Allotment: A plot of land divided into smaller pieces for sale or use.
Amenity: A feature or service in a neighbourhood, such as parks, schools, or pools, that enhances its appeal.
Appraisal: A report estimating the value of a property, usually done by real estate agents for free.
Auction: A public sale where buyers place bids on a property, and the highest bid wins.
Bridging finance: A short-term loan to help purchase a property before the sale of another one is completed.
Capital gains: Profit made from selling a property for more than what was paid for it.
Capital growth: The increase in a property’s value over time.
Caveat: A warning that someone else has an interest in the property, such as a legal claim.
Certificate of title: A legal document that proves property ownership and lists any claims against it (like mortgages).
Conveyancer: A professional who helps manage the paperwork and legal aspects of property transactions.
Cooling-off period: A short period (usually 5 business days) after signing a contract during which the buyer can change their mind.
Contract: A legal agreement between a buyer and seller outlining the terms of the property sale.
Equity: The difference between the property’s current value and what is owed on the mortgage.
Settlement: The final step in a property transaction where ownership officially transfers from the seller to the buyer.
Stamp duty: A government tax on property purchases, typically based on the property’s price.
Valuation: An assessment of a property’s value, often required for loans, legal cases, or divorce settlements, done by a professional valuer.
