Instead of having to come up with a 20% down payment, a buyer The amount paid by a borrower to a lender in addition to the main amount borrowed (the “principal”). An urban planning tool used by local governments to determined how land is to be used. Home; Real Estate Licenses. To distinguish between real estate (realty), a physical entity, and its ownership, a legal concept, ownership of land is known as real property. Glossary Don't let the jargon get in the way of your property dreams. Before entering into a real estate transaction, it is advisable to familiarise yourself with commonly used real estate terminology in order to avoid confusion and intimidation. The original certificate of title is held by the Land Titles Office with an official duplicate held by the owner of the land or the mortgagee (for example, a bank) if there is a mortgage over the land. Costs incurred by a real estate agent, which can be passed on to the client, for example photography and advertising costs. A right to use the property of another person for a specific purpose; or a right to prevent the owner of that property from using part of in their property in a particular manner. Almost everywhere rents are less than interest on property value, leading to negative gearing if the investor borrows say 80% or 90% of the cost. This service is available as a result of funding through the Indemnity Fund pursuant to the provisions of the Land Agents Regulations 1995. Commitment … Someone who agrees to fulfil a contract if the main party to the loan defaults. In the case of a mortgage, the collateral would be the house and real property. As if saving for a deposit wasn’t hard enough, buying a house also requires superhuman powers of jargon translation. Satisfaction A document acknowledging the … In a real estate purchase contract, the consideration will usually be the price paid by the purchaser in exchange for the property. Failure to meet an obligation when due. We’ve put together a full list of real estate terms and jargon that are commonly used in Australia. The type of property ownership, for example Torrens title, strata title or company title. This real estate glossary is one of the most extensive in the industry and is used by many real estate brokers, real estate schools and instructors across the country. Physical items other than real estate are legally termed ‘personality’ and their ownership is known as ‘personal property’. Buying Selling. But in real estate speak, it means tiny and … Loan-to-value ratio: the proportion of money borrowed versus the value of a property. This is an extract from the more comprehensive Glossary of Property Terms jointly published by the REIA, Property Council of Australia (PCA) and Australian Property Institute (API) during January 2007. “ vendor ” is the ‘ seller, ' who acquires title to the provisions of land. 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