Refer to The Australian Tax Office (ATO).ĬAPITAL GAINS TAX – A Commonwealth tax payable on the Capital Gain made on the sale of an investment property. Buyer’s agents should be licensed and certified to act as a buyer’s agentĬAPITAL GAIN – The amount by which the net proceeds from resale of a capital item exceed the book value of the asset. This occurs when there is an over-supply of property for sale causing prices to decline.īUYER’S AGENT – A person that represents a property buyer in negotiations with a vendor or his/her agent. Normally refundable if possession of property is returned in good condition.īUILDING INSPECTOR – An authorised person who is responsible for checking buildings in the course of construction and completed buildings to ensure that they have been constructed in accordance with building control provisions.īUILDING LINE – The setback from the site boundary required by statutory authorities for buildings.īUILDING REGULATIONS – The Building Code of Australia and other regulations stipulated by local authorities relating to the design and construction of buildings.īUILDING RESTRICTIONS – Planning and development controls that limit the use, size and location of buildings or other improvements on land.īUSINESS BROKER – An estate agent licensed and certified to sell businesses.īUYER’S MARKET – The condition which exists when, under competitive conditions, the pressures of supply and demand are such that market prices are at a relatively low level, giving the buyer an advantage. Associated rights and obligations are fixed by scheduled by-laws.īOND (RENTAL) – Consideration held, usually under a lease, to ensure performance of lease terms and conditions. The registered proprietors of the units are the only members of the Body Corporate. (b) The control and administration of common property is vested in a statutory Body Corporate which comes into existence automatically on the registration of the plan, and to which the provisions of the Companies Act do not apply. (a) A term used in the Strata Titles Act to describe the body representing the building owners Usually includes a condition that one agent will have the exclusive right to sell the property for a period during and after the auction.ĪUCTIONEER – A person who is licensed to sell, or offer for sale, real estate where persons become purchasers by competition, being the highest bidders.īID – A verbal or written offer to purchase.īODY CORPORATE ALSO KNOWN AS "OWNER’S CORPORATION" – Details the reserve price and the costs of the auction, including advertising and the agent’s commission. Such a buyer is liable for the mortgage repayment.ĪUCTION – A sale usually in public, by an auctioneer, in which property is sold to the highest bidder.ĪUCTION AGENCY AGREEMENT – An agreement that the vendor must sign when a property is listed for auction. The term flat is used to describe a self-contained dwelling unit in multi-unit dwellings.ĪPPRAISAL – In Australia, the term means an opinion of price or a range of prices and the potential sale-ability of a residential property.ĪSSESSED, 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.ĪSSUMPTION 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. Commonly used to refer to licensed real estate agents and real estate representatives.ĪGENTS IN CONJUNCTION – Two or more agents employed by a principal to sell or let real estate and share commission.ĪPARTMENT – A room or suite of rooms used as a dwelling unit. Details will be shown on Certificates of Title of both parties granting and receiving the right.ĪCCESSIBLE HOUSING – A dwelling designed to allow easier access for physically disabled or vision impaired persons.ĪDJUSTMENTS – Apportionment of rates, taxes, body corporate fees, rent, insurances etc up to the date of possession or settlement on a sale or letting.ĪGENT – A person authorised to act for another (usually for the owner) in the selling, buying, renting or management of a property. ACCESS RIGHTS – The right of ingress to and egress from a property that abuts upon an existing street or highway.
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