Arnold
Tash Jayasinghe
CibbuanoReal Estate Terms and Definitions
June 13th 2006 00:38
These are some real estate terms commonly used by agents, vendors and auctioneers and property inspectors in Australia. I hope they provide a better understanding for people new to the real estate market and give a little refresher to anyone familiar to some of these terms.
Community Title:
Community Title is a form of subdivision which allows common property areas to be incorporated into a land subdivision.
Option to Buy:
A legal document giving a person the right to buy. In the document the price and period are specified. A fee is paid and if the person proceeds to buy the property the amount comes off the purchase price. When the person does not proceed to
buy the property the fee is forfeited.
Brick Veneer:Your text goes here
In housing, a system in which a structural timber frame is tied to a single brick external wall.
Conveyancing:
The legal process involved in transferring the ownership of a property.
Strata Title:
This type of title gives you ownership of a unit, which you can lease or sell at your own discretion. Membership of the Body Corporate is automatic with this type of real property.
Internal Rate of Return: (IRR)
IRR is defined mathematically as the rate by which future anticipated net cash flow must be discounted so that their value will be equal to the initial cost of the investment. IRR can also be described as a value of future cash flows in relation to the purchase of a property. This is also referred to as True rate of return on the capital invested.
Body Corporate:
The owners of the units/apartments within a building form a Body Corporate. These owners select a council who are responsible for the maintenance of the building (which includes all common areas).
Adjustment:
The apportion between buyer and vendor of expenses like council and water rates.
Gazumping:
If someone has agreed to sell you a property and then sold it to someone else for a higher price you have been gazumped.
Torrens Title:
System of recording ownership of property, also known as Certificate of Title. Most common and simplest form of title to property.
Community Title:
Community Title is a form of subdivision which allows common property areas to be incorporated into a land subdivision.
Option to Buy:
A legal document giving a person the right to buy. In the document the price and period are specified. A fee is paid and if the person proceeds to buy the property the amount comes off the purchase price. When the person does not proceed to
Brick Veneer:Your text goes here
In housing, a system in which a structural timber frame is tied to a single brick external wall.
Conveyancing:
The legal process involved in transferring the ownership of a property.
Strata Title:
This type of title gives you ownership of a unit, which you can lease or sell at your own discretion. Membership of the Body Corporate is automatic with this type of real property.
Internal Rate of Return: (IRR)
IRR is defined mathematically as the rate by which future anticipated net cash flow must be discounted so that their value will be equal to the initial cost of the investment. IRR can also be described as a value of future cash flows in relation to the purchase of a property. This is also referred to as True rate of return on the capital invested.
Body Corporate:
The owners of the units/apartments within a building form a Body Corporate. These owners select a council who are responsible for the maintenance of the building (which includes all common areas).
Adjustment:
The apportion between buyer and vendor of expenses like council and water rates.
Gazumping:
If someone has agreed to sell you a property and then sold it to someone else for a higher price you have been gazumped.
Torrens Title:
System of recording ownership of property, also known as Certificate of Title. Most common and simplest form of title to property.
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