The real estate world is full of jargon.

Summarised below are some keywords and phrases that may assist you :-

Appraisal : The Agent’s assessment of a value. It’s not a True Valuation.

Caveat : A notice a buyer often puts on a property to secure their interest prior to settlement. Also, there could already be caveats on the property. You need to be aware of this.

Cooling off : A period of time buyers have to change their minds for Private sales. This is not applicable to Auctions.

Equity : This is the difference between what the home is worth and the borrowing amount.

Easement : A right of someone else over a part of the property. For example, water authority’s right to access to sewerage infrastructure.

Fittings : Known as Chattels, items likely to be taken by the owner. Ensure that you list what you want to be included in the purchase. For example, curtains, pool equipment, garden shed, dishwasher etc in the sale contract.

Fixtures :Built-in features that will be included in the purchase. Examples include oven, light fittings,

Overlay : From heritage to bushfire and flood . Overlays set controls for the property and can impact plans and any future developments.

STCA : Subject to Council Approval. Commonly used when Agents speculate on the development potential of a property.

Auction : Public sale in which buyers trade different offers until it is sold. Or Passes IN below the sellers reserve. Auctions are UNCONDITIONAL.

Be mindful of “Online” auctions as you do not see the other people bidding. Remember always to SET YOUR LIMIT.

Passes IN : Property that did not sell at Auction. Remember, if you negotiate after Auction, Auction rules still apply.

Remember, any Offers submitted within 3 Business days Prior and After an Auction and your Offer is successful, Auction rules APPLY and NO Cooling Off period applies.

Underbidder : The party with the second highest bid at an auction.


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