Thursday, September 16, 2010

More Real Estate Terms

People constantly ask me about the meanings of words used in a sales contract. So here are some standard definitions.

Deposit: When a contract is entered into the purchaser must pay part of the sale price to the seller at the time of entering into the contract. The balance is then paid following a period of investigation of the property’s legal title. Generally the contract for land will call for a 10 per cent deposit. The deposit can be lost to the seller if the purchaser fails to complete the contract within its terms.

Vendor: The seller of the property.

Private treaty: Private sale of property as opposed to the public sale of property at auction.

Strata (unit) title: A form of title which allows a property allotment to be subdivided vertically or horizontally. An example is a block of home units, where each unit has a separate title and can be sold and owned independently of the other units.

If you have a question about real estate, or would like assistance in locating or selling a property, feel free to phone me, Noel Thompson Principal Professionals Logan Lifestyles at either Browns Plains 3800 4000, Marsden 3200 4495, Springwood 3808 5544 or Waterford 3299 7733.

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