Another term for the seller.
Vendor (Real Estate)
In real estate, a vendor is the person or entity selling a property.
The vendor is the legal owner of the property who has decided to sell it and appoints a real estate agent to market and manage the sale.
In NSW property transactions, the term is commonly used in contracts governed by the Conveyancing Act 1919.
Simple Definition
Vendor = Seller of the property
Examples:
- If John owns a house and sells it → John is the vendor
- If a company sells a commercial building → The company is the vendor
The person buying the property is called the purchaser or buyer.
Example Property Sale
Property: 25 Ocean Drive, Bondi
- Vendor: Michael Taylor (owner selling the property)
- Purchaser: Lisa Chen (buyer)
- Agent: Ray White Bondi
- Sale price: $1,750,000
Michael Taylor is the vendor because he owns and is selling the property.