Real Estate Glossary Terms

Sole Agency

One agent or agency has the exclusive rights to market a property.

Solicitor

A member of the legal profession qualified to deal with conveyancing.

Stamp Duty

New Zealand is an investment friendly country with no stamp duty.

Strata Title

A title to a unit or lot on a plan of subdivision associated with townhouses, units and blocks of flats and based on the horizontal and vertical subdivision of air space. Owners have a certificate of title, are absolute owners of a freehold flat and have an undivided share of the common property.

Stratum Title

This title gives you legal ownership over a piece of property and also gives you a share in the company set up to look after the common areas of the flats or units you live in. It does not include ‘air space’.

Survey

A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.

Tenancy Agreement

A Tenancy Agreement is a legal contract between the tenant and landlord agent. This covers the amount of rent to be paid, the method of payment, term of the agreement, security bond amount and other conditions and rules. There are two types of tenancy agreements: A Fixed Term agreement is for a set period of time. Even though the agreement will have an end date, it is still necessary for the tenant to give notice in writing, or in the case of the landlord, to give a ‘Notice to Vacate to Tenant/s of Rented Premises’ when a tenant is required to leave at the end of the agreement. A Periodic Term agreement is set from week-to-week, or month-to-month. In the case of neither the tenant nor landlord giving notice to end the fixed term agreement, the agreement automatically becomes a periodic tenancy agreement

Tenant

A person who occupies land or property rented from a landlord.

Tenants in Common

A type of joint tenancy in a property where two or more purchasers own a property in unequal shares. If one dies, his or her shares pass to his or her beneficiaries under the terms of the will. The shares can be sold without consultation of the other owners.

Title Search

A check of the title records to ensure that the seller is the legal owner of the property and that there are no other claims or outstanding.
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