AUSTRALIAN REAL ESTATE

Real Estate and Financial 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 DE F GH IJK L MN O PQ R S T UVWXYZ

– U –
under licence	Early possession of the property before settlement with the permission of the vendor. This usually involves the payment of rent.
unencumbered	Property free of liabilities, restrictions or encumbrances.
unsecured loan	A loan that is not backed up by collateral.
utilities	Private or public services such as gas, electricity, telephone, water, and sewer that are part of the development of the land.

— V —
valuation	A written analysis required by the lender of the estimated value of a property prepared by a qualified valuer.
vendor	The seller.
vendor statement	A statement by the seller to the buyer detailing the particulars of the property offered for sale.
villa	A style of housing, often a single storey attached dwelling.
void	Having no legal force or effect and is unenforceable.

— W — X — Y — Z —
water course	A natural stream of running water being fed by a natural source such as a stream or river.
x	A notation made by a person who has not learned to write or is physically unable to write, to show intent to sign a document such as a deed or will.
yield	The interest earned or return by an investment and is stated as a percentage of the amount invested.
zoning	Local authority guidelines for the permitted use of land.

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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