Real Estate Glossary Terms

Mortgagee

The lender in a mortgage agreement.

Mortgagor

The borrower in a mortgage agreement.

Negative Gearing

Where the return on an investment is not sufficient to cover the costs on the investment, eg: property maintenance and interest on the loan against income from letting/leasing.

Net Yield

Is the income on your property less certain expenses such as rates, insurance, maintenance and body corporate levies.

Off the plan

To purchase a property before it is completed after having only seen the plans.

Offer to Purchase

A formal legal agreement which offers a specified price for a specified property. The offer may be firm (no conditions attached) or conditional (certain conditions apply).

Old System Title / Common Law Title

Another old form of land title and also known as Common Law Title. Automatically converted to Torrens Title on the sale of a property.

Party Wall

Wall separating two adjoining buildings and normally straddling the boundary.

Plan

This shows the ground plan design, elevation of house, number and size of rooms, kitchen, bathrooms and laundry layout, position of the house on the land.

Principal

The amount borrowed or still to be repaid. The part of the monthly payment that reduces the balance of the mortgage.
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