Any real estate transaction is a big one, especially for first time buyers and sellers. There are always terms that real estate agents use, that can be confusing if you’re not familiar with the “real estate language”.
Today we thought we’d share some of the commonly used terms that you’d hear if you were buying or selling real estate, to help you understand their meaning and hopefully make the process easier for you.
Bridging Loan/Finance: Sellers use this type of short-term loan to cover the financial gap between buying and selling if the property exchange is not on the same date.
Building inspection: A licensed builder evaluates the structural and mechanical condition of the property at the buyer's expense, to ensure it is sound at the time of purchase.
Buyer's market: When there is more property supply than buyer demand.
Conveyancers: Property solicitors who perform the conveyancing (legal work) associated with a property exchange.
Covenant: Conditions of the property’s state or aesthetics (eg: all houses in the housing development must be rendered).
Easement: An area of land adjoining a property that other people can access for its intended purpose.
Fittings: Parts of a property that can be removed without causing damage to it.
Fixtures: Parts of a property that are in built and cannot be removed without causing damage to it.
Sellers Market: Where there is a low supply of property, making buying more competitive.
Strata title: Used for units, apartments and townhouses where there is common property amongst
If you come across any other terms that you need assistance with, leave us a comment and we’ll get back to you with the definition.