Below is a list of some of the most commonly used terms relating to
Real Estate and the property market.Browsing from A to Z will help
you become more familiar with the meaning of these terms and give
you a better knowledge of the Real Estate industry.
Today We shall see Terms on
A large loan payment to clear a debt.
The person designated to receive the income from a trust, estate, or
a deed of trust.
Bi-weekly payment mortgage
A mortgage that requires payments to reduce the debt every two
weeks, (instead of the standard monthly payment schedule). The 26
(or possibly 27) bi-weekly payments are each equal to one-half of the
monthly payment that would be required if the loan were a standard
30 year fixed-rate mortgage and they are usually drafted from the
borrower’s bank account. The result for the borrower is a substantial
savings in interest.
An administrative body made up of all the owners within a group of
units or apartments of a strata building. The owners elect a
committee, which handles administration and upkeep of the site.
A sum of money paid by a tenant and held by the Tenancy Services to
ensure against defaulting on payment and damage to the property.
The lines that define the perimeter of a property.
A type of construction in which a structural timber frame is tied to a
non-load bearing, single-brick external wall.
A short term loan (usually at a higher rate) taken out to cover the
financial gap between buying a new property and selling an existing
Local Council regulations that control design, construction and
materials used in construction.
A standard day for conducting business. 9.00am - 5.00pm. Excludes
weekends and public holidays.
When the demand for property is less than supply so the advantages
shift to the buyer.
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