Many real estate agents talk in a language that sounds foreign to the average buyer. Here are some terms commonly used within the industry that will help you to understand real estate jargon better:
Body Corporate: All the owners collectively of a block of units. The council of the body corporate, which is elected by the members, meets regularly to discuss various matters relating to the administration of the building (eg: upkeep of common property).
Bridging Finance: Finance obtained over a short period of time (usually three months to there years) as a prelude to long term funding. Higher interest rates are usually charged for this form of finance.
Contract of Sale: A legal document which sets out the terms and conditions the vendor and the purchaser enter into when a sale is to take place. The contract also contains a description of the property.
Cooling Off Period: The period of five business days allowed after exchange of contracts during which time the contract may be cancelled or rescinded.
Chattels: Property other than real estate, movable possessions which may be included in a sale ie: furniture etc.
Easement: A right to cross or otherwise use someone else's land for a specified purpose. An easement can also be a drainage or sewerage pipe.
Exchange of Contract: The vendors' solicitor will prepare the contract in duplicate, one to be signed by each party. The signed copies are then exchanged or physically swapped. An enforceable contract comes into existence on exchange, but not before.
Fittings: Goods or articles that can be removed from a property without causing damage.
Private Treaty Sale: Sale of property through a real estate agent by private negotiation rather than under auction conditions.
Reserve Price: The minimum price a vendor has specified he/she will accept at auction.
Vendor: A person who offers a property for sale.
To have a professional evaluate and negotiate on your behalf or bid for you at auction, contact our team today on 02 9960 1066 or enquiries@pkproperty.com.au.