Real Estate Glossary Terms

Investment Property

A property that is not occupied by the owner, but provides a return to the owner through letting or leasing to a tenant.

Joint Tenancy

A form of co-ownership that gives each tenant equal shares and rights in the property including the right of survivorship, e.g: ownership of a property passes to the surviving owners.

Landlord

A person who rents property to another, a lessor. A property owner who surrenders the right to use property for a specific time in exchange for the receipt of rent.

Leasehold

You buy the right to own the home and lease the land for a certain time. You pay rent to the landlord for the land. You can sell the lease if you want to move on. There may be restrictions on your use of the property.

Lessee

A person leasing a property.

Liabilities

A list of debts owned.

LIM Report (Land Information Memorandum)

A LIM is a report prepared by the local Council at your request. It provides a summary of property information held by the Council as at the day the LIM was produced. A LIM provides some or all of the following: Information on special land features or characteristics including potential erosion, avulsion (removal of land by water action), falling debris, subsidence, slippage, alluvion (the deposition of silt from flooding), inundation (flooding), presence of hazardous contaminants which are likely to be relevant to land and is known to Auckland City Information on private and public stormwater and sewerage drains as shown in Auckland City's records Information relating to any rates owing in relation to the land Details of approved building, plumbing/drainage and resource planning permits and consents indicating where further action is required As required by the Building Act 1991 details are included of Code Compliance Certificates: a final certificate of approval for building consents Compliance Schedule: required for certain systems or features of commercial and multi-residential properties Warrant /Statement of Fitness: in conjunction with compliance schedule -issued annually to maintain compliance standard Details of Dangerous Goods, Liquor, Hairdressing and Health Licences (mainly refers to commercial properties) Details of Operative and proposed zoning, road widening, height restrictions, view and tree protection, and any Historic Places Trust listing Any outstanding requisitions or notifications from Auckland City regarding any matters on that property that do not meet Auckland City specifications and which require action within a certain time frame. Satisfying requisitions is the responsibility of the owner of the property.

Loan

A sum of borrowed money that is generally repaid with interest.

Maturity Date

The last day of the term of the home loan agreement. The home loan must then be paid in full or the home loan agreement renewed.

Mortgage

A legal document that pledges a property to the lender as security for payment of a debit.
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