| jar-gon | |
| Pronunciation: | \ˈjär-gən, -ˌgän\ |
| Function: | noun |
| Etymology: | Middle English, from Anglo-French jargun, gargon |
| Date: | 14th century |
| 1a: confused unintelligible language b: a strange, outlandish, or barbarous language or dialect c: a hybrid language or dialect simplified in vocabulary and grammer and used for communication between peoples of different speech | |
| 2: the technical terminology or characteristic idiom of a special activity or group | |
| 3: obscure and often pretentious language marked by circumlocutions and long words | |
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| Asking Price | The listed price of the property. The owner may be willing to negotiate so this may not be the selling price. |
| Assessed Value | The valuation placed on the property. |
| Auction | Real estate that is sold to the highest bidder. |
| Body Corporate | The administrative body made of the owners of a group of units or apartments of a strata building. |
| Bridging Loan | A short term loan used to cover the financial gap between buying and selling. |
| Building Inspection | A thorough inspection by a licensed builder that evaluates the structural and mechanical condition of the property. |
| Buyers Market | When the demand for property is less than the supply of property the advantage shifts to the buyer. |
| Caveat | A warning on the title that a third party may have an interest in the property. |
| Certificate of Title | A description of a property that includes the name of the registered owner and any encumbrances such as mortgages and easements. Included in the contract of sale prepared by the solicitor. |
| Commission | A proportion of the sale price (generally a percentage) of a property paid to real estate agent for negotiating the sale. |
| Contract of Sale | An agreement in writing that details the terms and conditions in regards to the sale or purchase of a property. |
| Cooling Off Period | The buyer pays a deposit of .25% of the purchase price giving the buyer a cooling off period of 5 working days. Within this time the buyer can withdraw from the contract (sale) forfeiting their .25% deposit. As a buyer you cannot be gazumped during the cooling off period. |
| Covenant | Terms, conditions and restrictions noted on the title. |
| Deposit | A percentage of the purchase price given at the time of exchange to bind the sale. Usually 10%. |
| Easement | A right that someone has to use the land that belongs to another. An example is a water authority having a sewerage easement. |
| Exclusive Authority | A written contract that gives one real estate agent the exclusive right to sell a property in a specified time period. |
| Exchange of Contracts | The point at which signed contracts are physically exchanged, legally committing the buyer and the seller to the purchase and sale of a property at an agreed price. |
| Fittings | Objects that can be removed from a property without causing damage. |
| Gazumping | Gazumping occurs when a seller accepts a buyer's offer and verbally agrees to sell the property to that buyer but later sells the property to another buyer offering to pay more. |
| Joint Tenancy | A form of co-ownership that gives each tenant equal shares in the property including the right of survivorship. |
| Listing | A written contract between an owner and a real estate agent, authorizing the agent to perform services for the sale of the owners property. |
| Market Value | The price at which a seller is happy to sell and a buyer is willing to buy. |
| Offer | A sum of money that a buyer offers to pay for a property. |
| Open Listing | A type of listing agreement in which more than one real estate agent may be employed to sell the property. |
| Passed In | The highest bid fails to meet the reserve price of a property at auction and therefore does not sell. |
| Private Sale | The sale of a property by the owner without the use of a real estate agent. |
| Private Treaty | The sale of a property through a real estate agent by negotiation. |
| Reserve Price | The minimum price which a seller will accept at auction. |
| Settlement | The sale of a property is finalised by the legal representatives of the vendor and the purchaser and the new owner takes possession of the property. |
| Stamp Duty | A State Tax on conveyance or transfer of real property calculated on the total value of the property. |
| Valuation | A written analysis of the estimated value of the property prepared by a qualified valuer. |
| Vendor | The seller of property. |
| Zoning | Local authority guidelines for the permitted use of the land. |
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