Real Estate Glossary Terms

Conveyancing

The legal process of transferring the ownership of a property and funds. In New Zealand this is usually done by your solicitor.

Covenant

Terms, conditions and restrictions noted on the title. A covenant may affect future plans or resale of the property.

Deposit

A percentage of the purchase price given to bind the sale of real estate.

Depreciation

A decline in the value of property due to changes in market conditions or other clauses.

Disbursement

A cash expenditure for the purpose of settling a debt.

Easement

A right that someone has to use the land belonging to another, eg: a water authority may have a sewerage easement across part of your property.

Encroachment

Part of a house or establishment illegally overhanging the street or a neighbour’s property.

Encumbrance

An impediment to the use or transfer of the property in the form of an interest or right in the property.

Equity

The amount of an asset actually owned, Equity is the difference between the market value of the property and the amount still owed on its mortgage.

Exclusions

Any item that is specifically not included in the sale. e.g. An above ground pool, garden shed, etc.
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