Real Estate Terms From A-Z
Like any profession,
the real estate industry has a language of its own. Many of these terms
I’m sure you will already be aware of but there may be some you have
not come across.
A preferred marketing option
where you list your property without a price, supported by very
intensive marketing leading buyers to the auction day, where they must
bid against each other to successfully purchase your property in an
Person holding an auctioneer's license and able to conduct and call auctions.
or Competitive Market Analysis (CMA), is a written price comparison of
your property with others that are for sale or were recently sold.
written contract which has been signed by the seller and the buyer but
has one or more conditions which need to be met, usually within a
specified time period. For example, "subject to the solicitor's
approval of the title."
The fees for selling the property - payable by the seller, to the real estate company.
that are presumed to stay with the property when sold but have been
specified on the contract as not remaining. Fixed items such as
curtains, light fittings, ceiling fans, shrubs, built in cabinets etc.
A freehold property has a clear title of ownership and is not subject to a lease.
items you decide to sell with the property, such as pool equipment,
fridge, freestanding glasshouse, shed or playhouse, dishwasher, etc.
These are noted in the contract if they are included in the sale.
land is subject to a lease. The owner of the land leases to the tenant
for a fixed rental sum for a fixed period, e.g. 21, 99 or 999 years.
contract between the owner and the real estate company marketing the
property. It details the length of the agency, commission rate and any
additional costs. The type of marketing method to be used is assigned
and a summary of information about the property is detailed on the
Money paid by a seller that goes directly to increase advertising spread.
promotional package put together to give a property exposure to the
market. It may include advertisements to be used, a calendar of dates
for advertisements, open homes, buyer contact and service.
No Price Marketing
Usually called auction, tender, or for sale by negotiation. The price is not revealed to buyers during the marketing promotion.
A signed contract, which includes the price, terms and conditions of sale, signed by the buyer then presented to the seller.
Open or General Listing
appointed real estate agent/company can quote or sell your property.
General low level of marketing and feedback. No one person is totally
responsible for managing your sale.
The date the purchaser physically takes possession of the property.
Buyer of the listed property.
reserve price is the minimum price the seller will accept for their
property at the auction. (Kept confidential between the seller, listing
consultant and auctioneer).
The date when the seller is paid the full purchase price and ownership passes to the purchaser.
Team Inspection/ Caravan
appointment time is scheduled with the seller for the listing agency’s
team of consultants to visit the seller’s property and acquaint
themselves with the property.
the conditions written into the agreement to buy a property have been
met, the offer becomes unconditional. The property is now sold and both
the seller and buyer must settle.
Seller of the property.