Jan 242023
Real Estate and Financial Terms Under Letter ‘MN’ – Australian Real Estate

Here are the real estate and financial terms under letter ‘MN’. You can find the meaning of each term, in the context of Australian Real Estate and the related rules or regulations.

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  DE  F  GH  IJK  L  MN  O  PQ  R  S  T  UVWXYZ

– M –
manholeAn opening which permits access to the space between the roof and the ceiling, or below the floor.
market valueThe price at which a seller is happy to sell and a buyer is willing to buy. The objective of an appraisal is to establish the market value of a property.
maturityThe date a debt must be paid in full.
mortgageA legal document that gives a lender rights to a property as security for repayment of a debt. The lender as mortgagee has the right to take the real estate if the mortgagor fails to repay the loan.
mortgageeThe lender of funds in a mortgage.
mortgagorThe borrower of funds in a mortgage.
mortgage brokerA person or company marketing loans from their portfolio of lenders. They match the borrower to the best loan or loans from this selection.
Discharge Fee
A fee charged by some lending institutions to cover their costs for finalising a loan.
mortgage insuranceA policy that insures the lender against the borrower defaulting on a loan where the sale of the property is not sufficient to cover the outstanding loan balance.
protection insurance
Insurance which covers the borrower’s loan repayments in the event they are not able to meet them due to situations like redundancy and illness. This is not the same as mortgage insurance.
Registration Fee
A state government fee to register a loan.
Mortgage Stamp DutyA state government tax assessed on the dollar value of a mortgage.
— N —
negative gearingWhere the return on an investment is not sufficient to cover the costs on the investment such as interest on the loan and property maintenance.
net incomeIncome after taxes are deducted.
net worthThe value of a person’s assets minus liabilities.
nomineeA person who, in a limited sense, acts for or represents another.
Notice of DefaultA formal written notice to a borrower that a default has occurred and that legal action may be taken.
Notice to QuitA notice to a tenant to vacate the property.

Write a Comment

Your email address will not be published. Required fields are marked *