Real Estate Glossary Terms
The sale of property by the owner without the services of a real estate agent
The sale of property, through a real estate agent, by negotiation.
Insurance policies that may cover properties, house contents, landlord, etc.
A process where the buyer requests additional information about the title of the property from the vendor.
The minimum price which a seller will accept at auction.
A right of one property or the general public for access to or across another property.
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.
The property that is pledged as collateral.
Also called Duplex. A type of construction where two buildings are attached together by a common wall.
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.