Glossary of Terms

Glossary of Terms

MARKETING PACKAGE SCHEDULE A promotional package designed to give a home accelerated exposure to the market. It will specify dates sizes, types of ads used and the various media involved

CONVEYANCING The legal aspects of a sale transaction where the money and title are transferred and all legal issues are correct

POSSESSION DATE The day you pay the balance of the purchase price to the vendor and the title is transferred.

GENERAL LISTING A listing that is open to any agency and their salespeople

CHATTELS These are the items that stay with the home when it sells e.g.: carpets, light fittings, drapes, curtains etc. Often special items are added to the contract – e.g.: dishwasher, spa pool. Specific items can also be excluded

OFFER  Presented normally in writing from where a buyer is saying they are prepared to buy a home for X amount

LISTING AUTHORITY A contract between the owners of the home and the real estate company selling the house. This will say whether it is a General, Exclusive, Tender or Auction Listing. It will state the fee to be charged for a sale and any additional costs.

AUCTION An intensive programme over 3 to 5 weeks using profile building marketing over 3 phases. The first is with larger ads leading to the following stage Auction day, followed by a third stage of marketing if for some reason it is still needed.

RESERVE The price at which a vendor will not sell below at Auction. A buyer must bid to this figure or higher.

SUBJECT TO FINANCE A condition inserted into the contract, normally for the benefit of the purchaser. The contract is confirmed once they have satisfied that condition by the stated date.

TENDER Similar to an Auction but without the Auction day. Normally the vendor assists with an increased level of marketing and the campaign runs 3 to 5 weeks alike an auction.

SOLE AGENCY A Sole and Exclusive right for the agent to sell the property. Normally for a set period with one agent responsible for managing the sale.

NO PRICE MARKETING Putting a home on the market without a price and allowing feedback from buyers in that marketplace to guide you towards the eventual selling price.

DEPOSIT The initial payment, by the purchaser at the time of signing the agreement to purchase. Part of the purchase price and held in the Agents Trust Account

UNCONDITIONAL CONTRACT This is a contract with no conditions. This is binding on both parties and must be proceeded with.

OBJECTIONS TO TITLE A purchaser is entitled to inspect the title to the property and can object, stall or annul the sale if this is defective. Auction sale required the purchaser to inspect and approve the title before purchasing.