Real Estate Glossary Terms


The legal process of transferring the ownership of a property and funds. In New Zealand this is usually done by your solicitor.


Terms, conditions and restrictions noted on the title. A covenant may affect future plans or resale of the property.


A percentage of the purchase price given to bind the sale of real estate.


A decline in the value of property due to changes in market conditions or other clauses.


A cash expenditure for the purpose of settling a debt.


A right that someone has to use the land belonging to another, eg: a water authority may have a sewerage easement across part of your property.


Part of a house or establishment illegally overhanging the street or a neighbour’s property.


An impediment to the use or transfer of the property in the form of an interest or right in the property.


The amount of an asset actually owned, Equity is the difference between the market value of the property and the amount still owed on its mortgage.


Any item that is specifically not included in the sale. e.g. An above ground pool, garden shed, etc.
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