Real Estate Glossary Terms

Private Sale

The sale of property by the owner without the services of a real estate agent

Private Treaty Sale

The sale of property, through a real estate agent, by negotiation.

Property Insurance

Insurance policies that may cover properties, house contents, landlord, etc.

Requisitions on Title

A process where the buyer requests additional information about the title of the property from the vendor.

Reserve Price

The minimum price which a seller will accept at auction.

Right of Way

A right of one property or the general public for access to or across another property.

Rise and Fall Clause

This clause may be contained in a building contract. It provides for an upward or downward contract price which correlates to the movement of prices, wages or other factors specified in the clause.

Security

The property that is pledged as collateral.

Semi-detached

Also called Duplex. A type of construction where two buildings are attached together by a common wall.

Settlement

The sale of a property is finalized by the legal representatives of the vendor and the purchaser, mortgage documents come into effect, costs are paid and the new owner takes possession of the property and receives the keys.
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