Agent
	The person or firm appointed in writing by you to act on your behalf with third parties, and thereby receive a commission.

	Agents in conjunction
	You (as a vendor or landlord) may appoint more than one agent; or an appointed agent may act with another agent who introduces a purchaser or tenant, to your property.

	Allotment
	A small site for home building, sometimes called a block.

	Apartment
	Might also be a Suite or just a room, not necessarily self-contained. Usually found as part of a small or large development.

	Appreciation
	An increase in property value triggered by inflation, improvements or increased demand.

	Arcade
	A covered walkway, usually with shops along both sides.

	Arrears
	Usually considered a debt in rent, which have not been paid on time.

	Assets
	The sum of a person's real and personal property, including equities.

	Assignment
	The transfer of a property, a lease, rights or an interest and sometimes a liability from one party to another.

	Auction
	Sale of a property in public to the highest bidder at a set time and date.

	Body Corporate
	The legal administrative group of owners of offices, home units, flats, town houses, etc. for common property.

	Bond
	In rentals, a sum of money which is paid by the tenant to ensure against damages to the property.

	Building Approval
	This is the first stage of building a home on land where the approval has been made by the council that the land can be built on.

	Bridging Finance
	A temporary loan to bridge the time-gap between paying for one property and receiving payment from a previous property.

	Building Line
	The uniform distance, usually from a road, behind which buildings must be erected.

	Building Regulations
	Laws laying down standards in materials and construction methods which you must observe to maintain health, safety and certain design minimums in any building or alteration.

	Buying Commission
	The money you pay to an agent for helping you to acquire a specific type of building.

	Breach of Contract
	Breaking the terms of the contract.

	Capital Gain
	The profitable difference between your buying price and selling price, now subject to Capital Gains Tax.

	Caveat Emptor
	Let the buyer beware.

	Certificate of Title
	The paper that records property ownership, one copy lodged at the Titles Office, theo ther with the proprietor; when the property is sold, the Titles Office annotates both copies.

	Client
	A person who engages an agent or valuer, and who is obliged to pay that agent or valuer commission or fees.

	Commercial Property
	For business purposes office buildings, shops, warehouses, hotels etc.

	Commission
	A percentage payable to real estate agent for selling a property by the person authorising the sale.  Usually a percentage of the sale price.

	Conditional Sale
	Subject to conditions such as finance, building inspections etc.

	Construction Costs
	The sum of labour and material costs, plus contractors overheads and profits in the erection of improvement of a property.

	Contemporary Home
	New/21st century/modern.  Very geometric, diverse and open planned.

	Contract of Sale
	Written agreement setting out the terms and conditions of a property sale.

	Cosmopolitan Setting
	An area in which is very up beat, 'The place to be', there are a lot of cafes etc.

	Counterpart
	An identical copy of an original document.

	Covenant
	An agreement between landlord and tenant, or vendor and purchaser, covering specific things which will be done or cannot be done to a property.

	Cover Note
	Immediate insurance cover, often issued by an insurance broker on the insurance company's behalf, for a property which has just been bought.

	Conveyancing
	Legal process of transferring the ownership of a property from one person to another.

	Date of Settlement
	The day, under the terms and conditions of the contract, when a vendor is obliged to transfer a property to the purchaser.

	Deposit
	Usually 5% - 10% of the purchase price of a property placed in trust as evidence of intention to buy.  Non-refundable, after exchange of contract, it goes towards the purchase price when the sale goes through.

	Depreciation
	Drop in a property's value due to passage of time, deterioration, or changes to neighbouring properties.

	Developer
	A person who buys property and by improving it through sub-division or construction for instance lifts it's value.

	Easement
	The contractual right of one person to use a portion of another persons land, usually as a drive for access or as a run off for water.

	Economic Life
	The potential number of years a property could be profitable.

	Effective Rate
	The real rate of return or repayment, as opposed to the nominal rate.

	Encroachment
	When a building overhangs someone else's property, or a fence is built over the dividing line between two properties.

	Encumbrance
	An easement, mortgage, or other liability on a property which impedes its use or transfer.

	Environmental Impact Study
	An experts assessment of long-term environmental effects of a particular land-use scheme.

	Equity
	The percentage of a property an owner holds after outstanding loans have been deducted from the market value.

	Facade
	The front face of a building.

	Fixtures
	Items that can not be removed without being damaged.  Refers to items in or around a property.

	Freehold
	A property which is owned outright and for unlimited duration.

	General Law Title
	Such a title pre-dates the Torrens Title System under which ownership is government-recorded by Certificates of Title; it is based on a comprehensive history of ownership.

	Head Room
	The distance from floor to ceiling.

	Heavy Industry
	A zoning term covering noisy, smelly or otherwise unsattractive industries.

	Hectare
	The metric measurement of land area equal to 10,000 square metres, or 2.47 acres.

	Height Density
	Another zoning regulation limiting the height of buildings in a particular area.

	High Rise
	A building over three or four storeys, usually requiring a lift.  It is an indefinite term.  In offices, a building over 30 storeys.

	Holding Deposit
	One weeks rent on the property applied for which secures the perspective tenants interest.

	Home Units
	Individually-owned homes in a development of two or more homes.

	Investment Return
	The rate per month (or year) of return on investment produced by rental and resale.

	Irrevocable
	Cannot be undone.

	Joint Venture
	Two or more people or companies combine to carry out a project or enterprise.

	Landlord
	The owner of a property for leasing.

	Land Usage
	Determined by zoning regulations residential, industrial etc.

	Lease
	The formal arrangements by which one party has use of another's property in return for rent.

	Lease with option to purchase
	A lease embodying the right of the lessee to buy the property at an agreed price within an agreed time.

	Lessor
	The party who grants a lease.

	Listing
	A property available for sale or rent.

	Maintenance
	The expenditure required to keep a property in an efficient operating condition.

	Managing Agent
	A real estate agent authorised by you to manage your property.

	Market Price
	The price paid for a property it is real, whereas "market value" is only an estimate.

	Mezzanine
	An intermediary floor, usually between the ground and first floors.

	Mortgage
	A document pledging a property as security for the repayment of the money you borrow on the property.

	Mortgagee
	The lender on the mortgage.

	Mortgagor
	The borrower.

	Multiple Listing
	System of selling the property through many agents.  The buyer pays only one commission.  This goes to the agent who lists the property on an official multiple listing form and is shared between the first agent and the agent who actually finds the buyer.

	Net Lease
	Where your lessee is responsible for all building outgoings on top of the agreed rent.

	Notice to Quit
	Enables, under strict conditions, a landlord or tenant to terminate a tenancy without the agreement of the other.

	Offer to Purchase
	A formal legal agreement which offers a specified price for a specified property.  The offer may be firm (no conditions attached) or conditional (certain conditions apply).

	Open Plan Living
	One room flows into the next.  There are no walls to divide the rooms up.  This is seen in very modern houses as it is a modern concept.

	Option
	In selling, the right (secured by a payment) to purchase a property at an agreed price on or before an agreed date.  In leases, the right to renew at a mutually agreed rent.

	Outgoings
	All expenses on a property.

	Passed In
	When a property fails at auction to reach the vendors reserve price.  (The highest bidder has the right to meet the reserve price or try to negotiate an acceptable price).

	Prestige
	A perception.  Up market.  High quality of living.  Refers to area's and housing.

	Plot Ratio
	The ratio of building area to site area.

	Post War Home
	Style of home produced after the war which spans from 1945 - 1960's.  It is stereotypically a 'box' shape.

	Presentation
	Refers to an agent presenting themselves and the company they represent in a good light to a perspective buyer.

	Private Sale
	The sale of a property without the assistance of a Real Estate Agency.

	Property Management
	A real estate agent manages properties for landlords ensuring the property complies with legislation and regulations at all times, selecting tenants, collecting rents, arranging maintenance and so on.

	Property Wealth
	The difference between the market value of your properties and the amount of money you owe on them.

	Public Liability
	The insurance taken by companies and private individuals to protect themselves against claims made by members of the public, who might be injured in some way on the property.

	Quantity Surveyor
	A professional who calculates the materials required for a construction.  Also helps you to compile your depreciation schedule.

	Rateable Value
	The estimated value of a property on which rates are assessed.

	Real Property
	The ownership of physical real estate land and buildings.

	Redevelopment
	The updating of urban property, usually by demolition and rebuilding.

	Regional Shopping Centre
	A drive-in development with department stores, supermarkets and specialty shops which are replacing the ribbons of shops along both sides of busy streets.

	Reserve Price
	Price below which an owner is not prepared to at auction.

	Restrictive Covenant
	Land is sold with,perhaps, the covenant that only one home can be built upon it or that the home must be built at a specified cost or height.

	Rezoning
	A planning term in which the local authority can alter a planning scheme to allow, say commercial rather than residential building.

	Sale and Lease Back
	An investor buys a property and leases it back to the seller - a practice which is on the increase.

	Settlement
	Completion of sale when balance of contract price is paid to the vendor and the buyer is legally entitled to take possession of the property.

	Site Value
	The amount an unencumbered piece of land, less any improvements, is likely to realise at the time of a muncipal valuation; the land component of a developed property.

	Sole Agency
	One agent or agency has the sole rights to sell a property.

	Speculator
	A punter who buys property in the ecpectation of selling it later for a higher price.

	Stamp Duty
	A State Government Tax imposed on the sale of real estate.  It is determined by the sale value, and it varies between states.

	Strata Title
	The title for a segment of a property, flat, unit, office in which there are several owners.  (Nowadays, a separate Torrens Title is issued).

	Sub-division
	The division of apiece of property into building lots; inevitably required several official approvals.

	Sub-lease
	A property which is already leased is  leased again, but not for a longer period that the unexpired part of the original lease.

	Survey
	The accurate measurement and description of a piece of land, usually showing structures and contours.

	Tenancy at Will
	The tenancy can be closed at will by either landlord or tenant.

	Tenant
	Occupant of a property whether it be a house, unit or apartment.

	Title Deeds
	The documents proving ownership of property.

	Unrenovated
	Still obtains the original materials and features.

	Valuation
	An estimated value of a property based on features and renovations etc.

	Vendor
	Person offering a dwelling for sale.

	Vendor Terms Contract
	When a property is paid for over time usually a deposit and then regular payments of the balance, plus interest over several years.

	Vendor Statement
	Statement setting out particulars of the property, made by the vendor.

	Without Prejudice
	These words, used during negotiation, mean that any suggestion or plan put forward cannot be used as evidence later if the negotiations fall down.

	Yield
	The money you derive by way of income or profit from a property deal.

	Zoning
	The method by which councils or planning authorities control property use residential, industrial etc.