Australian Real Estate Terms

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Buying, selling or renting property in Australia and having trouble understanding what they're saying? To help you figure it out, we've created brief explanations of the words used. For more complete information, see your local real estate agent, financial advisor or solicitor.

A B C D E F G - H I - J - K L M - N O P - Q R S T U - Z

P
passed in	A property is passed in at auction if the highest bid fails to meet the reserve price set by the vendor and consequently does not sell.
payee	The person or entity to which a cheque is payable.
portability	When a new property may be substituted as security for an existing loan.
Power-of-Attorney	Having the authority to execute documents on behalf of the person granting the power.
pre-qualification	The process to determine how much money a buyer will be eligible to borrow before they apply for a loan.
prime rate	The interest rate that banks charge their preferred customers. Changes in this rate affects other interest rates including mortgages.
principal	The amount borrowed or still to be repaid.
private sale	The sale of a property by the owner without the services of a real estate agent.
private treaty sale	The sale of property where the buyer negotiates on a price set by the seller.
proxy	A person who represents another, particularly in some meeting or a document giving authority to another to represent their wishes.
public housing	Government-owned housing for low-income individuals and families provided at no cost or for nominal rental rates.

Q
qualified acceptance	An acceptance of an offer subject to a condition or conditions which must be met.
qualified buyer	A buyer who has satisfied a lender that he or she is financially able to qualify for a loan. This is one of the primary steps taken in the loan process.

Note: We assume no liability resulting from any errors or omissions. Translation . . . we've done our best to bring you accurate information. However, you should seek your own independent advice as to the accuracy of the information supplied.

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