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Here is a list of terms relevant to buying or renting a house or flat in Australia...
When reading the property-related classified advertisements in Australian newspapers and magazines, it can help to know some of the key jargon terms:
Allotment | Area of land sufficient to build a home. Also referred to as lot or building block |
Auction | Public sale of a property to the highest bidder, provided the seller's price has been reached or exceeded |
Conveyancing | Branch of law dealing with the transfer of property |
First Home Owner Grant (FHOG) | Government scheme for first home owners |
For Sale By Owner (FSBO) | Used by owners who are selling their property without the use of an estate agent |
For Sale By Tender (FSBT) | Procedure where the seller sets a date when potential buyers can make an offer on a property. Usually properties are high value or unusual |
Freehold | The majority of properties are on a freehold title, which are of unlimited duration |
Reserve price | Minimum price a vendor will sell a property for at auction |
Settlement | The final step in the property purchase procedure |
Stamp duty | State tax for transactions and documents relating to the transfer of ownership |
Strata Title | Land title, generally for flats, townhouses and properties with multiple owners on one piece of land |
Unit | Apartment or flat |
Villa | Bungalow-style (single-storey) house in a residential area, either detached or semi-detached, often with a shared driveway |