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Agency Agreement (NSW)

Definition An Agency Agreement (NSW) is a legally required written agreement between a property owner and a licensed…

Auction

Definition An auction is a public sale process where buyers compete by placing bids against one another…

Auction Conditions

Definition Auction Conditions refer to the written rules and terms governing the auction process, which are announced…

Bond (Rental Bond – NSW)

A security payment made by a tenant at the start of a tenancy. In NSW,…

Break Fee

Definition A Break Fee is a fee payable by a tenant who chooses to end a fixed-term residential tenancy…

Building & Pest Report

Definition A Building & Pest Report is an independent inspection report prepared by a licensed or qualified…

Capital Gains Tax (CGT)

Definition Capital Gains Tax (CGT) is a tax applied to the profit made when a person…

Cooling-Off Period (NSW)

Definition A Cooling-Off Period (NSW) is a legally defined period of time after contracts are exchanged for…

Contract for Sale (NSW)

Definition A Contract for Sale (NSW) is the legally binding document used in New South Wales property…

Deposit

Definition A Deposit is a payment made by a buyer when purchasing a property to demonstrate their…

Dummy Bidding

Definition Dummy Bidding refers to the practice of placing fake bids during a property auction in…

Easement

Definition An Easement is a registered legal right that allows one party to use a portion of…

Exchange of Contracts

Definition Exchange of Contracts is the stage in a property transaction where the signed copies of…

Fixed-Term Lease

Definition A Fixed-Term Lease is a residential tenancy agreement that has a clearly defined start date and end…

Final Inspection (Pre-Settlement Inspection)

Definition A Final Inspection, also known as a Pre-Settlement Inspection, is the buyer’s last opportunity to inspect…

Guide Price

Definition A Guide Price is an estimated price or price range provided by a real estate agent…

Gross Rental Yield

Definition Gross Rental Yield is a property investment metric that measures the annual rental income generated…

Lease Agreement (Residential Tenancy Agreement NSW)

Definition A Lease Agreement, formally known in New South Wales as a Residential Tenancy Agreement, is the…

Landlord (Lessor)

Definition A Landlord, also referred to as a Lessor, is the owner of a rental property who…

Market Appraisal

Definition A Market Appraisal is a professional estimate provided by a real estate agent indicating the likely…

Mortgage

Definition A Mortgage is a loan used to purchase property where the property itself is used as…

On the Market (Auction Term NSW)

When an auctioneer announces a property is “on the market,” it means bidding has reached…

Option to Waive Cooling-Off

Definition An Option to Waive Cooling-Off refers to a buyer’s ability in New South Wales to waive…

Passed In

Definition Passed In is a term used in property auctions to describe a situation where the…

Property Condition Report

Definition A Property Condition Report is a detailed document prepared at the beginning of a residential tenancy…

Property Management Agreement

Definition A Property Management Agreement is a written contract between a property owner (landlord) and a licensed…

Reserve Price

Definition A Reserve Price is the confidential minimum price that a seller is willing to accept for…

Routine Inspection

Definition A Routine Inspection is a periodic inspection carried out during a residential tenancy to assess the…

Section 66W Certificate

A legal certificate signed by a solicitor or conveyancer that allows a buyer to waive…

Settlement

Definition Settlement is the final stage of a property transaction where the legal ownership of the…

Under Offer

The seller has accepted an offer, but contracts have not yet been exchanged. Under Offer means…

Unconditional Contract

Unconditional Contract (Real Estate) An Unconditional Contract in real estate means the contract of sale has no remaining…

Vendor Bid

A bid made by the auctioneer on behalf of the seller. In NSW, it must…

Vendor

Another term for the seller. Vendor (Real Estate) In real estate, a vendor is the person or entity…

Strata Scheme

Strata Scheme A Strata Scheme is a form of property ownership commonly used for apartments, townhouses, and mixed-use…

Tenant

A person renting a property under a residential tenancy agreement. Tenant A tenant is a person who rents and…

Tribunal (NCAT)

Tribunal (NCAT) In New South Wales property matters, the Tribunal usually refers to the NSW Civil and Administrative…

Water Usage Charges (NSW Rentals)

Landlords can pass on water usage charges to tenants if the property meets NSW water efficiency standards and…

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