Manson Property
Shop 21/121 Yala Road BANGOR 2234 NSW
T: 02 9543 7355

Common Real Estate Jargon

Appraisal (An opinion or summation of the saleability of a property)

Body Corporate (The control and administration of common property in a strata title development)

Bond (Is a payment made by a tenant to ensure a property is left in a similar state of repair as when a lease was commenced)

Cooling Off Period (If the buyer signs a contract for sale with the agent they are entitled to 5 business days to arrange finance and any inspections, should they decide not to proceed they forfeit .25% of the purchase price to the vendor)

Easement (a right which a person has to use land belonging to another in a particular manner eg, sewer easement, right of way)

Exchange (When the contract for the sale of property is effected, the owner's signed contract is swapped for the purchaser's signed contract and deposit)

Executor/Executrix (Man or woman appointed under the terms of a will to execute provisions and dispose of a deceased person's property.

Land tax (State imposed annual tax on properties owned for investment or to generate income)

Settlement (When the final payment is made and title and keys are handed over)

SQM (Square Metres)

STCA (Subject to council approval)

Trust Account (Bank account where real estate agents hold monies on behalf of customers)

Vendor (The person selling a property)



19 March 2018   Bookmarked Properties   |     |   Developed by Console Group