Money used to create income, either as an investment in a business or
an income property
The money or property comprising the wealth owned or used by a
person or business.
The accumulated wealth of a person or business.
The net worth of a business represented by the amount its assets
The cost of an improvement made to extend the useful life of a
property or added to its value.
The gain on the sale of a capital asset.
Any structure or addition to a property erected as a permanent
improvement that adds to its value and useful life.
A measure of cash inflow and outflow from the business. Positive cash
flow means more money is coming into the business than is leaving it.
Negative cash flow is the converse.
A refinance transaction in which the amount of money received from
the new loan exceeds the total of the money needed to repay the
existing first mortgage, closing costs, points and the amount required
to satisfy any outstanding subordinate mortgage liens,. In other
words a refinance transaction in which the borrower receives
additional cash that can be used for any purpose.
A warning on a title to a purchaser that a third party might have some
interest or right in the property.
A Latin phrase for “Let the buyer beware”, i.e.: the onus is on the
buyer to be satisfied with any item before purchasing.
All Salespeople in real estate who have not qualified by exam to be an
Associate (AREINZ), who are employed by a licensed Real Estate
Certificate of Occupancy
A document issued by a local government to a developer permitting
the structure to be occupied. This generally indicates that the
building is in compliance with public health and building codes.
Certificate of Title
A description of a property with the name of the registered owner
,encumbrances, i.e.: mortgages or easements on the property. It must
be produced by the vendor before the sale of the property.
Moveable and removable items of personal property. In real estate
transactions, chattels included in the sale usually include the stove,
television aerial, carpets, blinds, curtains, drapes and light fittings.
However, unless chattels are specified in the agreement, they are not
sold as part of the property.
A title that is free of or legal questions as to ownership of the
An asset (such as a car or a home) that guarantees the repayment of a
loan. The borrower risks losing the asset if the loan is not repaid
according to the terms of the loan contract.
A proportion (usually a percentage) of the sale price of a property
paid to a real estate agent for negotiating a real estate transaction.
An unwritten body of law based on general custom in England and used
to an extent in Australia.
Area of building, land or amenities within a strata title property that
are shared by all owners, eg: a driveway.
A company owner has a certificate of title and the owner automatically
becomes a member of a company that administers, manages and
maintains the property in which the owner’s flat is registered. The
Directors of that company are elected each year at the Annual
General Meeting from owners involved only with that company, i.e.
owners in that block.
This is a legally binding contract, but it is subject to conditions being
satisfied, usually by the purchaser. The conditions will be detailed in
the agreement and may, for example, require that you are able to sell
your existing home by a set date or to arrange finance by a certain
date. Conditions can also be included by the purchaser that requ
ire the seller to do something by a specified date - for example, that
settlement will take place only on the conditions that the house is
painted, the windows repaired or that rubbish around the section is
removed. Note: Purchasers' conditions usually do not prevent the
sale-taking place, but may allow the purchaser to delay settlement
without penalty or claim damages if the conditions are not met in time.
Also called Building Loan. A short-term, interim loan (only paid to
registered builders) for financing the cost of construction. The
lender makes payments to the builder at periodic intervals as work
Contingency. See Special Condition.
An agreement in writing setting out the terms and conditions relating
to the sale or purchase of a property.
Contract of Sale
An agreement in wiring setting out the terms and conditions relating
to the sale or purchase of a property. It is the purchase document
signed at auction.
Terms, conditions and restrictions noted on the title. A covenant may
affect future plans or resale of the property.
A document issued by an insurance company giving temporary
insurance until a formal policy is issued.
A record of an individual’s current and repaid debts which is usually
used by a lender to assess the risk of a potential borrower.
A report of an individual’s credit history prepared by a credit bureau
and used by a lender in determining a loan applicant’s
This type of ownership is common where there is more than one home
on a block of land. You are all owners of the land and you each lease
your home. The lease will usually provide for an exclusive use area
for each cross-lessee. It's like owning a freehold property but there
are some restrictions. Another form of ownership for more than one
home on a block of land is a unit title.
Also called a ‘Court’ or ‘Dead End Street’. A street with only one
entrance, the other end being closed. Often valued for the privacy
provide to homes in the street.
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