Dictionary - Real Estate

Some terms used by the real estate industry in Australia to describe their world.

/yr = per annum

/hr = per hour

/mth = per month

/wk = per week

a/c = air-conditioning

abandon = a person who has lawful possession of the land relinquishes any future claim to the land

acceptance = an acceptance by PartyB of an offer by PartyA establishing in law a contract that will bind both Parties; See offer

alc. = alcove

auction = a public sales event conducted by an auctioneer in which offers are made by those buyers present or their agents or representatives (the bidders) and acceptance by the seller is immediate to the event usually to the highest bidder

auctioneer = an agent whose job it is to conduct a sale by auction usually for a fee

b.i. = built-in

b.i./c = built-in cupboard

b.i./cs = built-in cupboards

b.i./r = built-in robe

br = bedroom

b.t. = brick-tile

b.v. = brick-veneer

BCA = Building Code of Australia

body corporate = a controlling body under strata title agreements; See strata

builder's licence =

building approval =

building contract =

building lease = a lease of a parcel of land that requires, as a condition of the lease, the building of a dwelling or other property on the land

building regulations =

c/tl = cement tile

caveat = a notice attached to a folio of land expressing the interest of another party in any dealing in this parcel of land

charge over land = usually represented by a caveat expressing an encumbrance on the sale of land in order to secure repayment of a debt but does not give the creditor a right to possess the land in satisfaction of the debt

cmt = cement

cnr = corner

convey = transfer ownership of real property from one owner to another

conveyance = usually means the action of a lawyer to cause the conveyance (see convey) but could mean the instrument used

counter-offer = a conditional acceptance is not acceptance at all but a rejection of the offer and its replacement by a counter-offer

covenant to repair = a lease may contain a clause requiring the lessor to keep in good repair but, unless this clause exists, there is no requirement placed on the lessor to repair the premises, say, upon handover at the end of the lease

crm = cream

CRE = corporate real estate

crpt = carpet

cpd = cupboard

cpds = cupboards

d./br = double bedroom

DA = development application

dble = double

dble/fr = double-fronted

dble/gar. = double garage

demise = grant right for quiet enjoyment

dep. = deposit

det. = detached

devise = to give land to another in a will executed upon the death of the devisor

devisee = the person to whom land is devised in a will

devisor = the person devising land to another in his/her will

din./rm = dining room

e.l.f. = electrical light fittings

easement = a right of way by one party over another's property created by express agreement between the parties, by alienation of a parcel of land by PartyA to PartyB making easement for PartyB over PartyA's land necessary, or easement considered necessary for other purpose and represented by an instrument

el. = electrical

el./h.w.s. = electric hot water service

encl. = enclosed

ens. = en suite

estab. = established

exclusive possession = granted under lease; must exist for there to be a lease; exclusive right to control entry and the keys and right to quiet enjoyment

ext. = external

f/furn. = fully-furnished

f/tld = fully-tiled

fib. = fibro

fib./cmt = fibro-cement

first mortgage = See mortgage, first

fitts = fittings

fl. = floor

fl./covs = floor coverings

flr = floor

g./h.w.s. = gas hot water system

gar. = garage

grge = garage

h.w.s. = hot water system

htr = heater

incl. = include

in-gr. = in-ground

in-gr./pl = in-ground pool

int. = interest

intl = internal

joint ownership = See joint tenancy

joint tenancy = interest in land is joint and this interest cannot be devised in a will unless the joint tenant(s) predecease(s) the devisor

k'ette = kitchenette

kit. = kitchen

l.d.r. = lounge dining room

l.u.g. = lock up garage

l/fitt. = light fittings

landlord = lessor

lease = agreement between lessor and lessee allowing the leaseholding of property for a term in return for value transferred

lease agreement = usually the document describing the agreement between and signed by the lessor and the lessee

lease back agreement = usually a document describing the sale of the land by partyA (the previous owner) to partyB (the new owner) and the immediate entry by both parties into lease of the land by partyA (as lessor) from partyB (as lessee)

leasehold = holding of lessor's property by the lessee for a term

leaseholder = lessee

legal owner = person by whom legal title is held; See legal title; See registered proprietor

legal title = true owner as opposed to apparent owner or occupier; See registered proprietor

LEP = local environment plan

less than freehold = an interest in land that exists but is not freehold (usually leasehold)

lessee = a person to whom a property is leased, let, or demised

lessor = a person who leases, lets, or demises property

let = grant a lease

lex domicilii = the abiding law in the place of residence

lex loci rei sitae = there may be an overriding abiding law governing execution in the place in which the land is situated

lex situs = the abiding law in the place in which the land is situated

lge = large

licence to occupy = permit to occupy without lease under conditions outlined in the licence

license = to grant a licence

licensed valuer = an agent who has been granted a licence to value property in return for a fee

liv. = living

lnge = lounge

mais. = maisonette

mort. = mortgage

mortgage = the securing of the lender's interest in the land by an agreement detailing a charge on the property to secure the loan

mortgage, first = the first lender's interest usually takes priority over any subsequent loan that uses the same property as security

mortgage, second = the first lender's interest usually takes priority over any subsequent loan that uses the same property as security

mortgagee = the lender under the mortgage

mortgagee in possesion = the lender has entered the property and taken possession because of the failure of the mortgagor to satisfy under mortgage

mortgagor = the borrower under the mortgage

mstr = master

mtge = mortgage

o./htr = oil heater

o.f.p. = open fire place

o.n.o. = or near offer

o.s.p. = off street parking

o.y.o. = own your own

o/p h.w.s. = off peak hot water system

occupant = tenant in possession; occupier

occupier = in actual possession

occupier's liability = a special duty of care to those who enter the property, either lawfully or unlawfully; a trespasser may possess this duty of care

offer = an undertaking by PartyA that if PartyB accepts the offer as outlined then a contract exists between both parties that will bind both Parties; See acceptance

oil/htr = oil heater

p.a. = per annum

p.h. = per hour

p.m. = per month

p.w. = per week

p/hr = per hour

p/mth = per month

p/wk = per week

pol. flr = polished floor

posn = position

PPP = public-private partnership

qual. = quality

quiet enjoyment = a right under leasehold, not necessarily under licence

r.c. = reverse cycle

r.o.w. = right of way

rec. = recess

registered proprietor = legal owner under the Torrens system

rend. = rendered

rf = roof

rm = room

s/b = should be

s.b. = solid brick

s.s.s. = stainless steel sink

s.t.c.a. = subject to council approval

s/c = self-contained

s/out = sleep-out

second mortgage = See mortgage, second

semi. = semi-detached

semi-d. = semi-detached

sep. = separate

shr = shower

shwr/rcs = shower recess

sgle/fr. = single-fronted

spac. = spacious

squatter = in possession without consent; trespasser in possession

strata = a parcel of land is divided into units; may include common property

strata plan = a legal document describing the sub-division of a parcel of land into units and common property and signed off by the owners

strata title = that piece of the strata plan that I own; a form of ownership in common based on subdivision of land into units and common property

surrender of the lease = the tenant does something that implies the end of the lease

t. = toilet

t.f. = timber frame

t/c. = terracotta

t/c./tile = terracotta-tile

t/out = throughout

tenant = one who holds tenure; leasehold

tenant at will = either party may bring the tenure to an end at any time

tenant by sufferance = the tenant has possession of the land because of some original consent but is not in possession of a lease

tenant in possession = occupant

tenant for life = the tenant has possession of the land because of an estate granted by a will upon the death of the owner but this estate only lasts until the death of the tenant

tenure = land held by lease not ownership

term lease = the lease will continue for a fixed term and then automatically cease at the end of the term

tld/rf = tiled-roof

tmbr = timber

"TO LET!" = (industry common term) a label that declares an intention to let on the part of the owner; the property is available to be let under particular conditions

toil. = toilet

trespass = to enter without consent

trespass ab initio = to enter with consent but consent has been obtained for the purpose of or results in theft or other unlawful act

trespasser in possession = squatter

u.m.r. = under main roof

v.p. = vacant possession

ven/blds = Venetian blinds

ver. = veranda

w.i. = walk-in

w.i./pant = walk-in pantry

w.i./r = walk-in robe

w.t.w. = wall to wall

w/b = weatherboard

w/c = water-closet (toilet)

w/i = wrought-iron

y.o. = years old

zone = control domain within land development plan (such as a DA or an LEP)