Real Estate Glossary Terms
The lender in a mortgage agreement.
The borrower in a mortgage agreement.
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.
Is the income on your property less certain expenses such as rates, insurance, maintenance and body corporate levies.
To purchase a property before it is completed after having only seen the plans.
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).
Another old form of land title and also known as Common Law Title. Automatically converted to Torrens Title on the sale of a property.
Wall separating two adjoining buildings and normally straddling the boundary.
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.
The amount borrowed or still to be repaid. The part of the monthly payment that reduces the balance of the mortgage.