Real Estate Glossary Terms

Allotment

A lot or block subdivided from a larger portion of land.

Amortise

To repay a mortgage with regular payments that cover both Principal and Interest.

Appraisal

A written analysis of the estimated value of a property prepared by a qualified appraiser.

Asset

Anything of monetary value that is owned by a person, eg: personal property, bank accounts.

Auction

A public sale of a property or real estate that is sold to the highest bidder when the owner’s reserve is reached

Body Corporate

An administrative body made up of all the owners within a group of units or apartments of a strata building. The owners elect a committee, which handles administration and upkeep of the site.

Breach of Contract

Breaking the terms of a contract.

Brick Veneer

A type of construction in which a structural timber frame is tied to a non-load bearing, single-brick external wall.

Bridging Loan

A short term loan (usually at a higher rate) taken out to cover the financial gap between buying a new property and selling an existing property.

Building Code

Local Council regulations that control design, construction and materials used in construction.
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