Real Estate Glossary Letter :  A 

Real Estate Glossary Letter :  

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ABSENTEE LANDLORD – An owner or sub-lessor who does not reside in the place or area in which he/she owns real estate from which he/she derives rental income.

ABSTRACT OF AUCTION – A summary of the auction advertisements which appears on the property page of a newspaper.

ABSTRACT OF TITLE – A chronological summary of conveyances, mortgage or leases and other deeds giving the names of the parties and the description of the land, arranged to show the continuity of ownership of general law land not under the Torrens system.

ABUTMENT – The load-bearing part of a pier or wall, either in an arch, beam, or bridge.

ACCELERATION CLAUSE – A clause in a mortgage document which requires the immediate repayment of the entire balance due under the said mortgage at any given time should there be a breach of the conditions of the mortgage e.g. repayment default.

ACCESS – Approach or means of approaching. In the case of a property, it could be via a driveway, an alleyway or via a boat/jetty if it’s a water access only property.

ACCESS RIGHTS – The right of ingress to and egress from a property that abuts upon an existing street or highway. Details will be shown on Certificates of Title of both parties granting and receiving the right.

ACCESSIBLE HOUSING – A dwelling designed to allow easier access for physically disabled or vision impaired persons.

ACRE – Imperial measure of land. Approximately 4047sqm or about 40% of a Hectare.

ACQUIRING AUTHORITY – A government department, local authority or other body empowered by statute to acquire land compulsorily.

ACROWPROP – A strut which is light enough to be man-handled, often adjustable in length and used in scaffolding or to support beams temporarily.

ADAPTABLE HOUSING – A dwelling designed to facilitate low-cost modification to enhance access for physically disabled or vision impaired persons.

ADDENDUM -There are several possible addenda that can be attached to a contract, depending on the issues added to the basic offer.  If the buyer wants any inspections, there are inspection special conditions. There is sometimes additional inclusion or exclusion addenda to make sure what the buyer thinks is in the house actually comes with the house. A mortgaggee sale would have mortgagee sale special conditions attached.

ADDITION– Any construction or change in a building that increases the overall area of the structure.

ADJUSTMENTS – Apportionment of rates, taxes, body corporate fees, rent, insurances etc. up to the date of possession or settlement on a sale or letting.

ADMINISTRATOR– A person appointed by a probate court to settle the affairs of an individual dying without a will.

ADMIXTURES – Materials added to concrete or mortar for the purpose of modifying its normal properties, usually to modify its curing times and properties.

AERATOR – A rounded grate that attaches to the tip of a sink spout. The screen mixes air in with the tap water so it flows smoothly.

AGENT – A registered person authorised to act for another (usually for the owner) in the selling, buying, renting or management of a property. Commonly used to refer to licensed real estate agents and real estate representatives. Also known as a land agent.

AGENTS IN CONJUNCTION – Two or more agents employed by a principal to sell or let real estate and share commission.

AGGREGATE – Crushed stones, gravel and/or sand mixed in with cement to make concrete.

AGISTMENT–  Where a landowner allows cattle, horses or similar animals to come upon his land for grazing purposes in return for the payment of a fee.

ALLOTMENT – A lot or block subdivided from a larger portion of land. Also referred to as Lot.

AMENITY – A feature of a property that enhances its attractiveness and increases the occupant’s or user’s satisfaction although the feature is not essential to the property’s use.e.g. Proximity to public transport or shopping centre.

AMORTISATION – The loan payment consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time.

ANCHOR BOLTS – Bolts used to secure a wooden sill plate to a floor or wall.

ANT CAPPING – A barrier or shield installed over dwarf walls and piers to control the entry of termites; typically made of galvanised iron.

ANTICON – A type of insulation material installed directly under the metal roof sheet; provides some thermal and acoustic installation, but mainly helps reduce the formation of condensation.

APARTMENT – A room or suite of rooms used as a dwelling unit. Not necessarily self-contained. The term flat is used to describe a self-contained dwelling unit in multi-unit dwellings.

APPLICATION – The form used to apply for a mortgage loan, containing information about a borrower’s income, savings, assets, debts, and more.

APPRAISAL – An opinion of the potential saleability of a residential property by a licensed Real Estate Agent.(In the USA an Appraisal is performed by an Appraiser and means what Australians call a Valuation performed by a Valuer.)

APPRECIATION – An increase in the value of a property due to a change in market conditions or supply and demand.

APPRENTICE – Means an employee being trained in an Apprenticeship under a registered Training Contract.

APRON – A piece of finished trim installed under a window sill; can also refer to an extension of a slab typically found in front of a garage door or around the wall perimeters. If the latter, a concrete apron helps direct water away from the building by providing an additional transition from grade to slab.

ARBITRATION – The determination of a dispute by one or more independent third parties rather than a court. Arbitrators are appointed by the parties in accordance with the terms of the arbitration agreement or in default by a court. The arbitration is conducted pursuant to the Arbitration Acts in each State and the award given by the arbitrator/s binds the parties.

ARCHITECT – A person qualified and formally registered to design a building and supervise its construction.

ARCHITRAVE – A decorative moulding around doors and windows. Used for visual appeal.

ARE – Australian Registry Extract is a summary of property details, such as year built, how many rooms, land and building size abnd so on.

ARREARS – Unpaid debts.

ASKING PRICE – The listed price of a property, but may not always be the sale price. The owner may be willing to negotiate.

ASSESSED, RATEABLE, OR TAXABLE VALUE – A value which is based upon definitions contained within applicable laws relating to the assessment, rating, and/or taxation of real property.

ASSIGNMENT – When ownership of your mortgage is transferred from one company or individual to another.

ASSUMPTION OF MORTGAGE – When a buyer takes ownership of real estate encumbered with a mortgage and has assumed the responsibility as the guarantor for the unpaid balance of the mortgage. Such a buyer is liable for the mortgage repayment.

ASSETS – What you own. Real and personal property in which a person has unencumbered ownership (free from a mortgage or any debt owing) or equity and which has value.

AUCTION – A sale usually in public, by an auctioneer, in which property is sold to the highest bidder.

AUCTION AGENCY AGREEMENT – An agreement that the vendor must sign when a property is listed for auction. Details the reserve price and the costs of the auction, including advertising and the agent’s commission. Usually, includes a condition that one agent will have the exclusive right to sell the property for a period during and after the auction.

AUCTIONEER – One who is licensed to sell, or offer for sale, real estate where persons become purchasers by competition, being the highest bidders.

AUSTRALIAN STANDARD – A nationally accepted, government-recognised set of standards for building construction materials, equipment, techniques or procedures as set down by the Standards Australia (SA).

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