Melton 
Not sure of a term/word someone in the industry said? That’s we got you.
A/C: Air conditioning
Agent: A person authorised to act for another (usually for the owner) in the selling, buying, renting or management of a property. Commonly used to refer to licensed real estate agents and real estate representatives.
Arrears: Unpaid debts.
Bi: Built-in.
Bics: Built-in cupboards.
BIR: Built-in wardrobes.
Body corporate: (a) A term used in the Strata Titles Act to describe the body representing the building owners; (b) The control and administration of common property is vested in a statutory Body Corporate which comes into existence automatically on the registration of the plan, and to which the provisions of the Companies Act do not apply. The registered proprietors of the units are the only members of the Body Corporate. Associated rights and obligations are fixed by scheduled by-laws.
Bond (rental): Consideration held usually under a lease to ensure performance of lease terms and conditions. Normally refundable if possession of property is returned in good condition.
Br: Bedroom.
Building inspector: An authorised person who is responsible for checking buildings in the course of construction and completed buildings to ensure that they have been constructed in accordance with building control provisions.
Client: One who engages the services of an agent or valuer and to whom the agent or valuer should look for payment of his commission or fees, in return for services rendered.
Commercial property: Property intended for use by all types of retail and wholesale stores, office buildings, hotels and service establishments. In many property circles, commercial property refers specifically to office property.
Commission: The fee or payment made to an agent for services rendered, such as the sale of property, often calculated with reference to the value of the property, contract or agreement.
Contract: A legally binding agreement.
Contract of sale: An agreement relating to the sale of property, which expresses the terms and conditions of sale.
Conveyance: A deed which transfers ownership of common law title from one person to another.
Cooling off period: A short statutory period after the contract is made, during which the purchaser may cancel the contract unconditionally. Usually does not apply in the case of auctions.
Date of settlement: The date on which a contract of sale is finalised and final payment is made.
Deposit: Percentage of total consideration, or an agreed amount, paid on exchange of contract for purchase of an asset.
Display home: A building which represents a completed example of a dwelling type offered for sale.
Dwelling: Another word for home.
Easement: A right to use the land of another (not involving the taking of any part of the natural produce of that land, or any part of its soil) or a right to prevent the owner of that land from using that land in a particular manner. Most commonly used where Government authorities have the right to run, for example, electrical mains or drainage through private property. Some form of compensation may be payable.
Effective date: The date something commences or closes.
Exclusive agency: See Exclusive Listing.
Exclusive agency agreement: The agreement between an agent and a vendor establishing an Exclusive Listing.
Exclusive listing: Where a single agent only is appointed to sell or lease a property under an Exclusive Agency Agreement. Under the terms of an Exclusive Agency Agreement, the appointed agent is usually entitled to any commission resulting from a transaction relating to the property, even if it is sold or leased by another agent or the vendor during the term of the agreement. Also known as an Exclusive Agency or a Sole Agency.
Fittings: Installed items that may be removed from real estate without causing irreparable damage to the land, structure or use of the premises.
Fixed interest rate: An interest rate that remains unchanged for a set period, for example, for the whole term of the loan, or the first year of a loan.
Fixed rate loan: A loan where the interest rate is fixed for a period of time, which can vary from one to 15 years.
Fixtures: Those parts of a property affixed to structures or land, usually in such a manner that they cannot be independently moved without damage to themselves or the property housing supporting or pertinent to them. Fixtures are usually included in a sale and commonly include items such as carpets and awnings.
Holding deposit: An amount given by a buyer to the estate agent acting for the seller. It shows the buyer’s serious commitment to the property and is commonly 10% of the purchase price.
House: A single, self-contained place of residence detached from other buildings. A house generally consists of enclosing walls with a roof to shelter occupants against both climate and intruders.
Interest rate: The rate of return earned on an investment, or charged by a lender, expressed in the form of a percentage per annum.
Investment property: Property (land or a building – or part of a building – or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both.
Landlord: The owner of leased property. The lessor.
Lease: An agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.
Lease term: The period of the lease.
Listing: (a) A term commonly used by agents for obtaining an instruction to sell or lease real estate; (b) The recording of properties as being available for sale.
Maintenance: The act of keeping, or the expenditure required to keep, an asset in condition to perform efficiently the service for which it is used.
Managing agent: A real estate agent authorised to manage the business affairs in connection with the property of another. See also Property Management.
Median price: The median price is derived by arranging property prices in ascending or descending order and then selecting the middle price. It is not the average.
Mortgage: Documentation of a property loan. Security over real property to ensure payment of a debt or performance of an obligation.
Outgoings: The expenses incurred in generating income. In real estate, these expenses include, but are not necessarily limited to, property rates, insurance, repairs and maintenance and management fees.
Periodic lease: Where a tenant continues to rent / occupy the property after the lease has formally expired.
Property management: The management of a property on behalf of the owner. For example, the leasing of space, collection of rents, selection of tenants and generally the overall maintaining and managing of real estate properties for clients.
Property manager (PM): A property manager is a person or firm charged with the upkeep and management of a property on behalf of the owner.
Real property: All the rights, interests, and benefits related to the ownership of real estate. Real property is a legal concept distinct from real estate, which is a physical asset. There may also be potential limitations upon ownership rights to real property.
Rent: A payment made periodically by a lessee to a lessor for the use of premises.
Rent review: A periodic review of rental under a lease using a predetermined method. For example, an increase in line with Consumer Price Index (CPI) or in accordance with a market valuation.
Settlement: This is the final stage of the sale when the purchaser completes the payment of the contract price to the vendor and takes legal possession of the property.
Settlement date: The date on which a contract of sale is finalised and the balance of money is paid for an asset.
Subdivision: Divisions by a landowner, of all or part of a parcel of land, into separate allotments (or sections), each with a separate title, in accordance with a ‘plan of subdivision’ approved by the planning authority.
Tenancy agreement: A form of lease, generally in an abbreviated form. It may be registered on an owner’s certificate of title.
Vacancy: A rental property or any unit thereof that is unlet.
Vacant possession: In real estate this refers to a right to possession of land or built-up property in respect of which there is no current occupant.
Vacate: To give up occupancy; to make vacant; move out of property.
Valuation: (a) The process of estimating value.5; (b) The prediction of the value of an asset at a point in time, depending on the purpose for which the valuation is required.
Valuation report: A document that records the instructions for the assignment, the purpose and basis of the valuation, and the results of the analysis that led to the opinion of value. A Valuation Report may also explain the analytical processes undertaken in carrying out the valuation, and present meaningful information used in the analysis. Valuation Reports can be either oral or written. The type, content and length of a report vary according to the intended user, legal requirements, the property type, and the nature and complexity of the assignment. The terms, Valuation Certificate and Valuation Report, are sometimes used interchangeably.
Valuer: A person who is: (a) registered / licensed / approved to carry out property or plant and machinery valuations under any State, Territory or Commonwealth legislation; and / or (b) a member of the Australian Property Institute who is accredited as a Certified Practising Valuer.
Water closet: A room equipped with toilet fixtures and facilities.
