Real Estate Glossary Terms

Torrens Title

Is the standard certificate recognising land owned by the person registered on that document.

Townhouse

A dwelling unit, generally having two or more floors and attached to other similar units via party walls. Can be Strata or Cross lease titled.

Transfer

A document registered at the Land Titles Office and noted on the Certificate of Title which verifies the change of ownership of a property.

Unencumbered

Property free of covenants or other restrictions.

Valuation

A written analysis of the estimated value of a property prepared by a qualified valuer.

Variable Interest Rate

A floating interest rate, also known as a variable or adjustable rate, refers to any type of debt instrument, such as a loan, bond, mortgage, or credit, that does not have a fixed rate of interest over the life of the loan.

Vendor

The person or entity legally authorised to sell a property.

Villa

In New Zealand the term "villa" is commonly used to describe a style of wooden weatherboard house constructed before WW1 characterised by high ceilings (often 12 ft), sash windows, and a long entrance hall.

Zoning

Local authority guidelines for the permitted use of land.
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