfer of property and  usually prepares the section 32, title searches and Form 1.  They communicate on your behalf with your bank and  purchaser’s solicitor or conveyancer until your property  transaction is complete.

 

Cooling-off Period

The three clear business days after a purchaser signs a  contract in which they have the right to end the contract.

 

Covenant

Conditions affected the use of land or property written into  the title.

 

Deposit

A percentage of the purchase price paid by the buyer to  secure the purchase of the property.

 

Easement

A right held by someone to use land belonging to someone  else for a specific purpose. Mains, drains and water pipes are  usually covered by an easement.

 

Exclusions

Any item that is specifically not included in the sale.

 

Exclusive Authority

A written contract that gives one real estate agent the  exclusive right to sell a property in a specified time period.

 

Market Value

The price a willing, but not anxious buyer would be prepared  to pay for a property.

 

Multiple Offers

When more than one offer is received on a property from  separate buyers.

 

Section 27

The document signed by both vendor and purchaser  authorising the deposit paid by the purchaser to be released  prior to settlement.

 

Section 32/Vendors Statement

A document that contains information which the seller  must provide to the buyer setting out an restrictions such  as covenants and easements, outgoings such as rages, and  other relevant notices affecting the property being sold.

 

Settlement Date

The time when ownership of a property passes from the  vendor to the purchaser and the balance of the sale price is  paid to the vendor.

 

Subject to Finance Offer

A condition on a contract where the purchaser will buy a  property subject to obtaining finance.

 

Subject to Building and Pest Inspection

A condition on a contract where the purchasers will buy  a property subject to a satisfactory building and/or pest  inspection being conducted on the property.

 

Unconditional Contract

A contract where all conditions have been met and the  property is deemed as sold.

 

Vendor

The current property owner selling the property.