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Asset
Anything of monetary value that is owned such as a house.
Auction
A public sale of property that is sold to the highest bidder.
Body Corporate
Administrative body made up of all the owners within a group of units, apartments or conjoined housing in a strata scheme.
Boundary
The lines that define the perimeter of a property on a title.
Broker
An agent for the sale and purchase of goods and services.
Buyers Market
When the demand for property is less than the supply so advantages shift to the buyer during negotiations.
Certificate of Title
A description of a property with the name of the registered owner, and debts ( mortgage ) or easements on the property.
Chattels
The moveable items of personal property which may be part of the property sale such as whitegoods, eg refrigerators and washing machines.
Contract of Sale
An agreement in writing setting out terms and conditions relating to the sale and purchase of the property and enforceable at law.
Conveyancing
The legal transfer of property ownership as required by law.
Credit Rating
How a credit provider rates you as a credit risk after taking into account your assets, income, commitments and past performance in paying off loans.
Easement
A line or area marked on a property to allow the laying, inspection and repair of services installed under the land, such as storm water, and sewer lines. Easements may also be used to allow access to land for other purposes. Normally you are not allowed to build over an easement.
Honeymoon Loans
Loans with an initial period of low interest which revert to the standard retail rate after the low interest period has expired.
Market Value
The price at which a seller is happy to sell and a buyer is willing to buy.
Mortgage
A legal document that pledges a property to a lender as security for payment of a debt.
Mortgage Insurance
An insurance policy that insures the lender against the borrower defaulting on a loan. Mortgage insurance only protects the lender, not the home owner.
Portable Loans
A loan facility which allows the loan to be transferred from one property to another without refinancing.
Redraw Facility
A loan where the borrower can make additional payments and then access those funds if required.
Reserve Price
The minimum price set which a seller will accept at auction.
Sellers Market
When demand for property is greater than supply. The result is greater opportunity for owners to find buyers willing to pay asking price or greater for a property.
Servicing a Loan
The periodic payment of mortgage interest and principal which makes up the payment figure.
Settlement
The sale of the property is finalised by the legal representatives of the vendor and purchaser.
Stamp Duty
A state tax payable on the transfer of property calculated on value of that property.
Strata Title
A title of a unit, apartment or conjoined housing belonging to a strata scheme. The title gives ownership of property to the owner and undivided share of common property.
Title Search
A check of the title records to ensure that the seller is the legal owner of the property and that there are no other claims outstanding.
Transfer
A document registered at the Lands Titles Office and noted on the Certificate of Title which verifies the change of ownership.
Valuation
A written analysis of the estimated value of a property prepared by a qualified practising valuer.
Vendor
The seller of property
