Pitching the parents
First time buyers are increasingly turning to their parents to help them crack the property market, but what’s the secret to popping the question?
Breaking into the property market is tough. Even with higher LVR (loan to valuation ratio) loans that enable buyers to get by with a deposit of as little as five per cent, most first time buyers still need to save tens of thousands of dollars before making a start.
While a helping parental hand is not available to every would-be buyer, some of those baby-boomer parents out there will be well equipped for the task. Forking out cash is also not the only way in which parents can be of assistance.
When it comes down to getting help from the parents, it’s all in the pitch. Rather than ‘begging’ for a handout, it’s best to think of your request as a business proposition.
Making the pitch
Most parents are willing to help their children into the property market so long as they believe they are financially responsible, ready to take on the commitment and are also in a position to help themselves.
Before you make any requests, be sure to get your financials in order so you can show you’re a worthy investment. This means having a solid saving history and a paid off credit card.
Secondly, you need to treat the pitch as a business proposition. To make your presentation full-proof, follow the tips below:
• Don’t approach your parents until you’re serious and plan your pitch well in advance. That way, you aren’t putting them on the spot, plus you will have time to get your financials in order.
• Focus on the investment aspects of property and how their help could help you build your wealth and future – and in the case of co-ownership, their wealth as well.
• Put your request on paper, outlining your goals, what is needed to reach them, and the opportunity being presented to your parents. Include everything they need to know.
• This will give them something to look over later should they need time to consider.
• If you’re seeking help with the deposit, emphasise that you need their help now rather than later, and that early access to any inheritance would enable them to see you putting their hard work towards your own future.
• If your parents don’t agree right away, don’t be disheartened. Demonstrate your dedication by reporting your savings efforts and showing your interest in the property market.
• It might sound silly, but – be good! Obviously your parents won’t help you if you’re not getting along, or they see you spending your Saturdays in bed with a hangover. Mature behaviour is essential to sealing the deal.
RELATED TERMS
Abandonment
Abandonment is the act of surrendering a claim to a lease agreement by a tenant.
Abandonment of property
Abandonment of Property occurs when a tenant leaves a property without notice.
Abatement
Abatement is a tax break or an official reduction, allowance, or rebate offered by a state or municipality on certain types of real estate properties.
Absentee owner
Absentee owner refers to an individual or corporation that owns property without actively managing or occupying it.
Absorption
Absorption is a metric used to determine the number of homes sold in a market at a particular time, or how long would it take to sell the supply of homes.
Abstract of title
An abstract of title shows the continuity of ownership with its chronological summary of conveyance, mortgage or leases and other deeds that identifies the name of parties and description of land.
Acceleration clause
An acceleration clause is a condition in a contract that allows the lender to require payment if certain terms aren't met.
Accessible house
An accessible house is designed or modified for mobility to accommodate wheelchair users and persons with disabilities within the house.
Accumulated depreciation
Accumulated depreciation refers to the total amount of depreciation expense allocated for an asset or property since it was acquired and used.
AccuRate
AccuRate is an organization that stimulates the flow and dynamics of crowds used in urban planning, traffic management, and evacuations.
Acid sulphate soil
Acid sulphate soil refers to naturally occurring soils, sediments, or organic substrates that contain iron sulphide formed in long-term waterlogged conditions.
Acquisition costs
Acquisition cost is defined as the expenses or amount paid for the purchase of a new property.
Acrylic paint
Acrylic paint is a fast-drying paint made of pigment suspended in an acrylic polymer solution and acrylic resin that becomes water-resistant when it dries.
Active solar heating
Active solar heating is a system that captures the sun’s energy for heating or electricity, which is then distributed through the building via electric fans or pumps.
Adaptable house
An adaptable house accommodates the lifestyle changes of its occupants with the provision to modify its existing structure without the need to demolish.
Adaptive reuse
Adaptive reuse is the process of utilizing an existing building or property for a different purpose from what it was originally built for.
Address
The address refers to a place where a person lives or the location of an organisation or establishment.
Adjustable-rate mortgage
An adjustable-rate mortgage is a type of mortgage wherein the interest rate varies or changes throughout the loan.
Adjustable-rate mortgage (ARM)
An adjustable-rate mortgage is a type of mortgage wherein the interest rate varies or changes throughout the loan.
Adjusted gross income
Adjusted Gross Income (AGI) is calculated by deducting certain adjustments to the annual gross income, which helps determine a person's eligibility for getting a mortgage.
Adjustment interval
Adjustment interval refers to the time between changes in interest rates or monthly payments on an adjustable-rate mortgage.
Adverse possession
Adverse possession is the exclusive occupation and use of someone else's real property without permission of the owner continuously for years prescribed by law, thereafter giving title to the occupier-user.
Advertising costs to find tenants
Advertising costs to find tenants refers to the expenses incurred by a landlord to promote their vacant property for rental or lease.
Affordability
Affordability refers to a product or service that is inexpensive and accessible for people with limited means.
Affordable housing
Affordable housing refers to a residential property that a household can afford to pay for aside from their necessities.
Agent
An agent is a person authorised to act as representative in the selling, buying, renting or management of a property.
Agents in conjunction
Agents in conjunction are defined as two or more agents that are employed by a property owner to sell or let a real estate and share its commission.
Agreement in principle
An agreement in principle, also known as the decision in principle or mortgage in principle, is an estimate made by a lender on how much a buyer can borrow to purchase a property.
Agriculture zoning
Agricultural zoning is used to limit the density of development in an area to maintain and protect the land used for agriculture and farming.
Air pollution
Air pollution is the contamination of the air caused by smoke, harmful gases and solid particles suspended in the air.
Air rights
Air rights are defined as the right to build a vertical structure on a space above a property.
Airtightness
Airtightness describes a building’s resistance to the inward or outward movement of air on areas in the building envelope.
Alienation
Alienation is the complete and voluntary transfer of title from one person to another, which is essential to complete property ownership.
All-cash purchases
An all-cash purchase refers to a transaction all paid in cash, with no loan involved, in exchange for a property.
Allowance
Allowance is an amount set aside as a provision for construction items not explicitly accounted for in a contract.
Allowance(s)
Allowances are credits a seller advances to a buyer, applied against the sales price for the repair and necessary improvements of the property being sold, reducing what the buyer must pay without changing the price.
Aluminium paint
Aluminum paint is solvent-based paint that contains aluminum flakes to provide a protective metallic finish on surfaces that make them resistant to rust and corrosion.
Amenities
Amenities are tangible features or intangible benefits of a property that create value.
Amortisation
Amortisation refers to the process of spreading out payments over time to write down the value of a loan.
Amortisation period
The amortization period refers to the length of time it takes for an individual or company to settle and pay off a loan.
Anchor tenants
An anchor tenant also referred to as a prime or key tenant, is a big-name company or brand that rents space in any given area driving foot traffic.
Angle of incidence
The angle of incidence refers to the angle formed by a ray of light that hits a surface.
Angle stop or angle supply
Angle stop, also known as angle supply, is a valve used to control the flow of water for fixtures around the house.
Annual depreciation
Annual depreciation is defined as the standard yearly rate of depreciation that is charged to a fixed asset such as a property.
Annual percentage rate (APR)
The annual percentage rate (APR) is the interest rate charged to borrowers annually, representing the actual cost of funds over a loan term or investment income.
Apartment
An apartment is a personal residence within a house or building occupied by several tenants.
API
API stands for the Australian Property Institute, which is a membership organisation for property professionals.
Appliance energy rating label
- duplicate, see Energy Rating Label
Appliances
Appliances refer to an apparatus or device, usually powered electrically, used in homes to perform domestic functions.
Appraisal
An appraisal is an act of assessing the value of a property, determined by its features and the value of surrounding properties, to secure a mortgage loan.
Appraiser
An appraiser is an individual who provides an objective and unbiased opinion on the market value of a property.
Appreciation
Appreciation is defined as the increase in the value of an asset or property.
Architect
An architect is a professional that is qualified to plan, design, and oversee the construction of buildings and other structures.
Area
An area refers to a certain location in a town, city, region, country or the world.
ARM
- duplicate, see Adjustable Rate Mortgage
Arrears
An arrear is a financial and leger term used to describe an overdue payment.
Articles of Incorporation
Articles of incorporation is a legal document filed to the government to create a corporation.
Asbestos
Asbestos is a natural heat-resistant mineral used for insulation, which can be harmful when exposed in high quantities.
Ashlar
Ashlar is a finely dressed stone used in construction for aesthetic purposes or as an alternative to brick and other materials.
Aspect
Aspect refers to a property’s orientation or the direction where it is facing.
Assessed value
Assessed value refers to a property's determined value to compute or calculate the appropriate property tax.
Assessment
Assessment is the process of evaluation or estimation of a property's value determined by a local assessor.
Assessor
An assessor refers to a person who evaluates or calculates the value or price of a property.
Assessor data
Assessor data is a collection of publicly available information by tax assessor offices, which can then be collated into specialised reports at various levels of geography.
Asset
An asset is any resource owned by an individual or entity that provides economic value for a future benefit.
Asset management
Asset management is the process of managing real estate and assets on behalf of someone else with the aim of increasing its value and grow its portfolio.
Association
An association is a real estate trade group that consists of agents and brokers that provide training and valuable information to its members.
Assumable loan
Assumable mortgage refers to the financing agreement where a buyer takes over the outstanding mortgage of a property, transferring ownership from the current owner to the buyer.
Auction
An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.
Autoclaved aerated concrete (AAC)
Autoclaved aerated concrete is a lightweight concrete that is lightweight, used as an alternative to the conventional concrete block and food-frame structures.
Awning window
Awning windows are hinged at the top to allow ventilation and protection from rain by opening outward from the bottom.
Back priming
Back priming is the process of applying a coat of primer on the back surface and edges of boards, preventing moisture and paint from peeling.
Bad title
A bad title refers to a property’s title that does not grant ownership due to financial problems or legal issues which prevent the titleholder from selling the property.
Balance Sheet
A balance sheet is a financial statement that consists of assets, debt, liabilities, equity capital, and other financial information of a company for the fiscal year.
Balloon loan
A balloon loan is a type of loan that requires a balloon payment at the end of its term because it doesn’t fully amortize.
Balloon mortgage
Balloon Mortgage is a short-term loan wherein there is low to no monthly payment in its initial period, and the borrower is required to settle the balance in a lump sum by the end of the loan.
Balloon payment
A balloon payment refers to a lump sum amount that is required by the end of a loan term.
Bank Bill Swap Rate
Bank Bill Swap Rate or Bank Bill Swap Reference Rate is a short-term interest rate used to benchmark price floating-rate bonds and for pricing other securities.
Bank fees and charges on your loan accounts
Bank fees are imposed by financial institutions for account set-up, maintenance, processing of loans, and other minor transactions.
Bank-owned property
Bank-owned property refers to the unsold inventory of properties during a foreclosure sale of a bank.
Bankruptcy
Bankruptcy is a legal proceeding that occurs when an individual or business is having difficulties or is unable to pay their debt, and creditors evaluate all their assets as repayment for a portion of their debt.
Baseboard
A baseboard is a narrow wooden or vinyl board found on the base of an interior wall, covering the joint between the wall and floor for aesthetic and functional purposes.
Basic variable
A basic variable is a home loan at a lower rate with fewer features compared to a standard variable home loan.
Basin
Basin is a wide shallow bowl or sinks that holds liquids, typically connected to a water supply, and is used for washing.
Basis point
A basis point is a metric commonly used to calculate changes in interest rates and other finance percentages.
Basis point (bp)
A basis point is a metric commonly used to calculate changes in interest rates and other finance percentages.
Bay window
Bay window is a combination of three or more windows built to project outward from the exterior wall of a house to admit more light.
Beneficial interest
A beneficial interest, often related to a trust account, is the right to receive benefits on assets held by someone else.
Bermed
Berm refers to a level space or a raised barrier that separates areas vertically that are made of compacted soil.
BERS Pro
Building Energy Rating Scheme or BERS Pro is a computer program used to analyze the thermal performance of houses or buildings in different climates and weather conditions.
Best and final offer
The best and final offer refers to the last and highest offer that a buyer submits during bidding or negotiation for a property.
Bid
A bid is a verbal or written offer made by a potential buyer or investor to purchase an asset or provide service.
Bidet
A bidet is a bathroom fixture installed as a separate unit from the toilet used to wash the external genitals and anal region.
Big box
The big box is a term that describes a store's physical appearance, it is a retailer that offers a wide range of products that are usually in bulk.
Biodiversity
Biodiversity is defined as the variety of living organisms and species in a region or ecosystem.
Biomimicry
Biomimicry studies nature-inspired designs and mimics their strategies through engineering and invention to solve human problems.
Biophilia
Biophilia is a design approach in architecture that aims to create a connection between nature and man-made environments that is beneficial to its occupants.
Bioshading
Bioshading reduces cooling demands by limiting solar gain in the summer while allowing daylight in during winter through planting deciduous vegetation.
Blackwater
Blackwater, also known as sewage, is wastewater mixed biological material that may contain dangerous substances and pose a health hazard.
Blistering
Blistering occurs when a concrete surface is sealed airtight with air trapped inside that can’t break out of the seal, creating blisters under the surface.
Blueprints
Bluprint is defined as a technical drawing or a detailed design plan used to guide architects and engineers in the process of developing a property or structure.
Blushing
Blushing refers to the white or grayish cast formed on a paint film, which occurs due to the presence of extra moisture while painting or the rapid evaporation of the solvent.
Board meeting
A board meeting is a meeting of a company's board of directors to discuss policies and issues of the organisation, which is held at certain times of the year.
Board of directors
A board of directors is defined as a group of individuals that are elected to represent the shareholder's interests.
Body corporate
Body corporate is a term used to describe the entity that owns or represents the building owners.
Body corporate fees
Body corporate fees are the costs each apartment owner pays to make sure the building and all its common areas are maintained and in good condition.
Bond
A bond is paid as an assurance that the tenant will not breach the conditions of tenancy and upon vacating will leave the premises in a state of good repair and order.
Bond market
The bond market is a financial market for issuing and trading debt securities, where its movement can affect fixed mortgage rates.
Bonding
Bonding refers to the process of permanently and securely joining materials together using an adhesive, heat, pressure, or any chemical agent.
Borrowing expenses
Borrowing expenses can be defined as the interests and other expenses incurred for borrowing funds or taking out a loan.
Bow window
Bow windows, similar to bay windows, extend beyond the exterior wall with four to six windows in a curved manner.
Breach
A breach occurs when an individual has violated or failed to perform a term as stipulated within a contract.
Break costs
Break cost is the opportunity cost to a lender when a loan is repaid before its due date which is designed to cover the loss of interest revenue.
Brick dwarf wall
A brick dwarf wall is typically less than 1 meter in height, often used a base for a porch or as a garden wall.
Bridge loan
A bridge loan or bridging finance allows homeowners to buy a new property without selling or waiting for their existing property to be sold.
Bridging finance
Bridging finance or a bridge loan allows homeowners to buy a new property without selling or while waiting for their existing property to be sold.
Broadhectare land
Broadhectare land refers to parcels of land that are suitable for future residential development.
Broker
A broker is a real estate agent that is licensed and has completed additional training, working independently, and can hire other agents to start their brokerage firm.
Brownfields
A brownfield is an urban site that contains large parcels of unoccupied land owned by a government or industry posing a risk to human health and the environment due to contamination from hazardous waste.
Buck
A buck refers to the wood frames lined on the opening or space set aside for windows during the construction of a house or building.
Budget
Budget is defined as the estimation of expenses made over a specified time for the purchase of goods or services.
Build to rent
Build to rent refers to a residential property that is built and owned by a developer to be leased out to tenants, often a managed investment trust.
Build-to-suit development
Build-to-suit development is an arrangement to construct a space based on the tenant's specifications who will become the sole occupant of the building and have a long-term lease to the developer.
Buildability
Buildability is defined as a project management exercise that reviews the feasibility of a construction process and identify the possible obstacles before it begins.
Building code
Building code refers to a set of rules and guidelines specifying the standards for the construction of buildings and other structures.
Building Code of Australia (BCA)
Building Code of Australia (BCA) provides the minimum requirements for the design and construction of a building, with technical provisions and standards that apply in Australia.
Building efficiency
Building efficiency is defined as the proportion of leasable or usable space to the building's total area. It can also refer to the building's design that significantly reduces the energy usage of equipment for heating and cooling.
Building envelope
A building envelope is defined as the structures that separate the interior and exterior of a building, facilitating climate control and protects the interior from different weather conditions.
Building regulations
Building regulations are based on the Building Code of Australia and other regulations relating to the construction and design of buildings as stipulated by local authorities.
Building Sustainability Index (BASIX)
Building sustainability index (BASIX) is an online assessment tool that rates the energy efficiency performance of residential developments and buildings.
Buydown
Buydown is a loan financing technique where a borrower attempts to get a lower interest rate for the initial or the entire period of the mortgage.
Buyer beware
Buyer beware comes from the Latin term caveat emptor, which describes the concept in contract law that places the burden of due diligence on the buyer of a good or service.
Buyer's agency
A buyer’s agency agreement is a contract between a buyer and real estate agent that provides clarity to their relationships such as the time frame for the transaction and rate of commission.
Buyer's agent
A buyer’s agent is a licensed representative hired by a buyer in negotiations with a property seller.
Buyer's market
A buyer’s market occurs when there is an over-supply in the market causing a decline in prices which gives buyers an advantage.
Bylaws
Bylaws are rules and regulations for homeowners and tenants that govern the activities within the community.
Cabinet soffit
A cabinet soffit refers to the box-like structures built to hide wiring and pipes above or below the cabinetry.
Cadastre
A cadastre is a comprehensive record managed by government agencies that shows the boundaries, value, and ownership of a property for taxation.
Cap
- duplicate, see Capitalization Rate
Capital
Capital refers to the financial resources that are available to be used for income generation.
Capital expenditure
Capital expenditure or capex are funds or expenses used to acquire, replace or maintain fixed assets like property and equipment.
Capital expenditures
Capital expenditure or CapEx are funds or expenses used to acquire, replace, or maintain fixed assets like property and equipment.
Capital gain
Capital gain is the profit or increase in value that is earned through selling a property or asset.
Capital gain tax discount
A capital gain tax discount refers to the discount for an asset held for over 12 months before its sold on an individual’s capital gains.
Capital gains tax
A capital gains tax (CGT) is a tax on the growth in value of investments incurred which is only paid when individuals and corporations sell those investments
Capital gains tax (CGT)
A capital gains tax (CGT) is a tax on the growth in value of investments incurred, which is only paid when individuals and corporations sell those investments.
Capital improvement
Capital improvement refers to permanent structural change or the restoration of a property to enhance and prolong its value or adapt to its new purpose.
Capital loss
A capital loss occurs when a capital asset like an investment or real estate decreases in value or is sold for a price lower than its original price.
Capital returns
Capital return is a payment or returns that are not considered as income, received by an individual from a portion of an investment such as an insurance policy or retirement account.
Capitalisation rate
Capitalisation rate or cap rate is used to determine the expected rate of return to be generated from a property, and is also useful when comparing real estate investments.
Capitalisation/Cap rate
Capitalization rate or cap rate is a real estate valuation that measures its profitability and returns potential determined by the ratio of its net operating income to the property's asset value.
Car expenses
Car expenses refer to the amount of money that someone spends on using a car for business purposes, which can be included when calculating taxes.
Carbon dioxide equivalent (CO2-e)
Carbon dioxide equivalent or CO2e is a metric for the different greenhouse gases equivalent to the amount of CO2 with a similar potential for global warming.
Carbon neutral (carbon zero)
Carbon zero or carbon neutral refers to the activities that release zero carbon dioxide emissions.
Carbon offsetting
Carbon offsetting occurs when carbon dioxide emissions are reduced through different activities and projects to compensate for emissions made somewhere else.
Carbon positive
Carbon positive are activities that go beyond having zero carbon emissions, removing additional emissions, and creating activities that provide an environmental benefit.
Carbon price
Carbon pricing aims to levy a price on carbon emissions as a market-based strategy to minimize global warming emissions.
Carpets
Carpet refers to any type of finished product made in whole or in part of the fabric or related material and intended for use as a floor covering.
Casement window
A casement window is attached to its frame by one or more hinges at the side of the window that opens outward to the left or right allowing full ventilation.
Cash flow
In real estate, cash flow is the total amount of income earned from rental properties after paying its operating expenses.
Cash flow positive
Cash flow positive is an indicator that a company’s increase of liquid assets can cover their obligations, expenses, and have a financial buffer for emergencies and challenges.
Cash out
A cash-out allows borrowers to use their home mortgage to get some cash by replacing an old mortgage with a new one with a larger amount.
Cash rate / bank rate
Cash rate, also known as bank rate, is an interest rate of central banks levied on commercial banks for loans and borrowed funds.
Cash reserves
Cash reserves are funds that an individual or company keeps on hand for short-term or emergencies to cover unexpected payments.
Cash to close
Cash to close is the funds needed by home buyers which are paid upon closing to finalize the purchase of a property.
Casing
A casing refers to the trim, made of wood or metal, that is installed around a door or window openings.
Catchment
A catchment is a geographical area where a particular institution or service attracts a population that needs or uses such services.
Category killers
Category killers are large retail chains and superstores that dominate their product category, leading smaller merchants and stores out of business.
Caulking
Caulking is a material used in building works and repairs to seal and waterproof joints or seams for various structures and pipings.
Caveat
A caveat is a notice or warning to the public regarding interest on land or property.
Caveat emptor
Caveat emptor is a Latin phrase that can be translated to "let the buyer beware”, intended to resolve disputes that arise from the seller having more information than the buyer about the quality of a good or service.
CC&Rs (covenants, conditions and restrictions)
Covenants, conditions and restrictions (CC&Rs), also known as bylaws, are rules and guidelines placed on a community by a developer, neighborhood association or homeowners association.
Cement board
Cement boards are sheets made with a combination of cement and reinforcing fibers which are used as a backing for tiles for their water resistance.
Central business district (CBD)
The central business district is a term used to describe the commercial and business center in a city or urban areas
Certificate of title
A certificate of title is a document issued under the Torrens system of title, showing ownership and interest in a parcel of land.
Change order
A change order is a term used to describe an amendment or modification to the works agreed in a construction contract that changes the contractor’s scope of work.
Charged line
A charged line is where rainwater is pushed uphill from the roof of the granny flat to the street using gravitational force.
Chasing
Chasing is defined as the act of cutting a chase, which is a groove or channel, cut into an existing layer or substrate to accommodate pipes or cables.
Chattel
Chattel is defined as a form of movable personal property that is either animate or inanimate, which can be bought through a chattel mortgage.
Chattels
Chattel is defined as a form of movable personal property that is either animate or inanimate, which can be bought through a chattel mortgage.
Chlorofluorocarbons (CFCs)
Chlorofluorocarbons or CFCs are nontoxic and nonflammable chemicals used as refrigerants, solvents, and degreasing agents.
Cinva
Cinva or Cinva-Ram is the oldest and low-cost portable soil block press for the production of blocks and tiles.
Circuit breaker
A circuit breaker is an automatically operated electrical switch that protects an electrical circuit from damages caused by an overload or short circuit.
Cladding
Cladding is a non-loadbearing layer attached to the outside of a home or building to shed water and protect it from the effects of weather.
Clerestory
A clerestory is a high section of wall with windows above eye level that admits light and fresh air.
Climate change
Climate change is a global phenomenon that refers to the change in global and regional climate patterns over a long period.
Closing
Closing refers to the final step of a sale in which the deal for the property is finalised, the fees and downpayments are paid, and property documents and contracts are signed.
Closing agent
A closing agent is a professional that guides a property buyer through the closing process, reviewing requirements and documents to ensure the orderly transfer of title.
Closing costs
Closing cost refers to the fees and expenses associated with the purchase of a home, paid at the closing of the transaction or when the property title is transferred to the buyer.
Closing documents
Closing documents refer to all agreements, requirements, and documents necessary to make a home loan and complete a property transaction.
Closing statement
A closing statement is a document that contains the details of a mortgage such as the total amount, payment schedule, and all costs and fees associated with the loan.
Co-generation
Co-generation, which is also known as ‘combined heat and power’, refers to the use of a heat engine or power station for the production of electricity and heat.
Co-signer
A co-signer is a person that will be obligated to repay a loan if the borrower is unable to do so.
Cob
Cob or cobb refers to the combination of subsoil, a fibrous organic material like straw, water, and occasionally lime, which are used as a building material.
Coefficient of performance
Coefficient of performance (COP) measures the ratio of heating or cooling provided by heat pumps, refrigerator, or air conditioning systems.
Cold cathode fluorescent lamp (CCFL)
A cold cathode fluorescent lamp (CCFL) is a type of gas discharge lamp used in several applications such as display backlighting and signages for its ability to withstand cold conditions high efficiency, and long-rated life.
Collateral
Collateral is any kind of asset that a lender accepts as security for the repayment of a loan.
Collateral warranty
A collateral warranty is an agreement that is associated with another primary contract to protect the interests of third parties or subsequent owners.
Colour rendering index (CRI)
Color rendering index is a quantitative measure of how colors look under a light source compared to sunlight.
Colourant
A colorant refers to a dye, pigment, or other substance that is added to change the color of a material or surface.
Commercial buildings
A commercial building refers to a property or structure used for business activities, warehouses, and workspaces to generate income.
Commercial Property
- duplicate, see Commercial Real Estate
Commercial real estate
Commercial real estate or commercial property refers to buildings or land used for business activities and workspaces to generate income.
Commission
A commission is a payment or fee issued for the services rendered by an agent which is calculated based on the value of the property sold.
Commitment
Commitment refers to the pledge of a lender to provide a loan at a certain rate of interest and be settled at a specified period to a borrower.
Commitment fee
A commitment fee is charged to a borrower to compensate the lender for its commitment or to extend credit.
Commitment letter
A commitment letter is a binding agreement between lenders and borrowers, indicating the terms and conditions of a loan.
Common area assessments
Common area assessment is a mandatory fee charged to individual owners in a condo or housing development for the maintenance, repairs and improvements of jointly-owned common areas.
Common area maintenance (CAM)
Common Area Maintenance (CAM) are additional charges or fees paid by tenants to help landlords cover the expenses for common areas within the property.
Common areas
A common area refers to the facilities, spaces or areas available for use by tenants and homeowners.
Common law
Common law refers to a body of unwritten laws and a collection of decisions based on legal precedents established by courts.
Common property
Common property refers to a real property that is used, owned, and shared by a group of people, such as the pool at a condominium.
Commonhold
A commonhold is a form of ownership that allows a property owner to have a freehold of individual flats, houses, and non-residential units in a building or estate with no limit on how long you can own the property for.
Community
Community refers to a group of people that is part of a population living in the same location or geographical area.
Compact fluorescent lamp (CFL)
Compact fluorescent lamps (CFLs) are energy-efficient light bulbs that last longer and use less energy than traditional light bulbs while generating the same level of light intensity.
Company title
Company title is a form of ownership where the owner doesn’t have a title but owns “shares” to a company, giving them the right to occupy a defined area of a property, such as a unit on a condominium building.
Comparables
Comparables or comps are used to determine a recently sold asset’s value by comparing a similar asset with the features and characteristics that an owner is looking to sell.
Comparables (comps)
Comparables or comps are used to determine a recently sold asset’s value by comparing a similar asset with the features and characteristics that an owner is looking to sell.
Comparative market analysis
Comparative market analysis is an estimated value of a property used by sellers for listing prices and helps buyers give competitive offers.
Completed foreclosure
Completed foreclosure refers to the repossession of a real estate owned (REO) by the lender that remains unsold at a public auction.
Completed foreclosure sale
Completed foreclosure sale occurs when a property that is sold is still actively owned by the bank or the lender.
Composting toilet
Composting toilet is a waterless sewage-treatment system that turns human waste into compost through decomposition.
Compound interest
Compound interest is the accumulation of interest to the principal amount of a loan or deposit.
Comprehensive plan
A comprehensive plan also called a general plan or master plan is a document that provides a long-term plan or guides for future activities within the development or community.
Compressive strength
Compressive strength is defined as the ability of a material or structure to withstand loads and resist direct pressure of compression force.
Concrete
Concrete is a construction material composed of cement, water, sand, and gravel that hardens over time into a strong building material.
Concrete Board or Wonder Board
- duplicate, see Cement Board
Condemnation
Condemnation occurs when private property is acquired, vacated or kept vacant by the government for public use.
Conditions of sale
Conditions of sale are the terms written in a contract stated by a seller to which the buyer must agree to pursue or finalize a sale.
Condominium
A condominium, or simply called a condo, is a building or complex of buildings with individually-owned units and common areas.
Condominium conversion
Condominium conversion is the process of dividing property held under one title into individually owned units in a building or condominium.
Condominium hotel (aka condotel)
A condominium hotel, also known as a condotel, is a building that was meant to be a condominium but operates and provides services like a hotel for short-term rentals.
Condominium plan
A condominium plan is a document that contains the details, floor plan, features and common areas that must be reviewed before buying a condo.
Conduction
Conduction is the diffusion of heat as a result of temperature difference between the internal and external environment of a building.
Conductive loss or gain
- duplicate, see Heat gain or heat loss
Conduit
A conduit is an investment vehicle or instrument that generates income for issuers and investors by pooling mortgage loans and issuing mortgage-backed securities.
Conforming loan
A conforming loan is a type of conventional loan that has a specific set of criteria that must be met to qualify for a loan.
Construction contract
A construction contract is an agreement that states the scope and terms of work for a construction project between a contractor and a property owner.
Construction costs
Construction costs are the total expenses incurred for the construction of a property such as the raw materials, professional fees, and others.
Construction loan
A construction loan is a type of home loan for individuals who are building or doing major renovations to a home instead of buying an already built property.
Construction schedule
A construction schedule is a time table of how the project will be executed and it’s estimated date of completion.
Construction systems
Construction systems are methods of constructing a home, building, and other structures with various materials and elements.
Constructive trust
A constructive trust is used as an equitable remedy that is granted to address or enforce an equitable doctrine or right.
Consumer Price Index (CPI)
Consumer Price Index (CPI) measures the average change of prices over some time, as well as a gauge for inflation used in loans, leases, and purchase agreements.
Contingency fund
A contingency fund is an amount of money or securities allocated to cover unforeseen expenses or emergencies.
Contingent interest
According to a deed, contingent interest is an interest in real property that will only be received if a certain event occurs or certain circumstances happen.
Contract
A contract is a legal document that binds two or more parties, stating their rights and obligations to the agreement.
Contract of sale
A contract of sale is a formal agreement between two or more parties for the purchase of an asset or property.
Convection
Convection refers to the movement of air where warmer parts move up while cooler parts move down due to its density, which can be a factor in designing buildings.
Convective air movement
- duplicate, see Convection
Convective heating
Convective heating is the transfer of heat through the movement of liquid or gas away from the source of heat.
Conventional housing
Conventional housing, also known as public housing, provides safe and decent housing for low and moderate-income families, the elderly or persons with disabilities.
Conventional mortgage
A conventional mortgage is a loan that is offered by private lenders or government-sponsored enterprises but is not secured or backed by a government agency.
Convertible
A convertible is a financial instrument that can be changed or converted into common stock by a shareholder.
Conveyance
Conveyance is the act of transferring ownership from one party to another formalized through a legal document such as a contract, title, or deed.
Cooling-off period
The cooling-off period is a specified period after a contract signing for the sale of a property in which the buyer can change their mind or back out from the sale.
Coolth
Coolth is a term used to describe a pleasantly low temperature or the loss of heat to a cool body.
Cooperative (aka co-op)
A cooperative or 'co-op' is a residential housing option where its homeowners don't own their unit but is a shareholder whose shares are based on the size of their unit.
Corporate workshops
Corporate workshops refer to the system of professional development activities designed to educate employees to progress professionally and personally.
Correlated colour temperature (CCT)
Correlated Color Temperature or CCT refers to a metric for the colour appearance of a light source through its temperature.
Cost of the work
The cost of the work is fees and expenses on labor, materials, equipment, building permits, and other related costs.
Cost-plus contract
A cost-plus contract is an agreement with a company to be reimbursed for the incurred expenses with an additional amount, usually a percentage of the full contract price, as their profit.
Council rates
Council rates are a property tax paid by all property owners within a municipality to help pay for services provided by councils to maintain local roads, facilities and public open spaces.
Counter offer
A counteroffer occurs in negotiation and transactions as a response or replacement for an initial offer that was rejected, with an option to accept it, reject it, or make another offer to continue negotiations.
Covenant
A covenant is an agreement or contract that constitutes a pledge to do or refrain from doing something on a property.
Covenants, conditions, and restrictions
Covenants, Conditions & Restrictions (CC&Rs), also known as bylaws, are rules and guidelines placed on a community by a developer, neighborhood association, or homeowners association.
CPVC
CPVC stands for chlorinated polyvinyl chloride, which is a thermoplastic piping system that can withstand higher temperatures.
Cradle-to-cradle
Cradle-to-cradle is a design approach that allows a product to be readily reused or recycled upon the end of its life cycle to avoid disposal.
Cradle-to-gate
Cradle-to-gate is an assessment of a product life cycle from resource extraction to the factory before transportation to its consumers.
Cradle-to-grave
Cradle-to-grave is the full life cycle assessment of a product, from the extraction of resources to its final disposal.
Credit report
A credit report contains a detailed summary of an individual’s credit history and current credit situation, which is used by lenders as the basis for interest rates and the approval or disapproval of a loan application.
Crime risk
Crime risk refers to the likelihood of falling victim to crime, which accounts for a non-violent or violent crime, in a certain area.
Cross-over apartments
A cross-over apartment refers to a unit with natural light coming from either side of the building to maximize northern sunlight access.
Cross-securitisation / cross-collateralisation
Cross-collateralization or cross securitization is the act of using an asset that is already the collateral for an initial loan to be the collateral for a second loan.
Cross-through apartments
A cross-through apartment has external windows and doors with equal opening sizes that are adjacent to each other for ventilation.
Crown land
A crown land refers to public lands without specific tenure that is owned and managed by the Australian government which is not freehold title and is still held by the Crown.
Curb appeal
Curb appeal refers to the first impression of a homebuyer on a property's overall exterior and surroundings.
Cycle time
Cycle time is the amount of time spent for a team to work on a project until its completion.
Date of settlement
The date of settlement is the completion of a real estate transaction or the date where ownership of the property officially changes.
Debt
Debt refers to the amount of money borrowed from a creditor with the intention to pay back at a specified date.
Debt capital
Debt capital refers to the borrowed or loaned amount made to a company that must be paid at a later date.
Debt consolidation
Debt consolidation is defined as the act of taking out a new loan to settle other liabilities and debts, combined into a single, larger loan with favorable payment terms.
Debt service
Debt service refers to the amount of money needed to pay the interest and principal of debt for a certain period.
Debt service coverage ratio (DSC)
The debt service coverage ratio measures an entity’s ability to pay current debt obligations with their cash flow.
Debt-to-Income ratio
The debt-to-income ratio is determined by dividing an individual’s monthly debt payment by their gross monthly income to measure their ability to settle monthly payments and loans.
Decennial liability
Decennial liability is insurance that is required of contractors that covers the costs of a building’s potential collapse for 10 years after the completion of a structure or building.
Declarant
A declarant refers to developers who initially own a condominium or common interest community, establishing covenants and restrictions that will be handed over to its appointed HOA board.
Declaration of CC&Rs
Declaration of covenants, conditions and restrictions are initiated by developers to create a homeowner's association and elect its board of directors that will establish and enforce community rules.
Declining percentage
A declining percentage refers to the percentage rate of decline or decrease in the price of a stock or security.
Deed
A deed is a legal document that is an official record of an agreement or official proof that someone owns a property.
Deed of trust
A deed of trust is an agreement between a lender and borrower, where the property's title will be given to a neutral third party that will serve as a trustee.
Deed of trust (trust deed)
A deed of trust is an agreement between a lender and borrower, where the property's title will be given to a neutral third party that will serve as a trustee.
Default
A default is a result of extended payment delinquency, which leads to the foreclosure of a property to be taken over by the lender.
Defeasance
Defeasance is a clause within a contract that voids a loan on a balance sheet when the borrower has sufficient funds to service the debt.
Deficiency judgement
A deficiency judgment is a court ruling against a borrower in default that indicates the sale of property or mortgage foreclosure sale doesn’t cover the debt fully.
Deflocculate
Deflocculate is defined as an agent that breaks up floccules or a chemical added to clay to minimize settling out.
Delinquency
Delinquency occurs when a tenant fails to pay their rent which landlords or property managers consider until it becomes in default and will be subject to eviction.
Delinquent
A delinquent describes a borrower who is unable to pay their loan or mortgage, which creditors consider until such time that it becomes in default.
Demand response
Demand response refers to the change in power consumption of a customer to match the current power supply.
Demographics
Demographics refers to the statistical data relating to the characteristics of a population.
Demography
Demography is a statistical study of populations that determines their size, structure, and development while taking into account certain factors of their general characteristics.
Demolition
Demolition is the act of deliberately destroying property in order to build something else in its place.
Density
Density refers to the distribution of population in a certain area of land, which is measured by the number of residential units per land area.
Density bonus
Density bonus refers to a form of incentive used by inclusionary housing programs, providing an increase in allowed housing units that can be built on any given site.
Department of Veterans' Affairs
Department of Veterans Affairs is a government agency that supports veterans and their dependents, providing financial assistance, healthcare, rehabilitation, and other services.
Deposit
A deposit is a portion of funds used as security for a lease or the purchase of goods and services or funds transfer to another account.
Depreciation
Depreciation is defined as the decline in the value of an asset.
Depreciation allowances
A depreciation allowance is an amount based on the depreciation of assets that a business can reduce its profit by when taxes are calculated.
Designer
A designer is an individual who plans the look and workings of a space or structure before it is made or built.
Determinable fee
A determinable fee, also called a qualified or base fee, is an estate that will end automatically when a stated event or condition occurs, where the interest will revert to the grantor or the heirs of the grantor.
Development appraisal
A developement appraisal determines and analyzes the constraints and opportunities for developers in constructing a property based on its location, risks, and appreciation potential.
Development approval
Development approval is a legal document that allows individuals or entities to undertake a development that states the approved design, specifications, and time frame of a project.
Development fees
Development fee is paid to a company or contractor for the planning, designing, and other services rendered in developing a property.
Development management fee
A development management fee is included in the total development fee, which is paid for the administration and management of a project.
Development standards
Development standards are the regulations for physical modifications and construction of a property, which includes the maximum and minimum height, lot area, floor area, setbacks, and others.
Dew point
The dew point refers to the temperature of the air that needs to be cooled to be saturated with water vapor which is relative to humidity.
Differential pricing
Differential pricing is a strategy in which a company sets various prices for the same product based on a customer type, time of purchase, and other factors.
Digital mortgage applications
Digital mortgage applications refer to the digitised form for a loan application that pre-fill hundreds of fields on the form using available data, which is automatically uploaded to the loan origination system of the lender.
Direct emissions
Direct emissions refer to the emissions created by individuals that are controllable and related to their influence on the environment.
Directors and officers liability coverage
Directors and officers liability coverage is insurance that protects directors and officers if sued by a company or organisation, which covers losses associated with the lawsuit including legal fees.
Discount point
Discount points, also known as mortgage points, is a prepaid interest payment that debtors pay to lower the interest for future payments.
Discounted cash flow method of valuation
Discounted cashflow is a valuation method that determines how profitable a real estate investment is by discounting cash flow from its projected income to derive its estimated current value.
Disposition
Disposition refers to the act of disposing or getting rid of a property, where the proceeds are the amount you received for the property.
Distressed sale
A distressed sale occurs when an urgent sale of assets or properties is made under unfavorable conditions, which are generally at a loss, caused by financial pressure to cover significant debts.
Diversification
Diversification is a technique or strategy that mixes a variety of investments within a portfolio.
Diverter
A diverter is a valve attached to a junction of a pipe for flow control and pipelined circuits.
Door header
A door header is a horizontal support structure that redistributes the load from a top plate around the door opening.
Double glazing
Double glazing is a term used to describe windows that are fitted with two layers of glass.
Double hung window
Double hung windows have two sashes that move up and down, allowing ventilation from the top, bottom, or both.
Down payment
A down payment is an initial payment made for a large purchase, having a higher down payment will lower the loanable amount and its interest.
Drawdown of funds
A drawdown refers to the decline in the value of an investment from its peak value.
Drop-sheet or drop cloth
Drop sheet or drop cloth refers to the protective sheet used by contractors and painters to cover floors, furniture, and other surfaces.
Dry rot
Dry rot or brown rot is defined as wood decay caused by spores and certain species of fungi that digests wood, causing damage to any wooden structure or furniture.
Drywall or gypsum wallboard
Drywall, also known as gypsum wallboard, is a material pressed between two sheets of thick paper used in the construction of interior walls and a modern alternative to plaster.
Due diligence
Due diligence is a review, audit, or investigation performed to confirm details and information under consideration; it is also referring to the examination of financial records before entering a transaction.
Duplex (house)
A duplex is a residential building separated into two living units, either side-by-side or on two floors, with their own entrances.
Dwelling
A dwelling is a self-contained unit or a place of residence that accommodates occupants, such as a house, apartment, condominium, or other substantial structure.
E0
Extra over (EO) is a term often used to indicate an item taken off in the bill of quantities, which are already been measured but have not been priced.
Earned media
Earned media is any publicity that is generated organically through shares, testimonials and reviews by customers or followers.
Earnest money
Earnest money is a deposit made by a buyer for a home they want to purchase in exchange for a contract that outlines the conditions for its refund.
Earning assets
Earning assets refer to the income-producing investments owned or held by individuals or entities, which include rental properties, bonds, and other forms of assets.
Earth coupling
Earth coupling refers to the use of the moderate and consistent temperature of soil as a heat sink to cool a house or building through conduction.
Earth-sheltered house
Earth sheltered homes are structures that are built below ground with earth against the walls or roof, or entirely buried underground.
Easement
An easement is a nonpossessory right in which the title to the property remains with the landowner, but another person or organisation is given the right to use that property for a distinct purpose.
Ecological carrying capacity
Ecological carrying capacity is defined as the number of people an area or space can sustain without degrading the environment and its natural resources.
Ecological water flow
Ecological water flow refers to the flowing water provided by a body of water determined by its quantity and quality for maintaining ecosystems.
Ecospecifier
Ecospecifier is a knowledge base of eco-products that provide information and assist designers in procuring materials for the construction of sustainable buildings.
Effective rent
Effective rent is the actual rate of rent achieved by a property owner after deducting the value of concessions from the base rent of a tenant.
Eggshell
Eggshell is a paint finish between a matte and satin sheen, similar to the texture of the hard outer covering of an egg.
Electricity and gas not paid by the tenant
Electricity and gas not paid by the tenant must be paid by the landlord if these utilities are not separately metered.
Elongated bowl
An elongated bowl is a toilet with an oval shape that is slightly larger and has a longer front section.
Embodied emissions
Embodied carbon is defined as the carbon footprint of a building or infrastructure before it becomes operational, with emissions coming from its materials and construction processes.
Embodied energy
Embodied energy is the total energy consumed and required for a construction project, from extracting raw materials to the production of buildings and infrastructure.
Eminent domain
Eminent domain is the power of the government to acquire and compensate for the use of private land for public use.
Employee
An employee refers to an individual who is hired by an employer and compensated for a specific role or job.
Enamel
Enamel is defined as a substance used as a protective coating for metal, glass, or ceramic wares that prevents corrosion.
Enamel paint
Enamel paint is used as a coating for surfaces that are outdoors or exposed to hard wear or variations in temperature, that air-dries to a hard and glossy finish.
Encroachment
Encroachment occurs when a part of a building or structure goes beyond its property line and trespasses onto the neighbour’s property.
Encumbrance
Encumbrance is a claim on a property made by a party other than the current titleholder.
Energy efficiency
Energy efficiency measures how environmentally friendly a property operates, which commands a higher market value.
Energy management system (EMS)
An energy management system (EMS) is an automation system that monitors, controls, and optimizes energy resources which are used by operators of electric utility grids.
Energy rating label
The energy rating label provides an estimated energy consumption figure for the usage of an appliance, giving consumers an idea of how much it will cost to run that appliance.
Energy star
Energy star is a labeling program backed by the government that identifies office equipment, home appliances, and electronics with superior energy efficiency for individuals and organizations to save money and reduce emissions.
Engineering report
An engineering report contains a full analysis of a property’s structural performance and potential issues assessed by an engineer that is tailored to the client’s needs.
Englobo land
Englobo land refers to a parcel of undeveloped land that is zoned into smaller lots under existing land use provisions.
Enterprise zone
An enterprise zone is defined as a geographic area for development and economic growth as granted by the government, providing tax breaks and other incentives for businesses to stay in the area.
Environment Protection and Biodiversity Conservation Act
Environment Protection and Biodiversity Conservation Act is the Australian government’s legislation to protect the environment and manage its effects through assessments and process approvals.
Environmental Certification Scheme (ECS)
Environmental Certification Scheme (ECS) refers to a labeling scheme, providing a guide for the environmental performance of a carpet.
Environmental impact statement (EIS)
An environmental impact statement is a government document used to inform development consent, stating information of the project and its impact on the environment.
Environmental report
An environmental report contains an investigation or assessment of a property for potential contaminants.
Environmental risk
Environmental risk pertains to the probability of accidents due to deficiencies in waste management and the pollutants released into the environment that may cause serious health issues.
Equal housing opportunity
Equal housing opportunity refers to the ideology that all persons must be granted equal opportunities in buying or renting a property.
Equitable interest
Equitable interest arises where there is an interest in a property, but no legal title exists. It can only be enforced is by the Court and can be asserted against everyone except a bona fide purchaser of the legal estate.
Equity
Equity is the difference between the market value of a property and the amount owed to a lender that holds the mortgage or the loanable amount.
Equity capital
Equity capital is a common or preferred stock issued by businesses to investors in order to raise capital and purchase assets, invest in new projects, or fund operations.
Equity rich
Equity rich is a loan to value ratio of 50% or lower, which means that the owner had equity of at least 50%.
Escalation
Escalation is a clause in a real estate contract to make sure that the buyer is the highest bidder should a property receive multiple offers.
Escrow
Escrow is a contractual arrangement where a third party temporarily holds an amount of money or property until a particular condition has been fulfilled.
Escrow account
An escrow account acts as a savings account where a portion of each mortgage payment is set aside to cover property taxes and insurance premiums.
Escrow agent
An escrow agent is a third-party individual or entity that holds an asset or property while a transaction is finalized, a disagreement is resolved, or contractual obligations are fulfilled for the parties involved.
Estate
An estate refers to the assets a person owns at death that could be used to pay their debts, including all personal property, real property and other liquid assets.
Estate contract
An estate contract is an agreement wherein the land-owner creates or conveys a legal estate on the land that confers on the purchaser an equitable interest enforceable against third parties if registered.
Estimating
Estimating is the process of finding an approximate value that is useful even if the data may be incomplete, uncertain, or unstable.
Ethics/Professionalism
Ethics is defined as the do’s and don’ts for a specific context, while professionalism refers to the certain traits that are expected from professionals.
Evacuated tube
Evacuated tubes, also known as vacuum tubes, absorb solar energy and convert it into heat which is used for a hot water system.
Eviction
Eviction is the act of removing a tenant from a property for nonpayment or violation of the rental agreement.
Eviction notice
An eviction notice is a formal notification sent to a tenant that must leave the property for failure to comply with a rental agreement.
Exactions
Exaction is a condition imposed on a parcel of land, requiring developers to mitigate the negative impacts of a development.
Exchange of contracts
Exchange of contracts is the final step of a house purchase, which occurs when the buyer and seller have reached a final agreement to the contract terms and the sale cannot legally be withdrawn or stopped.
Execution
Execution refers to performing something as required, fulfilling one's obligations under a contract, plan or court order.
Existing property
The existing property is a term that describes a property currently owned, managed or made available by a person or company.
Expanded polystyrene (EPS)
Expanded Polystyrene (EPS) is a lightweight plastic material made from solid beads of polystyrene, used as thermal or sound insulation in the construction of homes and buildings.
Expansion joint
An expansion joint or movement joint is designed to hold parts together and relieve stress on building materials caused by temperature changes, vibration, and shock.
Extender
An extender is a chemical additive or substance that are added to a paint or cement mixture to decrease its density, increase its yield, and reduce its cost.
Extension of lease
An extension of lease is defined as a legal agreement that extends the term of an existing lease agreement which is often granted before it expires.
Exterior features
Exterior features refer to the outdoor construction and external aesthetic of the home.
Externalities
Externalities refer to the cost or benefit imposed on a third party who did not financially incur or agree to receive such costs or benefits.
Extruded foam
Extruded foam or extruded polystyrene (XPS) is made with plastic resin and additives through an extrusion process, which is a type of insulation that significantly reduces energy use and control the indoor temperature in buildings.
Fair market rents
Fair market rent is the rent that would be fair for the landlord and tenant, agreed under the lease concerning all the circumstances relevant to any negotiations for a new rent from the review date.
Fair market value
Fair market value refers to the price of a property under normal market conditions, agreed upon by both the seller and buyer.
Fair market value (FMV)
Fair market value refers to the price of a property under normal market conditions, agreed upon by both the seller and buyer.
Fibreglass
Fiberglass refers to a reinforced plastic material composed of glass fibers that may be flattened into a sheet or woven into glass cloth which are used in automobiles, swimming pools, roofing, pipes, and other functions.
Fiduciary
A fiduciary is an individual or organisation legally bound to uphold their client’s best interests ahead of their own and responsible for several business relationships such as a trustee and beneficiary, and others.
Final inspection report
A final inspection report is a document submitted by a contractor stating the deficiencies that have been corrected or the infrastructure is recommended for acceptance.
Financed leverage
Financial leverage is an investment strategy of using loans and various financial instruments to purchase an asset or increase the potential return of an investment.
Finish coat
A finish coat is defined as the final layer applied in a coating protection system, used to enhance its appearance, environmental protection, and corrosion resistance.
FirstRate
FirstRate is a tool used by designers and thermal performance assessors to generate energy ratings by tracing over floor plans of a home or building.
Fittings
Fittings are items that are not attached and can be removed if the property is sold or rented out, usually hung by a screw, nail, or hook.
Fixed appliances and equipment
Fixed appliances and equipment are usually connected to an electricity supply through a fused outlet, which is permanently attached to a house or building for it to function.
Fixed expense
A fixed expense is an amount of money that does not change such as mortgage payments, real estate taxes, insurance premiums and others.
Fixed interest rate
Fixed interest rate refers to the unchanging rate charged to liability that may apply to the entire duration or a specified period of a loan term or mortgage.
Fixed-price contract
A fixed-price contract is a construction agreement where the payment is a predetermined value that does not depend on the materials or time spent and doesn’t change throughout the project.
Fixed-rate mortgage
A fixed-rate mortgage is a loan in which the interest rate does not increase for a determined period.
Fixture
Fixtures are items that are physically or permanently attached to a land, residential or commercial property that cannot be removed if the occupant leaves or the property is sold.
Fixtures
Fixtures are items that are physically or permanently attached to a land, residential or commercial property that cannot be removed if the occupant leaves or the property is sold.
Flagstone
Flagstone is a flat stone slab, typically cut in a rectangular or square shape, used for paving walkways and floorings.
Flat
A flat is a term used to describe an apartment or a self-contained housing unit that occupies a small part of a large building.
Flat fee
A flat fee or flat rate refers to a pricing structure that charges a fixed amount for services regardless of usage.
Flexible adaptation pathways
Flexible adaptation pathways refer to decision-making strategies that focus on the uncertain and long-term nature of climate change, with trigger points that adjust its response to new information and changes.
Flipping
Flipping is the act of purchasing a property, holding it for a short period, and re-selling for a quick profit.
Flood certification
Flood certification is a document that contains the flood zone status of a property.
Flood zones
Flood zones are places or areas with a risk of flooding due to the weather, its location or proximity to a body of water.
Floor area
Floor area refers to the total area of all floors in a building or a part of it.
Floor area ratio (FAR)
A floor area ratio refers to the ratio of a building’s floor area to the size of land in which it is built.
Floor plan
Floor plan is a type of drawing that shows the layout of a property with its different rooms, spaces, fixtures, and other details necessary in the construction or renovation of a house or building.
Floorplate
Floorplate is a term used to describe the entire floor of a building when discussing its square footage or variation in size.
Fly ash
Fly ash or flue ash is a finely powdered byproduct of burning pulverized coal for generating electricity in power plants that forms cement when mixed with water.
Forced air heating
Forced air heating is a cooling or heating system distributing air within a home or building through ducts and vents connected to an outdoor unit.
Foreclose
- duplicate, see Foreclosure
Foreclosed property
A foreclosed property occurs when the rights and title of an owner is removed due to a defualt of due payments for the property or asset.
Foreclosure
Foreclosure occurs when a borrower fails to pay their outstanding debt and the lender goes through the legal process of recovering the amount by taking over and selling the mortgaged property.
Foreclosure start
Foreclosure start is the beginning of the foreclosure process where the lender will notify the borrower of their missed loan repayment.
Foreclosure timeline
A foreclosure timeline refers to the average time it takes to complete the process of foreclosure.
Foreign Investment Review Board
Foreign Investment Review Board is a non-statutory body responsible for examining proposals and making recommendations to the Treasurer and Government on matters relating to foreign investment.
Forfeiture
Forfeiture occurs as a penalty for illegal conduct or default on a contract, which will result in the loss of property without compensation.
Form-based zoning
Form-based zoning or form-based code is a land development regulation that promotes predictable built results and high-quality public spaces by using a physical form as its organizing principle.
Formwork
Formwork is the process of creating a temporary or permanent mold where concrete is poured and formed in the construction of a house or building.
Fortnightly mortgage
A fortnightly mortgage is an alternative to monthly payments that allows a borrower to pay their loan every two weeks, reducing interest costs and pay off the mortgage sooner.
Forward commitment
Forward commitment is an agreement or contract that will carry out a transaction in the future, stating the goods being sold, their price, the payment, and delivery date.
Fractional ownership
Fractional ownership refers to an investment approach where the cost of an asset is split between shareholders who share its benefits, usage rights, and income.
Frame wall
The frame wall of a house is the horizontal and vertical members for a structures’ exterior and interior walls, which serve as a nailing base for all covering material and provides structural support to the upper walls, ceiling, and roof.
French hinged door
A French hinged door or simply called French doors is a type of patio door with hinges on its side and swings open or closed.
Fretting
Fretting is a kind of wear or corrosion damage on a surface that is caused by rubbing, gnawing, or repetitive motion.
Frieze
A frieze is a decorative band in between the architrave and the cornice or simply high up on a wall near the ceiling that is often painted, sculpted, or has a calligraphic design.
Furniture
Furniture is defined as large, bulky objects used to enhance a residence, business or other space for living or working.
Furring channel
A furring channel is a hat-shaped framing component that is corrosion resistant and used to provide a stable framework for plasterboards on walls and ceilings.
Fuse
A fuse is a current-conducting strip or wire that provides an overcurrent protection of an electrical circuit.
Gain
Gain is an increase in the price or value of an asset or property currently owned and was acquired at a lower price.
Gazumping
Gazumping is defined as the practice of refusing to sell a property to someone after agreeing to sell it and selling it to someone else who offers to pay more.
Gearing
Gearing is defined as the relationship between debt and equity of a company that shows how much of its operations are financed by lenders or shareholders.
Gearing effect
A gearing effect refers to the impact of a company’s capital gearing on its shareholders’ dividends and earnings per share.
Gearing ratio
The gearing ratio is a financial ratio that compares the equity and debt of a company to assess its leverage and financial stability.
General contractor
A general contractor is responsible for overseeing a construction project that is hired by a property owner or developer.
General obligation bonds
General obligation bond or GO bond is a type of municipal bond backed by the state or local government for solely their credit and taxing power with no collateral.
General superintendent
A general superintendent is in charge of supervising the daily operations of a construction site and ensure that project completion is within its budget, schedule, and quality standards.
Generator
A generator is defined as a device that converts mechanical energy into electricity to be used in an external system.
Genset
Genset is short for a generator system that functions as a portable power source by converting chemical energy into mechanical energy, and then into electrical energy with an alternator.
Gentrification
Gentrification is defined as the rapid process of urban development in a city that raises its value as well as rent and living costs that may result in displacement for its residents.
Geocodes
Geocodes are a set of coordinates that determines a specific address or location on the Earth's surface.
Geopolymers
Geopolymers is an inorganic material that is a result of alkali activation of aluminosilicates, used in different applications but mostly in construction.
Geotextile
Geotextiles are permeable fabrics in the construction of roads and railways which are used to reinforce soil and prevent damages.
Geothermal heat pump
A geothermal heat pump is a highly efficient heating and cooling system that uses renewable energy technology for residential and commercial buildings.
GFCI
A GFCI or ground fault circuit interrupter is a type of outlet that detects dangerous ground faults and turns off the power to prevent serious harm from electric shock.
Gift letter
A gift letter is a written correspondence that legally states a certain amount of money received is a gift from a friend or family member.
Gloss
A gloss is a term used to describe the shiny finish on an object or surface, it also refers to the finishing paint material used as a coating.
Going dimension (stairs)
A going dimension refers to the measurement of the individual going of a step, which is the horizontal distance between the face of the first and last risers.
Goods and services tax (GST)
Goods and services tax (GST) is a tax with the rate of 10% on goods, services and other items that are sold or consumed in Australia.
Governing documents
Governing documents refer to the declaration or other documents that govern the operation of an association, such as bylaws, articles of incorporation and other documents.
GPF or gallons per flush
Gallons per flush (GPF) is the amount of water a toilet uses every time it flushes.
Grace period
Grace period is the length of time beyond a due date which a payment or financial obligation may be settled without penalty.
Graining
Graining is the act of painting a non-wood surface to imitate the natural grain of the wood for an aesthetic appeal.
Greater Capital City Statistical Areas (GCCSAs)
Greater Capital City Statistical Areas are geographical locations that are designed to represent the eight state and territory capital cities in Australia.
Green buildings
Green building or sustainable building refers to the structure and application of processes that are environmentally responsible and resource-efficient.
Green roof/wall
A green roof/wall or living roof/wall is a building element that consists of a waterproofing membrane and soil to support living vegetation to achieve environmental benefits.
Green Star — Communities
Green Star — Communities is a rating tool that assesses the planning, design, and construction of large-scale development projects in a neighborhood or community.
Green Tick
Green tick is a certification scheme that complies with the international standards for sustainability and aims to promote products and services that have been certified as environmentally sustainable.
Green Tick (furniture)
Green Tick is a product certification by the Australasian Furnishing Research & Development Institute for sustainable furniture that uses ethical sourcing of materials, manufacturing processes, and product recyclability.
Greenfield development
A greenfield development refers to the real estate construction project on a previously undeveloped parcel of lands such as agricultural fields, forest lands, and others.
Greenhouse gases
Greenhouse gases absorb and emit radiant energy that causes a greenhouse effect where heat is trapped in the atmosphere and warms the planet.
Greenhouse intensity
Greenhouse intensity refers to a ratio that compares the greenhouse gas emissions of the activity or economic sector to the value it generates.
GreenPower
GreenPower is a program managed by the government for individuals and businesses to support renewable energy generation.
Greywater
Greywater refers to the wastewater generated from households or buildings that comes from non-toilet plumbing systems.
Grid
A grid is defined as the reference lines to which the dimensions of major structural components of a building’s plan are fixed, it also refers to the network of transmission lines that distribute electric power.
Gripple
A gripple is a wire joiner that grips wires or wire ropes by a spring-loaded roller or wedge and is tensioned by being pulled through.
Gross development value
Gross Development Value or GDV is the projected or expected value of a property once the development is completed, which can also be used to calculate the mortgage for the property.
Gross earnings
Gross earnings are defined as the total amount of income earned by an individual or company over a period of time.
Gross energy requirement (GER)
Gross Energy Requirement (GER) is the total amount of non-renewable energy resources consumed in manufacturing a product or providing service, expressed in energy units per physical unit delivered.
Gross flipping profit
Gross flipping profit is defined as the difference between the purchase price and the 'flipped' or renovated price of a property.
Gross flipping ROI
Gross flipping ROI can be determined by dividing the gross flipping profit by the purchase price of the property.
Gross income
Gross income refers to the total income and earnings from all sources before deductions or taxes.
Gross rent
Gross rent or gross rent lease is defined as the rental rate that includes any incidental charges that may be incurred by a tenant.
Gross rental income
Gross rental income is the combined amount of all monthly payments made by tenants for the use of a rental property.
Gross yields
A gross yield is calculated as the annual return of an investment before taxes and expenses divided by its current price and expressed as a percentage.
Ground coupling
Ground coupling is a cheap and sustainable source of energy by pumping groundwater through a heat exchanger, extracting water for flushing, irrigation, or using the earth as a heat sink.
Ground leases
A ground lease is an agreement where a tenant is allowed to develop a piece of property during the lease period, which will be turned over to the property owner at the end of the lease term.
Grout
Grout is a mixture of water, cement, and sand that is used as filler for joints between tiles or walls.
Guaranteed maximum price (GMP)
Guaranteed maximum price (GMP) is a cost-type contract where the contractor is paid for the actual cost incurred with an additional fixed fee subject to a ceiling price.
Guarantor
A guarantor is a financial term for an individual who promises to pay the debt of a borrower if they default on their loan obligation.
Hail
Hail is a type of precipitation that consists of frozen solid rain that falls in small balls or pellets.
Hand shower
A hand shower or better known as a handheld showerhead is a device that delivers a spray of water that can be moved to various locations in the shower and aimed at different parts of the body.
Handover
Handover is the act of giving control, possession, or responsibility to another individual or group.
Hard costs
Hard costs, also known as brick-and-mortar costs, are directly related costs to construction which include material and labor costs.
Hardboard
Hardboard of high-density fiberboard is an engineered wood product densely compressed and glued together with resin that is often used to make furniture components for commercial and household use.
Hazard insurance
Hazard insurance is coverage that protects a property owner from natural events, fires, storms, and other occurrences that may cause damages to the structure of a home.
Hazards
Hazards are defined as potential sources of danger, risk or harm.
Header tank
A header tank is a container of liquid used to accommodate the expansion of water during the heating cycle, positioned at a higher level to maintain the level of pressure.
Hearth
Hearth refers to the floor of a fireplace that is often made with brick, stone, or concrete to withstand the heat.
Heat exchanger
A heat exchanger is a system that functions by transferring heat between two or more fluids at different temperatures.
Heat gain or heat loss
Heat gain or heat loss measures the total transfer of heat through a building’s fabric, describing the rise and fall of temperatures within a building.
Heat island effect
A heat island effect occurs when an urbanized area experiences higher and much warmer temperatures than nearby rural areas, which is caused by human activities.
Hereditament
Hereditament refers to any kind of property, either corporeal or incorporeal, that can be inherited.
High mass construction
High mass construction refers to the construction of buildings with concrete slabs for their ability to absorb and store heat, ideally used on lower levels to stabilize temperatures.
Highest and best use
Highest and best use is a concept that is defined as a reasonably probable and legal use that would bring the highest value to vacant land or improved property.
Holding deposit
A holding deposit is a payment made to a landlord or agent as security to reserve a property which is refundable if the lease agreement doesn’t push through.
Holdover tenant
A holdover tenant is an individual or company that continues to pay rent after the expiration of a lease if the landlord agrees.
Home equity
Home equity is defined as the value of the homeowner’s interest in their home or the current market value of real property.
Home equity line of credit (HELOC)
Home equity line of credit refers to the loan agreement where the lender will give a maximum amount within a time frame.
Home equity loan
A home equity loan is a type of consumer debt that allows homeowners to borrow against the equity of their residence.
Home flip
The term home flip refers to the process of buying a property to be renovated and sold at a profit.
Homeowner's association (HOA)
Homeowner’s association, or simply HOA, is an organisation that enforces rules and guidelines within the property for residents in a subdivision, condominium or community.
Homeowner's insurance
A homeowner's insurance covers the liabilities and any hazards to a homeowner’s property and assets.
Horizontal development
Horizontal development or construction refers to the structures built horizontally or spread out relative to their height, such as houses, roads, sidewalks, and other structures.
Hot water system
Hot water heating systems are built to provide radiant heat through a boiler where hot water will be circulated throughout the house or building.
Hot-water heating
Hot water heating is a heat transfer process that utilizes an energy source to produce hot water.
House
A house refers to a building or property used as living quarters or an individual’s place of permanent or temporary residence.
House size
House size determines the square footage of a house that has an impact on the property's value, tax and potential renovations.
Housing affordability
Housing affordability refers to the cost of housing that is relative to the disposable income of a renter or buyer.
HVAC
HVAC stands for heating, ventilation and air conditioning, which is a system within a residential and commercial building that provides heating and cooling.
Hydronic system
A hydronic system is a heating or cooling system that uses fluid as a heat transfer medium to be recirculated through pipes in a building.
I-beam
I-beam is a type of structural steel with two horizontal planes connected by one vertical component that creates an “I” shape, used as a support member in the construction of buildings for its capacity to withstand various loads.
Impact fees
An impact fee is a one-time payment imposed by a local government to property developers to offset the financial impact of new development on public infrastructure.
Implied trust
An implied trust is a trust imposed by law to situations by presuming an intention of the participants to create a trust or simply because of the facts at hand.
Impound account
An impound account is created to collect payments for tax and insurance which are necessary to keep an individual’s home, managed by a mortgage company but are not part of their mortgage payment.
Improved land
Improved land refers to land that has been developed such as the construction of a building, establishing utility hookups, changes in zoning restrictions, and other means that make it useful.
In-home display (IHD)
In-home displays (IHD) is a small electronic device with a small screen indicating a household’s electricity consumption.
Incapable of being made void.
No entry
Inclusionary zoning
Inclusionary zoning is a program, policy, or system that aims to create affordable housing for people with low to moderate-income within a development.
Income levels
Income level is defined as the classification for the amount of money available, after taxes and contribution, that an individual can use to spend and buy consumer goods.
Income splitting
Income splitting is a tax reduction strategy used by families living in areas with bracketed tax regulations by transferring their income to a lower-income family member.
Income tax
Income tax is a type of tax that governments impose on income generated by businesses and individuals, used to fund public services, pay government obligations and provide goods for citizens.
Indefeasible
Indefeasible is defined by law an as estate or right that cannot be defeated, revoked or made void.
Indemnity
An indemnity is a contractual agreement where one party agrees to pay for the potential losses or damages caused by another party.
Independent contractor
An independent contractor is a self-employed individual or entity that provides services only as required under a written or verbal agreement with another entity.
Index
An index, also known as property index, shows the price trends and investment performance of a property which includes the potential rental income, changes of its value, and their return on investment.
Indigenous (plants)
Indigenous plants refer to the native species of plants in a specific region or ecosystem as a result of natural processes and without any human intervention.
Indirect emissions
Indirect emissions are defined as the carbon produced by the country an individual lives in, which are emissions not directly from an individual but the population and other sources.
Industrial paint
Industrial paints are pigments, in a liquid or powder form, which are applied on concrete, steel, or any machinery to protect or beautify its surfaces.
Infill development
Infill development refers to the development of vacant sites, or the redevelopment of existing buildings, sites, or under-used land or buildings located in urban areas.
Inflation
Inflation determines the decline of purchasing power for a given currency over time, as well as the general level of price for goods and services.
Inflationary risk
Inflationary risk is defined as the risk that the future value of an investment, asset, or income stream will decrease due to inflation or a decline in purchasing power.
Information failures
Information failures occur when participants of a project have inaccurate, incomplete, or uncertain information that may cause misunderstandings and potentially wrong choices.
Information sessions
An information session refers to an open meeting scheduled by an organization to discuss its goals, opportunities, and operations.
Infrastructure priority list
Infrastructure priority list a document that contains a prioritized list of significant projects and proposals in Australia that provide solutions to a defined infrastructure problem.
inspection cost
Inspection cost refers to the expense made for the examination of a property's safety and current condition.
Institutional investor purchases
Institutional investor purchases are the sales of a residential property to non-lending entities that acquired at least 10 properties within a year.
Insulated glass unit
- duplicate, see Insulating Glass
Insulating concrete forms
Insulating concrete forms refer to the cast-in-place concrete walls sandwiched between two layers of insulation material used in low-rise buildings for residential, commercial, or industrial use.
Insulating glass
An insulating glass consists of two glass panes separated by a spacer and sealed together which is designed to regulate the internal temperature of a home.
Insulation
Insulation is a material used in buildings, usually thermal but also for acoustic, fire, and impact purposes.
Insurance
In real estate, insurance is a contract or policy that protects an individual or entity’s property from damages and losses, receiving reimbursement from an insurance company.
Insurance – building, landlord, etc.
Insurance for buildings and landlords are coverages that protect landlords from property damage, rental income lost due to a property’s temporary habitability, and liability protection.
Interest
Interest is the amount of money charged by a lender or financial institution for a loan, which is calculated as the percentage of the principal amount paid over the loan term.
Interest rate
Interest rate is the percentage of the principal amount charged by a lender for the use of the amount loaned.
Interest rate cap
An interest rate cap refers to the overall limit on the interest rate of a loan which gives the borrower protection from dramatic increases and provides a maximum interest rate cost.
Interest shortfall
Interest shortfall occurs when a borrower has made their monthly payment, and the accumulated interest due on a loan is not covered by the said payment.
Interest-only loan
An interest-only loan is a type of mortgage where the borrower is only required to pay the interest for a certain period of the loan term.
Interior features
Interior features refer to the elements, characteristics and design inside a property.
Internal rate of return
Internal rate of return refers to the metric used to analyze the profitability of a potential investment.
Internal rate of return (IRR)
Internal rate of return refers to the metric used to analyze the profitability of a potential investment.
Inverter
An inverter is a device that converts or changes the direct current to an alternating current.
Investment
An investment is an asset or item purchased with the expectation that it will generate income or appreciate in value in the future.
Investment agency
An investment agency or investment company offers a variety of funds and services to investors such as investing pooled capital into financial securities, portfolio management, tax management, and others.
Investment property
An investment property refers to a land, condo unit or building purchased to earn profit through rentals or capital appreciation.
Investment real estate
Investment real estate allows individuals to invest in residential or commercial real estate, diversify their portfolios, and generate income through value appreciation and rental profits.
Jamb
Jamb refers to the lining or the sides of a doorway where a door is secured.
Jet
A jet is a rapid stream of liquid or gas discharged through a small or narrow opening.
Joint tenancy
Joint tenancy is a legal arrangement between two or more people that own a property together with equal rights and obligations.
Judgment
Judgment is a court order that determines the rights and obligations for each party in a contract, usually monetary, and is legally enforceable.
Judgment lien
A judgment lien is a nonconsensual lien attached to a property, a court ruling that grants a creditor to take possession of a debtor’s property for failure to fulfil their contractual obligation.
Junior debt
Junior debt, also known as subordinated debt, is a bond or other debt issued with lower priority and will only be repaid in the event of default or bankruptcy after senior debts have been paid in full.
Jurisdiction risk
Jurisdiction risk refers to the risk that arises from doing business or lending money in a foreign location, as well as the exposure of investors to unexpected changes in the laws of another country.
K-ratio
K-ratio is a valuation metric that determines the consistency of returns and performance of an equity over time.
Kickback
A kickback is a type of bribery or an illegal payment used as compensation to receive preferential treatment or other kinds of improper services.
Knot
A knot is a portion of a branch or limb of a tree that shows the edge or face of the wood.
Lagging
Lagging are plankings commonly used for supporting excavations to avoid cave-ins during construction, it also refers to a special material used to cover pipes, water tanks, or inside a roof to protects its insulation.
Laminar flow (wind)
Laminar flow is characterized by a fluid moving smoothly in layers through a regular path with little to no mixing.
Land bank
Land banks can either refer to a large body of land held by organizations for future development, or a financial institution that provides loans for real estate and agricultural purposes.
Land banking
Land banking is the practice of acquiring land as an investment and hold ding it for future use with no specific plans for its development.
Land charge
Land charge is a restriction or prohibition imposed on a particular piece of land either to secure the payment of a sum of money or to limit the use of the land.
Land tax
Land tax, also known as property tax, is the fee paid on the purchase of a property owned by an individual or other legal entity.
Land value
Land value refers to the value of a property, including the land and improvements that have been made, that is assessed by an appraiser to determine its price.
Land write-downs
Land write-downs refer to the reduction of balance or decrease in the book value of a property, becoming an impaired asset.
Landholding costs
Landholding costs or property holding costs are the expenses incurred by the owner of an investment property, such as utilities, taxes, maintenance, mortgage payments, and other costs that come with the property.
Landing
Landing is the area located at the top of a staircase or in between a flight of stairs.
Landlord
A landlord, also known as a lessor, refers to an individual that owns a leased property.
Landlord insurance
Landlord insurance is a policy for landlords that covers financial losses, or the cost to replace or repair damages, that may occur to a residential investment property and its contents.
Landlord protection insurance
Landlord protection insurance is a policy for landlords to protect them from financial losses and cover the cost to replace or repair damages that may occur to their property and its contents.
Landlord-tenant law
Landlord-tenant law determines the rights and obligations with regard to a rental property for both the landlord and tenant.
Landslide risk
A landslide risk refers to the possibility of a landslide occurring in a certain area or location, as well as the potential damages to property and loss of life.
Late charge
A late fee refers to the amount charged by a creditor when a borrower makes a late payment of their loan or mortgage.
Latent energy
Latent energy refers to the energy released or absorbed during a process or a change in a physical state without changing its temperature.
Lateral load
Lateral load is defined as the continuous and repeated application of load on a structural component parallel to the ground in a horizontal direction.
Latex paint
Latex paint is water-based paint made from acrylic resin that is recommended for painting larger areas because it can easily be washed off.
Leachate
Leachate is a highly contaminated liquid generated from water that goes through a solid waste disposal site or landfill.
Lead-based paint disclosure
Lead-based paint disclosure is a legal document stating that a property built around the 1970s, made available for sale or rent, has potential risks for the use of lead-based paint.
Lease
A lease refers to a contract between a landlord and tenant for the use of a property in exchange for a certain amount, under certain conditions for a set period of time.
Lease assignment
A lease assignment refers to the process of transferring all rights and obligations of an old tenant to a new tenant such as paying rent, utilities, and others.
Lease option
A lease option is a type of contract that gives a tenant the option to purchase the property at the end of its rental period.
Lease renewal
A lease renewal is a legal document with the purpose to extend the lease for another term, with minor changes such as the rental amount and other conditions deemed necessary.
Lease term
The lease term refers to the noncancelable duration of time that a tenant is allowed to occupy or use the property.
Leasehold
A leasehold is an asset or property that is is held by a tenant through a lease agreement with a landlord in exchange for scheduled payments.
Leasehold improvement
A leasehold improvement is a change or improvement made to a rental property for the particular needs of a tenant.
Leasing agent
A leasing agent provides their services by screening potential tenants and preparing lease documents, acting as a representative of the property owners.
Legal and professional fees
Legal and professional fees are prices charged by lawyers, engineers, architects, and other individuals who are specially trained to provide services for specific fields.
Legal estate
A legal estate refers to the right to own property for a particular time or permanently.
Legal expenses
Legal expenses refer to the attorney fees, court costs and litigation expenses incurred during a trial, proceeding or processing of legal documents.
Legal interest
Legal interest in a property refers to the right of a legal owner to possess or use property, giving them free will should they decide to sell or transfer the property.
Legal nonconforming use
A legal nonconforming use refers to the use of a property previously allowed under zoning regulations but is no longer permitted due to modifications or changes in the current zoning regulations.
Lenders Mortgage Insurance (LMI)
Lenders Mortgage Insurance (LMI) is an added premium to a home loan that protects the lender in case a buyer’s financial situation deteriorates and they’re unable to repay their loan.
Lessee
The lessee, better known as the tenant, is the one granted the right to use or occupy the property as stated in the lease agreement.
Lessee (Tenant)
The lessee, better known as the tenant, is the one granted the right to use or occupy the property as stated in the lease agreement.
Lessor
The lessor, also known as the property owner, is the one who rents out their property and earns income from it.
Lessor (Landlord)
The lessor, also known as the landlord or property owner, is the one who rents out their property and earns income from it.
Liability
A liability is something that is owed or an obligation of an individual or company which is usually a sum of money.
License
A licence is a document or permission granted by a qualified authority permitting a licensee to do something that would otherwise be prohibited.
Licensed real estate agent
A licensed real estate agent is a professional authorized to act as a representative for buyers or sellers in a property transaction.
Lien
A lien is a legal right of a creditor to possess, seize or sell a collateral property of a borrower who is unable to meet their obligations for a loan or contract.
Life cycle assessment (LCA)
Life Cycle Assessment (LCA) is defined as the systematic analysis of a product or service for its potential environmental impacts during its entire life cycle.
Life cycle costing (LCC)
Life-cycle costing (LCC) is a technique or method of assessing the total cost of ownership, tracking and accumulating the actual costs and revenues attributable to cost from its creation to abandonment or disposal.
Life interest
A life interest is a form of right for an individual to use a property and be entitled to any income generated from the property within their lifetime.
Lifestyle centre
A lifestyle center is a mixed-use commercial development that has shopping centers and leisure amenities for upscale customers.
Lifetime cap
A lifetime cap pertains to the maximum interest rate a borrower will pay throughout the loan term.
Light organic solvent preservative (LOSP)
Light Organic Solvent Preservatives (LOSPs) are preservatives that are used to protect timber against insects and decay, as well as weather protection if it contains a water repellent.
Light-emitting diode (LED)
Light-Emitting Diode (LED) is an electronic semiconductor device that emits visible light when an electrical current is passed through it.
Lightweight construction
Lightweight construction is defined as the use of a wood or light gauge steel framing to provide structural support for the construction of a building or structure.
Line of credit
A line of credit refers to an agreement between the lender and borrower, establishing the maximum loanable amount that a client can borrow.
Linseed oil
Linseed oil, also known as flaxseed or flax oil, is a natural oil extracted from flaxseed used as a preservative for wood, concrete, and an ingredient for paints, varnishes, and stains.
Liquid asset
A liquid asset refers to an asset you own that can easily be converted into cash retaining its market value.
Liquidity
Liquidity is the efficiency or the ease to convert an asset or security into cash without affecting its market price.
Listing
A listing refers to property available for sale.
Livable house
A livable house is designed to meet the needs and lifestyle of its occupants throughout their lifetime.
Living Building Challenge
Living Building Challenge is a certification program based on their ultimate green building standard that incorporates regenerative design solutions to improve their local environment rather than reducing harm.
Living roof/wall
- duplicate, see Green roof/wall
Loan model
A loan model identifies and positions the active loans for a property.
Loan Origination Fee
- duplicate, see Origination Fee
Loan-to-value ratio (LVR)
Loan-to-Value Ratio (LTV) determines the amount necessary to put in a down payment and is used by lenders to examine an application before approving a mortgage.
Local generation
Local generation occurs when electricity generated for consumption is at a customer’s site or close to where it will be used, often through solar, wind, cogeneration, or trigeneration.
Lock period
A lock period is the amount of time a lender guarantees a specific interest rate or other loan terms open to a borrower which protects them from rising interest rates during the processing of a loan application before it closes.
Lock-in
A lock-in clause prevents a borrower from early retirement of debt for a specified period or the entire duration of the loan, or the amount of time that a tenant pays rent to a landlord.
Long-term financing
Long-term financing is defined as financial instruments with a maturity date that exceeds a year, providing flexible payment terms and greater resources to fund various capital needs.
Long-term rental
Long-term rental is a property for lease with a longer agreement at standard rates including utility bills.
Lot features
Lot features are defined as the characteristics of a parcel of land.
Lot size
A lot size is defined as the size of a parcel of land.
Low consumption toilet
Low consumption toilet, also known as a low-flush or low-flow toilet, is created to use significantly less water than a full-flush toilet.
Low documentation loan (Low-doc loan)
Low Documentation Loan or Low-Doc Loan allows borrowers to apply for a loan with less documentation needed to prove employment, income, or assets.
Low emissivity (low-e) glass
Low-emissivity or Low-E glass is a transparent coating that emits low levels of radiant thermal energy reducing heat gain or loss and improves the energy efficiency of the glazing.
Low mass construction
Low mass construction uses lightweight materials in building the upper levels of a structure to ensure that hot air is not stored and leaves the building through good ventilation systems.
Low-emission energy
Low-emission energy or low carbon power refers to electricity production with lower or minimal greenhouse gas emissions, with sources such as wind power, solar power, nuclear power, and hydropower.
Low-income tax credit (LITC) properties
Low-income tax credit properties refer to a tax incentive for developers that subsidises the creation of housing for low-income individuals and families.
LTV
- duplicate, see Loan to Value Ratio
Luminaire
A luminaire or light fixture is a complete electric light unit composed of a light source with parts that distribute light, protect the lamp, and connect it to a power source.
Lump-sum contract
A lump-sum contract is a construction agreement where a total price is quoted to cover all the costs, plans, and specifications of the project.
Maintenance
Maintenance is the act of preserving and keeping an asset, property or equipment in good condition through checkups and repairs.
Maintenance cost
The term maintenance cost refers to any expense incurred by an individual or business to keep an asset in good working condition.
Maladaptation
Maladaptation is a harmful trait that describes an individual or organism’s failure to adjust adequately or appropriately to an environment or situation.
Management agreement
A management agreement is a contract with the owner of an income-generating property and an individual or entity that will manage the property.
Margin
Margin is defined as the money borrowed to purchase an investment and the difference between its value and the loan amount.
Marginal land
Marginal land refers to a parcel of land with little to no agricultural or commercial value and has little potential for profit due to poor soil quality and other undesirable characteristics.
Market price
The market price is defined as the current price that a good or service can be purchased or sold.
Market rate
Market rate, also known as going rate, is the standard price of goods and services influenced by a free market.
Market research
Market research is the process of gathering information to identify the needs and preferences of investors and potential consumers.
Market trends
Market trends represent the overall direction or movement of a market.
Market value
Market value is the price of an asset or the value of an investment property in the market.
Marketing list
A marketing list is a tailored list of property data and information useful to homeowners and buyers.
Master association
Master association is an umbrella term for an organisation authorised to oversee HOAs in common interest communities.
Master developer
A master developer refers to an individual or entity that has been involved with large-scale real estate development projects in several areas.
Maturity
Maturity refers to the agreed-upon date for the transaction or financial instrument to end, which can be renewed.
Mean price
Mean price refers to the average price of an asset or security over time.
Median
Median is the middle point or value in a sorted, ascending or descending, list of data.
Median price
Median price refers to the middle point for real estate prices that exactly determines half of the houses priced for less or more.
Mediation
Mediation is a structured and interactive process of resolving disputes among parties involved, with the assistance of an impartial mediator during settlement discussions.
Medium density housing
Medium-house density housing is defined as a category of residential development that is between detached suburban housing and multi-story apartments.
Mezzanine
A mezzanine is a low-ceilinged story or intermediate floor in a building, which is open to the floor below.
Mezzanine financing
Mezzanine financing is a combination of debt and equity financing that provides generous returns, which is a way for companies to raise capital for expansion or other projects.
Micro switch
A microswitch is a mechanically operated electrical switch operated rapidly by a small movement to activate an automatic device.
Mini-perm
Mini-perm is short-term financing used by developers to pay off construction projects or commercial properties before generating income or to acquire an investment property.
Minimum Energy Performance Standards (MEPS)
Minimum Energy Performance Standards (MEPS) is an energy performance specification for appliances, lighting, and electrical equipment before they are made available for sale or used for commercial purposes.
Minor interest
Minor interest is a loose term used in place of the term ‘registrable interests’, which refer to those rights that can be applied to land, yet are secondary to the registered estate.
Mixed use development
A mixed-use development or mixed-use zoning is a type of urban development that has more than one use, which can be a combination of retail, office, residential, medical, or commercial use.
Mixed Use Zoning
- duplicate, see Mixed Use Development (MXD)
Modficiation to a legal nonconforming Use
- duplicate, see Legal Nonconforming Use
Modular housing
Modular housing is a prefabricated house that consists of several sections and its construction method involves putting together these modules into one single structure.
Money market account
Money market accounts are offered by banks and credit unions that earn a higher interest rate than a regular savings account, and often comes with a debit card or checkbook.
Money market fund
A money market fund refers to a type of mutual fund that invests in short-term debt instruments, cash, and cash equivalents, which are considered low-risk, generating income but with minimal capital appreciation.
Month-to-month tenancy
Month-to-month tenancy occurs when a tenant occupies a property with no definite expiration date and pays rent every month which is most commonly found in residential leases.
Mortality rate
Mortality rate measures the frequency of occurrence of death in a defined population or region during a specified interval.
Mortgage
Mortgages are loans that are used to buy homes and other real estate where the property itself serves as collateral for the loan.
Mortgage accelerator
A mortgage accelerator is a type of mortgage loan program that allows homeowners to pay off their mortgage at a faster rate than traditional loans.
Mortgage Guarantee Insurance
- duplicate, see Lenders Mortgage Insurance (LMI)
Mortgage insurance
Mortgage insurance is a policy that protects the lender and the titleholder should a borrower defaults, pass away, or is unable to fulfill the obligations of the mortgage.
Mortgage loans data
Mortgage loans data is a public record of details
Mortgage note
A mortgage note, also known as a promissory note, is a document or written promise to repay an amount borrowed at a specified interest rate and duration.
Mortgage-backed securities
Mortgage-backed securities are shares of a home loan that is sold to investors as tradeable assets.
Mortgagee
A mortgagee or lender is an entity that provides loans, lending money to borrowers to purchase a property.
Mortgagee sale
A mortgagee sale occurs when the bank or lender will sell a borrower’s property for failing to pay their mortgage.
Mortgagee-in-possession
A mortgagee-in-possession occurs when a lender has a court order to take over and sell a property to reduce the borrower's debt owed on the property.
Mortgagor
A mortgagor or borrower is an individual or entity that applies for a loan to purchase a property.
Multi-dwelling units
Multi-dwelling units or MDUs refer to the multiple individual units contained within a building for residential inhabitants to buy, lease or rent.
NABERS
NABERS stands for the National Australian Built Environment Rating System that provides a reliable sustainability rating for building owners to understand their building’s performance and identify areas for improvement.
NatHERS
Nationwide House Energy Rating Scheme (NatHERS) is an energy efficiency star rating system for a home’s potential energy use, allowing residents to save on energy bills through smarter design choices.
NatHERS stars
- duplicate, see NatHERS
National Waste Policy
National Waste Policy aims to deliver an effective approach by providing a strategic national framework for waste management and resource recovery in Australia.
Natural rights
Natural rights are inalienable and universal rights of a person that are not dependent on laws, customs or beliefs from any particular culture or government.
Nature strip
A nature strip is a Council owned land with an area of grass in between a road and a private property.
Negative amortisation
Negative amortization occurs when a borrower’s repayment does not cover the interest, which increases the principal balance of the loan.
Negative equity
Negative equity occurs when the value of a property used as collateral is less than the outstanding balance of a loan.
Negative gearing
Negative gearing occurs when the rental income of a property is not enough to cover the total costs of managing the rental and re-paying the interest portion of the loan.
Neighborhood boundaries
Neighborhood boundaries are defined by land use, major streets, and predominant man-made and natural features with subjective boundaries for the surrounding property owners.
Net effective rent
Net effective rent is the average rate of rent a tenant pays per month, taking into account free months offered by the property owner or landlord.
Net operating income (NOI)
Net operating income measures the profitability of an income-generating property before operating expenses, financing costs or taxes.
Net rental income
Net rental income is the total amount of money collected from tenants after deducting the expenses and utilities for the property.
Net worth
Net worth is defined as the value of assets that an individual or company owns that does not include their liabilities, which helps determine their wealth and financial position.
Net yields
Net yield refers to the real rate of return that an investor receives which accounts for all the fees and expenses associated with owning an asset, security, or investment property.
Noggin
Noggin is a strut that is fixed between joists or studs used to brace floors, stiffen timber stud frames, and increase strength and stiffness to a framework.
Non-conforming loan
A non-conforming loan refers to a loan that does not meet the bank or lender’s criteria for funding which results in higher interest rates.
Non-liquid asset
Non-liquid assets refer to assets such as equipment, vehicle or real estate that are difficult to liquidate or convert into its cash value.
Non-negotiable
Non-negotiable describes the terms in a contract or agreement that is not open to discussion or modification.
Non-recourse
Non-recourse is a debt secured by collateral which is usually in the form of a property, charged with a higher interest rate due to the elevated risk from the collateral.
Normalisation
Normalization is the process of organizing data in a database to minimize redundancy and eliminate unnecessary or irrelevant data
North — true
True north refers to the northern axis of the Earth, where longitude lines meet in a fixed point on the globe.
North — magnetic
Magnetic north is the direction that a compass needle points as it aligns to the magnetic field of the Earth’s surface.
Notary
A notary is an individual who acts as a witness in signing documents such as deeds, estates and other legally binding contracts.
Notice of default
Notice of default is the initial notice sent to a homeowner in default, starting the foreclosure process.
Notice of default (NOD)
A notice of default is a public notice stating that a borrower is in default, which is the action lenders take before activating the lien and claiming the collateral for foreclosure.
Notice of foreclosure sale
Notice of foreclosure sale is an instrument used in a judicial foreclosure.
Notice of termination
A notice of termination is a document that formally notifies the end of a contract between the parties involved.
Notice of trustee's sales
Notice of trustee's sale is a notification of a public auction of a foreclosure property if the owner doesn’t settle their balance during the default period.
O&A (offer and acceptance) form
An offer & acceptance (O&A) form is a document that usually states an offer to buy a property and constitutes the sale of real estate when used together with a Joint Form of General Conditions for the Sale of Land.
Off-form concrete
Off-form concrete is defined as the finish obtained by a concrete surface after the removal of its formwork or mold.
Off-peak tariff
Off-peak tariff or off-peak electricity refers to the discounted prices of electricity during specific times of the year, which often occurs when homes or businesses have less electricity consumption.
Off-the-plan
Off-the-plan is a property before any structure has been built upon it, usually marketed by developers so that they can have funding and that buyers can secure favorable finance terms.
Offer
An offer refers to a conditional proposal made by a buyer or seller during a transaction for an asset or property, which becomes legally binding when accepted by both parties.
Offset mortgage
An offset mortgage is a type of home loan that combines aspects of a traditional mortgage by having one or more deposit accounts the funds of which will be used to offset the mortgage balance and lower monthly payments.
One-piece toilet
A one-piece toilet is defined as a toilet and tank that is fused without any joints, making it easier to clean and more hygienic.
Open agency agreement
An open agency agreement occurs when a seller allows several agents to list their property and only pays a commission to the agent who finds the buyer.
Open house
An open house is a scheduled viewing of a property for sale to attract interested buyers that may lead to an offer.
Open listing
Open listing can be defined as an owner selling a property independently, or similar to an open agency agreement, where a property has multiple agents to bring potential buyers and the winning agent receives the commission.
Open-front toilet
An open-front toilet seat is shaped like the letter U and has an opening at the front, allowing its users to reach down without touching a part of the toilet and toilet seat.
Operating budget
The operating budget consists of the future expenses and potential revenue generated from the business activities of a company or organisation.
Operating capital
Operating capital is the amount of cash required for the daily operations of a business or company, which is calculated as the difference between their current liabilities and assets.
Operating expenses
Operating expense refers to the expenses that are incurred by a business through its normal operations such as rent, production cost, taxes, utilities, and other expenses.
Operating rule
Operating rules refer to a document that contains sets of policies, regulations and procedures that govern the operations of an entity or association.
Operational energy
Operational energy refers to the required energy to operate and run buildings, such as lighting, heating/cooling, ventilating systems, and other functions.
Organochlorine pesticides
Organochlorine pesticide is a type of synthetic pesticide made of chlorinated hydrocarbons that are highly toxic, prone to building up in the environment, and was therefore banned in most countries.
Orientation
Orientation is defined as the physical position or direction in relation to the points of the compass.
Origination fee
Origination fee refers to the upfront fee charged by lenders as compensation to process new loan applications.
Outgoings
Outgoing is a general term that describes the costs and expenses that a landlord incurs directly from owning a property.
Outstanding debt
Outstanding debt is the total principal and interest amount of debt owed by a borrower that is yet to be paid.
Overage
Overage is an agreement wherein a buyer will pay an extra amount from the original purchase price should certain events occur such as an increase in the property’s value.
Overlay zoning
Overlay zoning is a regulatory tool used by communities to set area-specific standards and conditions.
Overreaching
Overreaching occurs when a person's equitable property right is dissolved, detached from a piece of property, and reattached to money that is given by a third party for the property.
Overriding interest
Overriding interests are interests that are not registered and unprotected by the land registry, which still binds a party who acquires land that is subject to that interest.
Owner
An owner is an individual or entity that has legal ownership and rights to an asset or property.
Owner financing
Owner financing is a transaction that occurs when the seller of property finances the purchase directly with the buyer, either in whole or in part, eliminating the costs of a bank intermediary.
Owner-occupied
Owner-occupied is a property that is owned by the residents that occupy and live in it.
Owners corporation
Owners corporation, also called a strata corporation, is a legal entity that combines all lot owners in a strata scheme, which is automatically created when a subdivision contains common property.
Ownership data
Ownership data refers to the information used to validate an individual or company's ownership of a property.
Panel
A panel is a thin flat piece of wood, plywood, or similar material to form part of a surface, or fitted into grooves of thicker material with molded edges for the decorative wall treatment.
Parcel
A parcel is a plot of land that is owned by an individual.
Parcel boundaries
Parcel boundaries, which are also known as property boundaries, refer to the geographical boundaries of land or property.
Parking ratio
The parking ratio is a metric used to calculate the number of available parking spaces based on the size of a commercial property or building.
Part performance
Part performance doctrine is an equitable principle that allows a court to recognise and enforce an oral contract and a party can establish the existence of a contract despite the lack of any written evidence.
Party wall
Party wall refers to a dividing partition between two adjoining buildings, shared by occupants of each residence or business.
Passed-in
Passed-in occurs when the highest bid is below the reserve price, hence the property didn’t sell through the auction process and the bidder can negotiate directly with the seller.
Passive cooling
Passive cooling is a design approach that uses breeze and air movement to keep the inside of a home or building cool, as well as shade and insulation to lessen the heat brought on by the climate.
Passive design
Passive design is a system or structure that maximizes the use of natural energy and its climate to maintain a comfortable temperature without the use of electricity or fuel.
Passive heating
Passive heating is a design approach that uses the sun to capture the right amount of heat and sunlight through windows and manage that free heat to provide a reasonable temperature.
Payment schedule
A payment schedule is a list of dates for settling payments to be made by one party to another based on the terms of their contract.
Peak demand
Peak demand is the time when consumption and consumer demand for electricity are at their highest, which may vary based on an area’s season.
Peak oil
Peak oil is defined as the point in time when the maximum rate of global production for oil is reached, after which production will start to decline.
Percentage fee
Similar to a commission or service charge, a percentage fee pertains to a percentage of a payment that goes to the property manager for their services.
Percentage lease
A percentage lease is a lease agreement for commercial tenants where they pay a base rent and an additional percentage of the revenue they earned within the rental premises.
Percentage of home ownership
Percentage of home ownership is data that refers to the portion of the population that owns a home or property.
Periodic lease
A periodic lease is an agreement, typically used when a fixed term lease has expired, that allows a tenant to continue renting the property for an indefinite period or when there’s no new agreement is signed.
Permit
A permit refers to an official document giving someone the authorization or consent to do something.
Permitted development
Permitted development is defined as the automatic grant that allows certain works and changes on a building or property to be executed without a planning application.
Perpend
Perpend is a large stone or a layer of bricks that passes through a wall from one side to the other, it also refers to the vertical joints between blocks or bricks lain in a horizontal course to form a wall.
Personal property
Personal property is defined as an asset other than properties that are movable and can serve as collateral for loans, such as chattels, artwork or automobiles.
Persons With Disabilities Act
I don't think this is Australian and the definition is for a property inspection
Pet screening
A pet screening refers to a background check conducted on a tenant’s pet to give the landlord an idea of their behaviour and health.
Phase change material (PCM)
A phase change material (PCM) is a substance that can release or absorb sufficient thermal energy at phase transition to provide useful heat/cooling.
Photovoltaics
Photovoltaics occurs when light is converted into electricity using semiconducting materials, which are commercially utilized for electricity generation and as photosensors.
PITI
PITI stands for Principal, Interest, Taxes, Insurance which are the components of a mortgage payment.
Planned unit development (PUD)
Planned unit development is a self-contained town usually formed in urban areas that consist of condominium buildings and townhome communities.
Planning approval
Planning approval is a process that involves the assessment of the proposed use, activity, or development of land and its possible impacts on its neighboring land.
Planning performance agreement
A planning performance agreement is a project management tool used for planning applications that enables all parties to be clear on the requirements and stages of the application process.
Plug-in hybrid electric vehicle (PHEV)
A plug-in hybrid electric vehicle is a type of vehicle whose battery can be recharged by plugging a charging cable into an external electric power source.
Plywood
Plywood is a thin wooden board that consists of two or more layers glued and pressed together, often used as a building material for various purposes.
Point of interest
Point of Interest is defined as a specific area or point location with information that an individual might find useful or interesting.
Points
- duplicate, see Discount Points
Polluters
Polluters can be an individual or a group responsible for contaminating the environment of a certain area with harmful wastes.
Pop-up assembly
A pop-up assembly or pop-up stopper is commonly used in bathroom sinks to seal your drain and hold water by simply pushing on it to close and to open.
Population
A population is a group of individuals who are inhabitants of a particular location, region or country.
Portable plug-in appliances
Portable plug-in appliances refer to any electrical appliance that must be plugged into a power source or outlet to use or operate.
Portfolio management
Portfolio management, also known as asset management, refers to the act of overseeing properties to meet a client or company’s long-term financial objectives.
Positive development
A positive development is defined as the structures that increase universal life quality by giving back to nature more than it takes over its life cycle.
Post and beam framing system
Post and beam framing system is a building method that relies on heavy timbers for posts and beams to create a framework with expansive flooring and flexible wall structuring.
Postal ZIP code
Postal ZIP codes are four-digit numbers placed at the end of an Australian address to assist and simplify mail delivery.
Power centre
A power center is a large outdoor shopping mall that includes three or more box stores, smaller retailers, and restaurants in a free-standing location or strip plazas with shared parking spaces.
Power of attorney (POA)
Power of attorney (POA) is a legal document or written authorization for a person such as an agent or attorney-in-fact to represent or act on behalf of another person who is the principal.
Pre-approval
Pre-approval is the preliminary evaluation conducted by a lender to determine if a potential borrower qualifies for a loan, credit card, or other financial products.
Pre-qualification
Pre-qualification is the act of evaluating an individual’s qualification to the initial criteria or conditions provided by a lender before granting a loan or mortgage.
Pre-sale
A pre-sale is an agreement to sell something before it is made available for purchase or is finalized.
Premises
Premises is defined as a house, building, land, or other structures that are considered as property.
Prepayment
Prepayment is a term that refers to the advance settlement of a debt or installment loan before its due date.
Prepayment penalty
A prepayment penalty is a clause in a mortgage contract stating that a penalty will be imposed if a borrower significantly pays down or pays off the mortgage before its maturity date.
Prescription
Prescription is the process of acquiring rights and obtaining a good title for a property as a result of the passage of time.
Pressure balance valve
A pressure balance valve works by maintaining an equal amount of water from the hot and cold sides, maintaining the same temperature despite the sudden change in water pressure.
Pressure relief valve
The pressure relief valve functions by controlling or limiting surges of pressure within pipelines, protecting the system from a potential instrument or equipment failure.
Primary residence
Primary residence is defined as the main location of a property an individual inhabits.
Prime rate
The prime rate is the interest rate charged by commercial banks to their most creditworthy corporate customers such as large corporations.
Principal
A principal is a term used in Australia that refers to a client or proprietor in contracts, as well as a licensed estate agent responsible for an agency’s legislative compliance activities.
Principal place of residence (PPOR or PPR)
Principal place of residence (PPOR or PPR) refers to the land owned and occupied by an individual that is exempt from land tax.
Principal residence
Principal residence, also referred to as primary or main residence, is the primary location of a person’s dwelling place or home.
Principle
The principle is a proposition, value, or basic truth that is used to guide behaviors and evaluations.
Priority of mortgages
Priority of mortgages refers to the order in which two or more mortgages of the same property take effect.
Private activity bonds (PABs)
Private activity bonds are issued by or on behalf of state or local governments to provide special financing benefits for certain qualified projects.
Private sale
A private sale is a sale of property that is unadvertised or not open to the public, usually negotiated between the buyer and seller directly.
Privity
Privity is the relationship by blood, lease or service between two parties that is recognised by law.
Pro forma
Pro forma is a Latin term that stands for ‘as a matter of form’ or ‘for the sake of form’ which is a method of calculating financial results with the use of certain projections and presumptions.
Process energy requirement
Process energy requirement (PER) is a measure of the energy directly related to the production of raw material.
Processing
Processing is defined as the methods and procedures used to compile and maintain information about a transaction such as credit reports, appraisal, loan applications, and so on.
Profit à prendre
Profit à prendre is a French term that stands for ‘right of taking’, which is a right to take something from the land of another that is both capable of ownership and a product of nature.
Profit and loss statement
A profit and loss statement is a financial statement that contains a summary of revenues, costs and expenses incurred during a given period, which is synonymous with an income statement.
Proforma budget
A pro forma budget is prepared beforehand for possible changes within the company that may affect an entity’s operations and finances.
Project costs
Project cost refers to the total funds or budget needed to complete a project or construction of a property.
Property
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.
Property characteristics
Property characteristics refer to the data and information with regards to property.
Property classification
Property classification refers to the system used to determine the potential of an investment property based on its certain characteristics that represent different risks and returns.
Property cycle
The property cycle, also known as the real estate cycle, is a sequence of events that subsequently affect the supply and demand of real estate in the property market.
Property expenses
Property expense refers to all the costs associated with operating and maintaining a property.
Property inspection
A property inspection is conducted by a licensed professional to check the structural integrity of a building. This also applies to a buyer doing a visual inspection before the turnover of a property.
Property management
Property management is the act of overseeing the daily operations of a residential, commercial, or industrial real estate property, which are usually provided by third-party contractors.
Property management agreement
A property management agreement is a contract granting an individual or company the responsibility to manage a property on behalf of its owner.
Property management fee
A property management fee is charged for the services provided by property managers, such as sourcing quality tenants and managing the operating of a rental property.
Property manager
A property manager is an individual or company hired to handle the day-to-day operations, maintenance, and administration of a residential, commercial, or industrial property on behalf of its owners.
Property manager fees and commissions
Property manager fees and commissions are professional fees paid to real estate agents who will oversee the rental of your property.
Property portfolio
A property portfolio is defined as a collection of real estate investments owned by an individual, a group, or a company.
Property showing
A property showing may refer to a private viewing or open house of a property for sale so that potential buyers and their agents can decide whether to make an offer or not.
Property tax
Property tax is a tax paid on real estate or tangible assets owned by an individual or legal entity, calculated by the local government where the property is located based on the value of the property.
Property taxes
Property tax is a tax paid on real estate or tangible assets owned by an individual or legal entity, calculated by the local government where the property is located based on the value of the property.
Property use
Property use refers to the purpose of a property, which is a factor that affects its level of risk and mortgage rates.
Proration
Proration is an agreement between a buyer and seller, dividing the expenses to purchase a property, which ensures each party only pays for the time they owned the property.
Proxy
A proxy is a legally authorised individual or agent representing another party to vote without being physically present at a board meeting or shareholder’s meeting.
Psychrometric chart
A psychrometric chart is an assessment that shows the physical and thermal properties of moist air, which is used to find solutions to greenhouse or livestock building environmental problems.
Public use bonds
A public purpose bond is a municipal bond issued to finance projects and improvements for the benefit of the general public.
Public Use Revenue Bonds
- see Revenue Bond
Puisne mortgage
A puisne mortgage is a legal mortgage of unregistered land that is not protected by the mortgagor depositing the title deeds to the land with the mortgagee.
Punch list
A punch list refers to a document that enumerates the work still needed to be done in a construction project.
Purchase date
The purchase date usually pertains to the date where the buyer agrees to purchase the asset, security, or property and signs the contract to formalize the sale.
Purchase price
The purchase price is the amount of money an investor or buyer pays for an asset, property, or security, which becomes the basis for the loss or gain when selling the investment.
Purlin
Purlin is a horizontal beam or bar used to support loads from the roof, roof deck, or sheathing and it is supported either by the building's rafters or walls.
PVC
PVC stands for polyvinyl chloride, which is a thermoplastic material molded into pipes, fittings, and other liquid handling materials for various purposes.
Qualified appraiser
A qualified appraiser is an individual with an appraisal designation earned from a recognized organization based on their competence in valuing a property.
Qualifying ratios
The qualification ratio determines the ability of a borrower to repay their loan, used by lenders to underwrite a loan application for approval or extension of credit terms.
Quantum meruit
Quantum meruit is a Latin term that stands for ‘as much as he has deserved’, which is an equitable remedy that provides restitution for unjust enrichment.
Quasi ex-contractu
Quasi ex-contractu is a Latin phrase that stands for ‘as if from or by contract’, which is an obligation imposed by law to prevent unjust enrichment.
Quorum
A quorum refers to the minimum number of voting members or representatives in an assembly that must be present for meetings or proceedings to be deemed valid.
R-value
R-value measures the capacity of a material to resist heat flow and the effectiveness of its insulation.
Racking load
Racking load refers to the ability of a building to resist racking caused by high winds.
Radiation
Radiation refers to the energy that travels through space at the speed of light and may be able to penetrate various materials.
Rain check
A rain check is a commitment of a seller for an asset that is currently out of stock or unavailable can be purchased by a buyer at a later date for its current price.
Rain shower head
Rainshower heads are ceiling-mounted shower heads that are larger and are meant to fully cover your body in a stream of water that feels like rainfall.
Rainwater
Rainwater refers to the water that has fallen, collected, or obtained from rain.
Rammed earth
Rammed earth is a construction technique for building foundations, floors, and walls using natural raw materials such as gravel, earth, chalk, or lime.
Rate lock option
A rate lock protects borrowers from rising interest rates during the home buying process by locking in a certain interest rate on a mortgage for a specific period.
Rate of return
The rate of return is a metric used to determine the profit or loss of an investment over a specified time.
Rates
Rates refer to a fixed price or an amount charged by sellers or providers for their goods and services.
Rating tool
Rating tools recognize and reward companies and organizations that build and operate greener buildings, which will encourage and incentivize them to push the boundaries on sustainability.
Reactive soil
Reactive soil is defined as clay-type soil, it refers to the way the soil reacts to changing moisture content that swells on wetting and shrinks on drying.
Real estate
Real estate is a type of real property that refers to any land and its permanent improvement or structures that come with it, whether natural or man-made.
Real estate agent
A real estate agent is a licensed professional authorised to act as a representative for buyers or sellers in a property transaction.
Real estate cycle
The real estate cycle, also known as the property cycle, is a sequence of events that subsequently affect the supply and demand of real estate in the property market.
Real estate investment group
A real estate investment group is an entity that focuses its efforts and capital on real estate investments, with partners that build or renovate multi-unit properties, allowing investors to buy them, and joining the group.
Real estate investment trust (REIT)
Real Estate Investment Trust or REIT refers to a company that owns, operates, and develops income-generating properties which are publicly traded like stocks that are highly liquid and creates a steady income for investors.
Real estate owned (REO)
Real estate owned (REO) is defined as a property owned by a lender that was not sold during a foreclosure auction and attempts to sell the property through agents or online listings.
Real Estate Settlement Procedures Act (RESPA)
The Real Estate Settlement Procedures Act (RESPA) aims to reduce high settlement costs by requiring home buyers and sellers to provide disclosures and eliminate abusive practices in the settlement process.
Real property
Real property is defined as the physical property of real estate including its rights, interests and benefits related to its ownership.
Real property description (RPD)
Real property description (RPD) is the legal description that identifies a parcel of land.
Realtor
This is American
Reclamation
Reclamation is the process of demanding the return of a property to its former owner in the event of dormancy, non-payment, fraud, or the other party fails to meet the terms of the agreement.
Recourse
Recourse is the legal right of a lender to collect the collateral of a borrower for failure to pay their debt obligation.
Rectification
Rectification is an equitable remedy where the Court can amend the terms of a legal document because of a mistake or failure to accurately reflect the intention of the parties involved.
Recurring debt
Recurring debt refers to any payment used to service debt obligations occurring continuously, such as alimony or loan payments.
Redemption (equity of)
Equity of redemption is the right of a mortgagor to redeem the property on payment of the principal, interest and costs.
Redevelopment
Redevelopment is the process of changing an area by replacing or renovating buildings, roads, and other structures with pre-existing uses.
Redraw
A redraw is an act of withdrawing the extra repayments a borrower has made for a loan or mortgage to be used for another purpose.
Reed switch
A reed switch is an electrical switch operated by an applied magnetic field to control the flow of electricity in a circuit.
Refinance
Refinance is the process of replacing or revising the terms of a loan or mortgage agreement such as interest rates, payment schedules, and other terms.
Registered land
Registered land is an officially developed property that is ready to be built on or can be sold on to other owners.
Registered plan (RP)
A registered plan or a cadastral survey plan is a legal document prepared by a registered surveyor that contains details of the boundaries and area of a property, to easily identify landowners and adjoining owners.
Remainder
The remainder is a future interest held by a person on a property of another that will be effective upon the expiration of the other property interests created at the same time as the future interest.
Remediation
Remediation is the act of removing contaminated wastes or hazardous materials from a construction site.
Remodelling contractor
A remodeling contractor refers to general contractors that specialize in remodeling and renovation projects.
Renewable energy
Renewable energy is often referred to as clean energy that comes from natural sources or processes that are constantly and naturally replenished, such as sunlight, wind, and water.
Rent
Rent refers to the payment made by a tenant periodically to a landlord for the use and occupancy of a property.
Rent collection
Rent collection is the process of collecting payments from its tenants, personally done by the landlord or by an agency.
Rent determination
Rent determination is conducted by a specialist retail valuer that is accredited by the Australian Property Institute to determine the rental rate that is fair and reasonable for both landlord and tenant.
Rent guarantee insurance (rent default insurance)
Rent guarantee insurance or rent default insurance is a policy that protects the landlord from losses should a tenant default their rent payment.
Rent review
A rent review is a provision in a lease agreement to re-evaluate and adjust the tenant’s rent to the current market level at certain intervals.
Rent roll
A rent roll is a report that contains detailed information on the rental properties, their tenants and the amount they pay.
Rent schedule
A rent schedule is defined as a written schedule of rental payments by a tenant, used to track expenses on the property and monitor its income.
Rent step-up
A rent step-up or a step-up lease is a contract with predetermined increases in rental payments agreed upon signing that allows landlords to anticipate rising costs or future effects of inflation.
Rent to own
A rent-to-own agreement allows a tenant to rent the property with the option to buy it before the lease expires.
Rental discount
Rental discount, better known as lease rental discounting, is a tool that can be used to apply for a loan through rental receipts as collateral.
Rental property
A rental property refers to homes or apartments used as dwellings for tenants.
Rental property advertising (marketing)
Rental property advertising refers to the different strategies that landlords use to have a desirable property listing, attract the best tenants, and lease their property to earn the most income.
Rental rate
The rental rate refers to the amount charged by a landlord for the use of a property.
Renter insurance
Renter’s insurance is a policy that covers a tenant’s belongings within the rental property, as well as liabilities and living expenses should there be any loss or damage.
Repairs
Repairs are defined as the act of fixing or replacing something to restore it to its original condition.
Repairs and maintenance
Repairs and maintenance expense refers to the costs incurred to bring an asset back to an earlier condition or to keep the asset operating at its present condition.
Replacement reserves
Replacement reserves refer to a dedicated fund for the replacement of building components and repairs that comes with the building’s economic life.
Repossessed property
Repossessed property, also known as foreclosed property, is a house that has been seized by the lender due to defaulted payments by the previous owner.
Rescind
Rescind is defined as the cancellation or revocation of a contract between a buyer and seller, which may occur at any point in the transaction.
Reserve fund
A reserve fund is a term for a savings or liquid asset set aside by individuals or businesses to cover unexpected costs or future financial obligations.
Reserve funds
A reserve fund is a term for a savings or liquid asset set aside by individuals or businesses to cover unexpected costs or future financial obligations.
Reserve price
Reserve price or reservation price is a minimum price that is acceptable for the seller during the auction of a property.
Reserve study
A reserve study refers to the assessment of an association’s assets to determine its estimated lifespan and the cost to replace or repair them.
Reserves
Duplicate definition
Residential boundaries
Residential boundaries, commonly called property lines, define the extent of a property with the purpose of residential use.
Residential buildings
Residential buildings are multi-level or multi-unit buildings used as a temporary dwelling place or as a primary residence that contains the necessary facilities and utilities for its occupants.
Residential tenancy database
Residential tenancy databases refer to a privately owned database that contains information about individual tenants and their rental histories, which helps landlords find high-quality tenants.
Residential tenancy tribunal
A residential tenancy tribunal aims to help landlords and tenants settle disputes and issue a legally binding order.
Residual method of valuation
The residual method of valuation is a tool that identifies the value of a site with the potential to be developed or redeveloped, calculated by its gross development value, build costs & fees, and developer’s profit.
Restrictive covenant
A restrictive covenant is a type of agreement that restricts the buyer from taking some action or requires them to abstain from a specific action.
Resulting trust
Resulting trust refers to a type of trust that is imposed by law, where it returns the beneficial ownership in the trust property to the settlor.
Return on investment (ROI)
A return on investment (ROI) refers to the money or profit earned from a real estate investment as a percentage of its cost.
Returns
A return refers to the change in the price of an asset or investment, usually represented in price change or percentage change.
Revenue bond
Revenue bond, also known as municipal revenue bond, is issued to fund public projects that will, later on, repay its investors from the income created by the project.
Reverse mortgage
A reverse mortgage is a loan for seniors ages 62 and older that allows them to convert their home equity into cash income with no monthly payments.
Reversion
Reversion is the right of an original owner or their heirs to possess or succeed to property on the death of the present possessor or at the end of a lease.
Revolving credit facility
A revolving credit facility is a financial institution that provides loans to borrowers with flexible terms of repayment and re-borrowing, allowing them to withdraw money as needed.
Revolving loan fund
A revolving loan fund is a flexible source of capital that is primarily used to finance the development or expansion of a business.
Right of entry
Right of entry can either be a person’s right to take or resume possession of land, or the right to enter a property without trespassing.
Right-of-way
Right-of-way is a term used to describe the right to pass over or through a property owned by someone else.
Ring main system
Ring main system or ring main unit (RMU) is a factory assembled, metal-enclosed set of switchgear used at the load connection points of a ring-type distribution network for an uninterrupted power supply.
Ripple control system
A ripple control system is a management system that enables an even distribution of electricity consumption across the grid.
Riser
A riser is a term used to describe the vertical part of a stair in between one step and the next.
Risk
Risk is defined as the possibility of an investment having a different outcome from its expected gains or returns.
Risk participation
Risk participation is a type of off-balance-sheet transaction where the bank sells its exposure to a contingent obligation to another financial institution, reducing exposure to delinquencies, foreclosures, and bankruptcies.
Round-front bowl
A round front bowl is a type of toilet that is circular and generally smaller than an elongated toilet which can save some bathroom space.
Running bond
A running bond is a method of applying a bonding agent between building materials, such as bricks and another masonry.
S-curve
An S-curve is a mathematical graph that displays the cumulative data plotted against time used to track the progress of a project.
Saddle notched
A saddle notch is a family of notches that is used to join two logs together perpendicularly to form the corner of the cabin.
Sale-leaseback
A sale-leaseback is an agreement for an asset previously owned by a seller, sold to someone else, and leased back to the first owner for a long time, so businesses continuously use it but ceases to own it.
Sales agent/Salesperson
A sales agent or salesperson is an individual that represents and is directly hired by a developer or company, with a similar function as a real estate agent or broker.
Sales history
Sales history is defined as the historical data of all transactions and loans for a property.
Sales rate
A sales rate is determined by the comparison of available inventory to the actual sales in a given period.
Sandwich lease
A sandwich lease is an agreement where the agent or landlord of a property is also a tenant, leasing from the original property owner.
Sarking
Sarking is a pliable membrane located under the roof tiles that helps insulation work more efficiently and protects the interiors from storm-driven rain and dust, condensation, and bushfire ember attacks.
Satisfaction of mortgage
Satisfaction of mortgage is a legal document that states that a mortgage loan has been paid in full and all obligations have been fulfilled, removing the lien attached to the property.
Schematic drawing
A schematic drawing that indicates parts, elements, and systems to identify how it functions.
School
A school is an educational institution that provides spaces inducive for learning.
Scope of work
Scope of work is part of an agreement where the work to be performed is described, as well as the expected milestones or results to be achieved by the parties involved.
Screed
Screed refers to a level layer of material concrete used as a guide when laying a floor or other surfaces.
Scribing
Scribing or coping is a technique used in woodworking to shape the end of a molding or frame component to neatly fit the contours of an abutting member.
Sealed-bid auction
A sealed-bid auction is a type of auction process in which bidders submit sealed bids that are not viewed until the auction date with the highest bidder is declared as the winner.
Second home
A second home is a residential dwelling aside from a primary residence, occupied for certain times of the year such as a vacation home or holiday cottage.
Second mortgage
A second mortgage is a loan made while an existing mortgage is still in effect to finance large purchases such as a new vehicle or a second home.
Secondary mortgage market
A secondary mortgage market is where various entities buy and sell securities, bonds, mortgages, and their servicing rights.
Security deposit
Security deposit is an amount of money paid to a landlord, lender or seller of a property as proof of intent or fund for potential losses and damages.
Seller’s market
A seller’s market is a market condition where the shortage of goods available for sale gives sellers the ability to dictate prices.
Serviceability
Serviceability refers to the ability of a borrower to make repayments on a loan based on the loan amount, their income, and expenses which are factors being considered by financial institutions to approve the loan.
Setback thermostat
A setback thermostat or setback temperature is a simple strategy to help save utility costs by reducing how often the heating or cooling system operates, maintaining a certain temperature based on its settings.
Settlement
A settlement can be defined as a place where a person lives or a formal agreement to resolve a dispute.
Settlement date
Settlement date refers to the date of closing a sale or the completion of a real estate transaction where the ownership of the property is transferred from the seller to the buyer.
Short sale
A short sale occurs when a homeowner sells the property for less than the value of a mortgage.
Silica fume
Silica fumes are a byproduct or the result of producing silicon metal or ferrosilicon alloys used to enhance the mechanical and durability properties of concrete.
Single family residence
A single-family residence, also known as a single-family home, refers to a stand-alone residential structure used as a single dwelling unit.
Single glazing
A single glazed window is constructed using a single pane of glass, which is not very efficient when it comes to heat loss, heat gain, or insulation.
Siphoning
Siphoning is the process of moving a controlled amount of liquid from one container to another using a siphon or tubes.
Skillion roof
The skillion roof, also known as shed roof, is a roof with a single flat surface that is low-cost and easy to install.
Small-scale technology certificate (STC)
Small-scale technology certificates (STC) is a commodity that can be used for trade, such as purchasing renewable energy system, which is issued based on the amount of electricity it has generated.
Smart appliance
A smart appliance is a technologically enabled device that can be connected, controlled, and accessed through a central point such as a smartphone or tablet.
Smart Approved WaterMark
Smart Approved Watermark is a not-for-profit scheme established by the Water Services Association of Australia to provide an identifiable label on products, services, and organizations that use water efficiently.
Smart grid
A smart grid is an electricity network with a two-way flow of electricity and data with digital communications technology that has self-healing capabilities and enables electricity customers to become active participants.
Smart growth
Smart growth is a development approach or strategy that efficiently uses land, urban services, and infrastructure to promote transportation and housing options and protect the environment.
Smart home
A smart home is a home automation system that allows homeowners to control their appliances, temperature, lights, and other smart devices with a smartphone or tablet through an internet connection.
Smart meter
Smart meters are tools used to manage, monitor, and record electricity consumption, as well as the performance of electronic devices used within a house or building.
SMSF
A self-managed super fund is a private super fund that provides benefits to its members upon retirement, directly managed by an individual for their benefit and in compliance with super and tax laws.
Soakwell
Soakwell is an underground holding tank that collects rainwater diverted through pipes and dispersing it into the soil.
Soffit
A soffit refers to the underside of an architectural structure which is part of the overhang where the roof meets the siding.
Soft costs
Soft costs are construction expenses that are associated with non-tangible items such as design fees, professional fees, legal fees, and other fees significant to a project’s budget.
Solar access
Solar access is defined as the ability of a property to receive sunlight without any obstruction from another property.
Solar cell
A solar cell or photovoltaic cell is a device that converts sunlight into electricity through a photovoltaic effect.
Solar heat gain coefficient (glazing) (SHGCw)
Solar Heat Gain Coefficient (SHGCw) measures how heat caused by sunlight flows through a window.
Solar heat gain coefficient (SHGC)
Solar heat gain coefficient (SHGC) measures the fraction of solar radiation that passes through a window as heat gain, which rates the energy efficiency and shading ability of a home.
Sound transmission class
Sound transmission class (STC) is a rating based on the sound isolation of a building’s ceiling, floor, partition wall, and exterior wall.
Space frame system
Space frame system refers to a structural system that is based on constructing interlocking struts in a geometric pattern, spanning large areas with a few interior supports.
Spall flake
A spall flake is defined as a fragment or broken-off piece from concrete or brickwork that is caused by water penetration, heating, or other mechanical processes.
Special assessment
A special assessment is a tax levied on property owners along with their property tax to fund maintenance and construction projects within their local community.
Special exceptions
A special exception refers to the use of a property that is allowed according to a zoning ordinance under specific conditions.
Special uses
A special use or special purpose is a term for properties that have limited or specialized uses such as religious buildings, schools, hospitals, and other uses.
Specialty contractor
A specialty contractor is a general contractor that is good at completing specialized projects such as plumbing, electrical, flooring, or insulation.
Specific performance
Specific performance is a declaration by the Court compelling a party to perform its contractual obligations when no other remedy will adequately compensate the other party.
Specifications or specs
Specification or ‘specs’ is a term used to describe the technical details and descriptions of a product.
Speculative development
Speculative development is the act of acquiring land or undertaking a construction project without a formal commitment to its use or outcome.
Split incentives
Split incentives refer to the agreement where a property owner pays for improvements that yield energy savings while the tenant receives the benefits of reduced utility costs.
Spread
Spread refers to the difference between two prices offered by a buyer from a seller of a property.
Squatter
A squatter is an individual that settles in or occupies a property with no legal claim or ownership.
Squinch
A squinch is a construction filling in the upper corners of a square or polygonal room as support for a dome.
Stack ventilation
Stack ventilation or stack effect refers to the air movement caused by the openings at the top and bottom of a building, creating a positive pressure area at the top and negative pressure at the bottom.
Stair riser
- duplicate, see Riser
Stamp duty
Stamp duty is a tax imposed on the purchase of a property based on its price, location, and loan purpose.
Stamp duty land tax
Stamp duty is a tax imposed on the purchase of a property based on its price, location, and loan purpose.
Standard practices of the trades
Standard Practices of the Trades refers to the common and basic construction standards that contractors, subcontractors, and average professionals comply with within their field
Standby commitment
A standby commitment, also known as firm commitment lending, is an agreement by a bank to lend money to a borrower up to a specified amount and period, used only as a specified contingency.
States
The term state can be defined as a nation or territory under one government, or it describes the particular condition of an item or property at a specific time.
Stationery and postage expenses
Stationery and postage expenses refer to the cost of a document sent by mail.
Stiffened raft slab
A stiffened raft, also referred to as a slab-on-ground footing, consists of a concrete slab on the ground reinforced by integral edge beams and a grid of internal beams.
Stormwater
Stormwater comes from the rain, including snow and ice melt that can soak into the soil, be stored on the land surface in ponds and puddles, evaporate, or contribute to surface runoff.
Stormwater detention
Stormwater detention is a structure that slows down and manages rainwater to reduce pooling at the peak of a storm.
Stormwater retention
Stormwater retention is an artificial pond or a permanent pool of water that treat and store stormwater runoff.
Strata plan
A strata plan refers to the act of subdividing a parcel of land into separate lots where its owners share its common properties.
Strata title
Strata title is a separate individual title issued to multi-unit houses, apartments, and horizontal subdivisions with shared areas and common property.
Street vacation
A street vacation is a type of easement where the government transfers the right-of-way to a private property owner for a public street, highway, or alley.
Strict settlement
Strict settlement is a limitation or obstacle for selling land by an owner or designated tenant that was given a life interest on the specified land.
Strip footings
A strip footing is a small strip of concrete placed into a trench and reinforced with steel, supporting the load of the exterior walls and any interior wall that is load-bearing.
Structural guarantee
A structural guarantee or warranty is an insurance policy that provides protection from defects in new buildings for a specified period after its completion.
Structural insulated panel (SIP)
Structural insulated panels (SIPs) are high-performance panels used to build floors, walls, and roofs for residential and light commercial buildings; it also has a low thermal mass compared to insulated concrete products.
Structural report
Structural report or structural analysis refers to the assessment and evaluation of a building’s dimensions, conditions, and ability to meet the needs of its occupants.
Structural/Structure
A structure is defined as a building, house or any infrastructure that is put together in a fixed location.
Sub-lease / Sub-let
A sublet or sublease is a contract where a tenant rents out their apartment to another person while their name is still on the original lease.
Subcontractor
Subcontractors are companies or individuals that sign a contract and are hired to perform a part of the entire construction project and carry out duties on behalf of a contractor.
Subdivision
Subdivision is the act of dividing land into smaller parcels or lots that are easier to develop and sell.
Sublease
- duplicate, see Sub-lease/Sub-let
Subletting
A sublet or sublease is a contract where a tenant rents out their apartment to another person while their name is still on the original lease.
Subsidy/subsidised
A subsidy is a form of financial incentive or benefits given to individuals and businesses that are renting their property to low and moderate-income people.
Superannuation
Superannuation or simply called 'super' is an amount set aside by an employer as a future retirement fund for their employee.
Supply and demand
Supply and Demand refer to the relationship between buyers and sellers, which heavily influences the housing market as it affects the rise and fall of real estate prices.
Survey
A survey is a document that determines the position of boundaries or property lines which shows the land, structures and features that are legally owned.
Surveying
Surveying is the act of determining the location and measuring a property’s boundary lines which identify the exact amount of land owned by an individual.
Surveyors’ fees
Surveyors’ fees refer to the professional fees paid to conduct a survey and create a drawing of a landowner's or homeowner's property.
Sustainable harvesting
Sustainable harvesting is defined as a method of harvesting wood that maintains a consistent supply without affecting future timber yields and conserving the natural habitats of plants and animals.
Sustainable material
Sustainable materials are materials that are ethically sourced, do not disrupt ecosystems, and can be continuously used without depleting non-renewable resources.
Synallagmatic
A synallagmatic or bilateral contract is one by which each of the contracting parties binds himself to the other, creating a mutual obligation.
Tax & Insurance Impound
- see Impound Account
Tax abatement
Tax abatement is a tax break or an official reduction, allowance, or rebate offered by a state or municipality on certain types of real estate properties.
Tax credits
A tax credit refers to the amount withheld, and upon lodging a tax return, these become credits that goes to your tax liabilities.
Tax deduction
Individuals and businesses can claim a tax deduction for expenses they've incurred that are directly related to their assessable income.
Tax exempt
Tax-exempt is the reduction or removal of paying taxes for certain incomes or transactions that apply to individuals or organizations.
Tax-related expenses
Tax-related expenses are the total amount of taxes owed by an individual, corporation or other entity to a taxing authority or the government.
Temperature differential (ΔT)
Temperature differential refers to the difference between two varying conditions, such as the temperature difference between the inside and outside of a house.
Tenancy agreement
A tenancy agreement is a contract between a landlord and tenant that states their rights and obligations to the lease, such as the use of the property and the monthly rental payments.
Tenancy at sufferance
Tenancy at sufferance is an agreement that allows a tenant to legally occupy the property after the lease expired, following the original lease conditions until the owner decides to evict the tenant.
Tenant
A tenant, also known as a renter or occupant, is a person or entity that leases space for residential or commercial use.
Tenant application
A tenant application or rental application holds the personal information of interested tenants for landlords to decide if they will agree to lease the property.
Tenant damages
Tenant damage refers to the loss or damages caused by a tenant’s misuse or abuse of property, resulting in its reduced value or usefulness.
Tenant improvements
Tenant improvement refers to the alterations or renovations to a rental space made by a property owner or landlord to fit the needs of a particular tenant.
Tenant improvements (TI)
Tenant improvement refers to the alterations or renovations to a rental space made by a property owner or landlord to fit the needs of a particular tenant.
Tenant screening
Tenant screening is the process used by landlords and property managers to do a background check on prospective tenants and assess their compliance with the lease agreement.
Tenants in common
Tenants in common is an arrangement where two or more individuals own different percentages of a property or parcel of land.
Tenement
A tenement is a building shared by multiple dwelling units with flats or apartments on each floor that shares an entrance to the building and stairway access.
Tension
Tension is defined as a state of stress in which a material is being stretched, pulling force that is trying to make the building material longer.
Tenure
Tenure is how a party holds or occupies an area of land and identifying who has the right to use and occupy it. It can also be referred to as the relationship between people and land.
Term
A term is defined as the fixed period of validity and conditions of a contract for a loan, real estate transaction, and other legal agreements.
Term of years absolute
The term of years absolute means a leasehold estate in land, which is a term of years that may or may not be brought to an end by notice, forfeiture or any other event except the death of any person.
Thermal bridging
Thermal bridging is the movement of heat in an area that has significantly higher conduction than its surrounding materials, which can be a major source of energy loss in homes and buildings, leading to higher utility bills.
Thermal comfort
Thermal comfort is an individual’s state of mind that expresses satisfaction with the temperature of their environment.
Thermal coupling
Thermal coupling is the interrelationship among conduction, convection, and radiation, which are the three modes of heat transfer that can be used to lower the temperature of electronic components.
Thermal lag
Thermal lag is a term used to describe the delay in the stored heat being released from material and how long that energy can be stored as surrounding temperatures change.
Thermal mass
Thermal mass refers to the ability of a material to absorb, store, and re-release heat energy from the sun.
Thermal performance
Thermal performance describes how a structure responds to changes in external temperature during the daily and seasonal cycles, based on the thermal conductivity of its materials.
Thermosiphon
Thermosiphon refers to a passively driven thermal management device, using the motive forces of natural convection and conduction to circulate liquids and volatile gases in heating and cooling applications.
Third-party foreclosure auction sale
A third-party foreclosure auction sale occurs when a foreclosed property is sold to a third-party buyer that is not connected to the foreclosing bank.
Three-day notice
A three-day notice occurs when a landlord notifies the tenant to pay their delinquent rent within three days or be evicted from the property.
Three-way switch
A three-way switch is an electric switch with three terminals that can control a circuit or light fixture from two different locations.
Time and materials contract
A time and materials contract is an agreement where contractors will be reimbursed for the material costs and will be paid for the time they’ve spent working on the construction project.
Title
A title refers to a legal document as basis for ownership or a person’s right to use a property.
Title company
A title company is an entity that examines title claims and verifies ownership of the real property to determine its legal owner.
Title deeds
A title deed is a legal document that proves someone’s legal right or ownership of a property.
Title insurance
Title insurance is a special policy that protects the lender and homeowner from possible risks that can threaten legal ownership and the right to use the purchased property.
Title search
A title search is a process to determine and confirm the legal ownership of a property through the examination of public records before a real estate transaction occurs.
Tongue and groove
Tongue and groove is a method of fitting two pieces together to make a single flat surface, used mainly with wood for flooring, paneling, and similar constructions.
Tornadoes
Tornadoes are a natural hazard that occur from a thunderstorm creating a destructive vortex of air.
Townhouse
A townhouse refers to multi-floor homes sharing one or more walls with adjacent homes and has its own entry points.
Toxic sites
Toxic sites refer to certain areas where toxic wastes are dumped causing an environmental hazard.
Transfer duty
Transfer duty, also known as stamp duty, is imposed on dutiable transactions over property such as transfers of real estate and certain business assets.
Transfer tax
Transfer tax is imposed on an individual or entity to transfer the title or ownership of a property, which is based on its value, to complete its sale.
Transit-oriented development (TOD)
Transit-oriented development (TOD) is a planning and design strategy that integrates urban developments to be compact and accessible by bringing jobs, housing, services, and amenities around public transport stations.
Transom
A transom is a horizontal structural beam or a crosspiece separating a door from a window above it, which is designed to add indirect or supplementary light to a room.
Travel expenses
Travel expenses are costs associated with traveling to conduct business-related activities.
Tread
A tread is a term that describes the horizontal portion of a stair assembly.
Trigeneration
Trigeneration or combined cooling, heat, and power (CCHP) is the process of generating chilled water for air conditioning or refrigeration from the heat produced by cogeneration plants.
Trim
Trim is a term that refers to the baseboard and moldings applied throughout the walls of a home for practical and aesthetic purposes.
Trombe wall
A Trombe wall is a type of solar wall with a high thermal mass to passively store and absorb solar energy in a home.
True lease
True lease is a type of multi-year lease agreement where the landlord gives exclusive rights to use their property for a monthly fee.
Truss
A truss is an assembly of beams consisting of rafters, posts, and struts that support a roof, bridge, or other structure.
Trust
Trust is a fiduciary relationship in which a trustor gives a trustee the right to hold title to property or assets for the benefit of a third party.
Trust account
A trust account is used for the money received or held by a real estate agent on behalf of another person for a real estate transaction.
Trust distributions
Trust distribution refers to the payments or other distribution of trust assets made by a trustee to one or more beneficiaries.
Trust for sale
A trust for sale is a legal arrangement in which a person or organisation is asked to sell a property and to give the money made from the sale to a particular person or group of people.
Truth window
A truth window is an opening in a wall surface created to reveal the layers or components within a house constructed from straw, grass, or other sustainable means rather than traditional lumber.
Tube and knob wiring
Tube and knob wiring is an early standardized method of electrical wiring in buildings, which are no longer used as it doesn't carry the same electrical capacity that modern homes require.
Turnkey property
A turnkey property is a fully renovated home or apartment that buyers or investors can purchase to rent out and immediately earn income from the property.
Two-piece toilet
A two-piece toilet is a common type of toilet where the tank and bowl are two separate pieces that are joined together with bolts.
U-value
U-value or thermal transmittance is the opposite of R-value, which is used to measure how effective elements of a building's fabric are as insulators, preventing heat from transmitting between the interior and exterior of a building.
UN Millennium Development Goals (MDGs)
The UN Millennium Development Goal (MDG) is eight goals with measurable targets and clear deadlines signed by the world leaders for improving the lives of the world's poorest people.
Undercoat
An undercoat or a primer coat refers to a coat of paint that is applied before the final layer, which ensures better adhesion of paint to the surface.
Underwater mortgage
An underwater mortgage is a home loan with a higher principal than the home’s market value, which occurs when property values are falling.
Underwriting
Underwriting is the process of assessing the financial risk, by individuals or institutions, before they assume such risk for a fee to set fair borrowing rates and establish appropriate premiums.
Undivided interest
An undivided interest is defined as the equal right to use a property among tenants and co-owners.
Unemployment
Unemployment occurs when a skilled worker or a professional who wants to work is unable to find jobs.
Unencumbered property
Unencumbered property is free and clear of any encumbrances, such as creditor claims or liens.
Unimproved land
An unimproved land refers to an open space without certain basic utilities and services, or a parcel of land used for agricultural purposes.
Unimproved value
Unimproved value is the value of land that does not include the value of the home, improvements, and structures built on it.
Unit (strata)
Strata units refer to the apartment, townhouse, or lot that an individual owns in a strata scheme as well as the common property owned by the owner’s corporation.
Unit investment trust fund
A unit investment trust fund is similar to a mutual fund offered by a company that trades a group of securities and makes them available to investors as redeemable units.
Unit trust
A unit trust refers to the assets that are held and administered by a trustee, which pre-determines the unit holder’s entitlement to income, capital, or both.
Universal design
Universal design is the process of designing products, buildings, or environments that are accessible to people regardless of their age, disability, and other factors.
Unregistered land
Unregistered land refers to a lot that is sold before council registration, usually offered by property developers who will develop and register the land on behalf of the buyer.
Unsecured loan
An unsecured loan is defined as a loan that does not require any form of collateral but relies on the borrower’s assets as security and creditworthiness.
Utilities
Utilities refer to the useful features necessary within a home such as electricity, water, gas, etc.
Vacancy
A vacancy is a term that describes an unoccupied or empty space.
Vacancy rate
The vacancy rate is the proportion of inhabitable or vacant units available within a rental property.
Vacant possession
Vacant possession occurs when the property purchased by a buyer can be used immediately because it is not being used or is vacant at the time of sale.
Vacant property
Vacant property is an abandoned or empty property that is unoccupied and has no existing tenants using the space.
Vacate
To vacate is defined as the act of giving up space or leaving a property unoccupied.
Vacation rental
A vacation rental is a furnished house or apartment that is professionally managed to be a temporary dwelling for tourists and vacationers.
Valuation
Valuation is defined as the evidence-based process of assessing the value of a property provided by a qualified professional.
Valuation report
A valuation report is an inspection and report that determines the value of a property.
Valuer
A valuer, which is also referred to as an appraiser, is a professional that conducts inspections that help determine the current market value of a property or land.
Vanity
A vanity refers to a dressing table or a bathroom cabinet containing a sink and usually having a countertop.
Variances
Variance refers to the planned use of a property that deviates from local zoning laws, given an exception to protect property values.
Vendor
A vendor is a seller of a property that they own or selling on behalf of another person, receiving payment from the buyer.
Vendor’s terms
Vendor’s terms occur when the owner offers to finance the sale of a property instead of a buyer going to a bank.
Vessel
A vessel is a hollow container used to hold or transport liquids.
Visible transmittance
Visible transmittance is a measure of how much light gets through the window based on the thickness of the frame and sash, the coating or tint on the glass, and any grids or muntins that can block some of the light.
Voidable
Voidable refers to a contract that provides the parties involved with the option to rescind or unenforced the contract for several legal reasons.
Volatile organic compounds (VOCs)
Volatile organic compounds are organic chemicals that have a high vapor pressure and low water solubility, which are mostly used to produce paints, pharmaceuticals, and refrigerants.
Volumetric heat capacity
Volumetric heat capacity describes the amount of energy needed to change a unit volume of a material or substance by a unit of temperature.
Voluntary foreclosure
A voluntary foreclosure is initiated by a borrower who is unable to pay their loan for the property to avoid further payments and prevent eviction.
Waffle pod
Waffle pods are polystyrene blocks used as void fillers in concrete slabs to reduce construction costs and the amount of concrete required, and also help with insulation.
Waiver
A waiver is a legally binding provision where parties involved in a contract agree to voluntarily forfeit a claim without the other party being liable.
Walk-through inspection
A walk-through inspection is conducted by a buyer and professionals to look for serious structural issues, repairs and improvements that have been done on a property.
Walkthrough
A walkthrough is a tour or the final inspection of a property before closing or turnover to determine problems that need to be addressed or corrected.
Water charges
Water charges refer to the charges made for the use of a public water supply.
Water Efficiency Labelling and Standards (WELS) scheme
The Water Efficiency Labelling and Standards (WELS) scheme is an Australian government initiative to raise consumer awareness by promoting products that are water efficient.
Water sensitive urban design (WSUD)
Water-sensitive urban design (WSUD) is a planning and design approach for urban areas to use stormwater and reduce the harm it causes to rivers and creeks.
Water-saving toilet
Water-saving toilets are designed to remove waste and minimize consumption by using water velocity instead of removing waste by using water volume.
Watertable
Water table refers to the underground boundary between the soil surface and the area where groundwater saturates between sediments and cracks in the rock.
Watt
Watt is defined as the unit of electric power, wherein one watt is equivalent to the energy consumption rate of one joule per second.
Wattle and daub
Wattle and daub may be a method of constructing walls during which vertical wooden stakes, or wattles, are woven with horizontal twigs and branches then daubed with clay or mud, making a weatherproof structure.
Wear and tear
Wear and tear is a term that refers to the damage that occurs naturally and inevitably as a result of normal use or aging.
Weather-stripping
Weatherstripping stops external rain/moisture from penetrating through window openings and into a building by rerouting the water to contain interior air for comfort and to save energy on air conditioning and heating.
Weighted sound reduction index (Rw)
A weighted sound reduction index (Rw) is the rating that measures the level of sound insulation for walls, floors, windows, and doors to determine its effectiveness in soundproofing which is expressed in decibels.
Wet bulb temperature
Wet-bulb temperature essentially measures how much water vapor the atmosphere can hold at current weather conditions.
Wetback system
A wetback system is a pipe arrangement that provides a substantial contribution to water heating in cold climates where a lot of space heating is used, therefore reducing energy costs.
Wholesale SMSF / Trust funds
A trust such as an SMSF can be classified as a wholesale client if it is controlled by a trustee with net assets of at least $2.5 million or has a gross income of at least $250,000 in the last 2 years.
Wicking
Wicking is the act of moving or drawing off the liquid through capillary action.
Wildfires
A wildfire is an uncontrolled and unplanned fire that occurs in a rural area caused by an accumulation of combustible vegetation.
Wind rose
A wind rose is a graphic tool used by meteorologists to give a succinct view of how wind speed and direction are typically distributed at a particular location.
Window Energy Rating Scheme (WERS)
Window Energy Rating Scheme (WERS) is a rating system that provides data on the energy impact of residential and commercial windows in any climate of Australia.
Workout
A workout agreement is a contract between a lender and borrower to review and renegotiate the terms of a loan in default.
Writ of restitution
A writ of restitution is a document that states a judge’s order to evict a delinquent tenant from a rental property.
Xeriscape
Xeriscape or xeriscaping is the practice of designing landscapes that will reduce or eliminate the need for irrigation, needing little to no water beyond what the natural climate provides.
Yield
Yield is defined as the earnings that were generated and realized on investment for a specified period.
Yield maintenance
Yield maintenance is a prepayment fee or ‘penalty’ made by borrowers to lenders to compensate for the loss of interest from the prepayment of a loan, discouraging borrowers from settling their debts ahead of time.
Yield-to-average life
Yield-to-average life allows the investor to estimate actual returns from a bond investment regardless of its stated maturity date, assuming that the bond matures on its average life at an average price.
Yield-to-call
Yield-to-call is a term used to describe the returns a bondholder receives if the securities are held until the call date which is before its maturity date.
Yield-to-maturity
Yield-to-maturity is also referred to as book yield or redemption yield, which is the anticipated total return on a bond if it is held until its maturity date.
Zero emission (zero energy)
Zero-emission refers to an engine, motor, process, or other energy sources, that emits no waste products that pollute the environment or disrupt the climate.
Zero-lot line
Zero-lot-line house is a piece of residential property in which the structure comes up to, or very near to the edge of its property line.
Zero-point option
A zero-point option is defined as a loan that is based on a lender’s market or par rate.
Zombie debt
Zombie debt refers to a debt that has fallen off a credit report but a creditor is still trying to collect payments, even if the debt is beyond the statute of limitations for collection.
Zoning
Zoning is a local planning tool used to control the current and future developments of land for residential, business, industrial, and other uses.
Zoning use
Zoning use can be referred to how land is used or its purpose in a specific area or location.