Friday, July 26, 2013

Real Estate Terms (A)

Neeta Shah
Neeta Shah

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 start with Alphabate 'A'


Consent by the person receiving the offer to be bound by the terms 

and conditions of the person making the offer. Acceptance of an 
offer constitutes an agreement.
Act of God

Any act of nature such as rain, lightning, floods or earthquakes. Many 

insurance policies do not cover losses resulting from an ‘Act of God’.
Additional principal payment

A payment by a borrower of more than the scheduled principal amount

 due in order to reduce the remaining balance on the loan.

A person appointed by a probate court to administer the estate of a 

person who died intestate (without a will).

The written contract for the sale and purchase of property between 

the seller (vendor) and the buyer (purchaser).


A feature of real property that enhances its attractiveness and 

increases the occupant’s or user’s satisfaction although the feat

ure is not essential to the property’s use, eg: scenic views, proximity 

to public transport or recreational facilities.

To repay a mortgage with regular payments that cover both Principal 

and Interest.

An amount paid yearly or at regular intervals, often on a guaranteed 

dollar basis.

A written analysis of the estimated value of a property prepared by a 

qualified appraiser.


A person qualified by education, training, and experience to estimate

 the value of real property and personal property. You can tell 
someone is accredited in NZ with the “B Prop” or “Dip Valuation” 
after their name

An increase in the value of a property due to changes in market 

conditions or supply and demand, etc.

A decorative moulding around doors or windows.

Asking Price

The listed price of the property buy may not always be the selling 

price. The owner may be willing to negotiate.
Assessed Value

The valuation placed on a property for the purposes of taxation by an


Anything of monetary value that is owned by a person, eg: personal 

property, bank accounts.

The transfer of a mortgage or lease from one person to another.


A public sale of a property or real estate that is sold to the highest 

bidder when the owner’s reserve is reached

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