Real Estate Glossary Terms

Capital Gain

The gain on the sale of a capital asset.

Caveat

The gain on the sale of a capital asset.

Caveat Emptor

A Latin phrase for “Let the buyer beware”, i.e.: the onus is on the buyer to be satisfied with any item before purchasing.

Certificate of Title

A description of a property with the name of the registered owner, encumbrances, i.e.: mortgages or easements on the property. It must be produced by the vendor before the sale of the property.

Chattels

Moveable and removable items of personal property. In real estate transactions, chattels included in the sale usually include the stove, television aerial, carpets, blinds, curtains, drapes and light fittings. However, unless chattels are specified in the agreement, they are not sold as part of the property.

Commission

A proportion (usually a percentage) of the sale price of a property paid to a real estate agent for negotiating a real estate transaction.

Common Property

Area of building, land or amenities within a strata title property that are shared by all owners, eg: a driveway.

Company Title

A company owner has a certificate of title and the owner automatically becomes a member of a company that administers, manages and maintains the property in which the owner’s flat is registered. The Directors of that company are elected each year at the Annual General Meeting from owners involved only with that company, i.e. owners in that block.

Contract Note

An agreement in writing setting out the terms and conditions relating to the sale or purchase of a property.

Contract of Sale

An agreement in wiring setting out the terms and conditions relating to the sale or purchase of a property. It is the purchase document signed at auction.
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