Real Estate Term Plain Language Translation
Appraisal A professional’s best‑guess on what the property is worth right now.
As‑Is You’re buying it exactly how it is — no repairs, no touch‑ups.
Auction A public bidding war where the highest offer wins.
Body Corporate / Owners Corporation The group that manages shared spaces in an apartment or townhouse complex.
Capital Gains Tax (CGT) The tax you pay on the profit when you sell an investment property.
Certificate of Title The official paper that proves who owns the property.
Commission The agent’s fee for selling the property.
Comparative Market Analysis (CMA) A report comparing similar homes to figure out a fair price.
Conveyancing The legal paperwork and process of transferring ownership.
Cooling‑Off Period A short window after signing where you can change your mind.
Deposit The upfront chunk of money you pay to show you’re serious.
Easement A legal right for someone else to use part of your land (like for pipes or driveways).
Encumbrance Any legal claim or restriction on the property (like a mortgage or covenant).
Exclusive Listing Only one agent is allowed to sell your property during the agreement period.
Fixtures & Fittings Things attached to the property (fixtures) and things that can be moved (fittings).
Off‑Market A property for sale quietly, without public advertising.
Open for Inspection (OFI) A set time when anyone can come and look at the property.
Overcapitalising Spending more on improvements than you’ll get back when you sell.
Passed In At auction, the property didn’t sell because bids didn’t meet the reserve price.
Reserve Price The lowest price the seller will accept at auction.
Section 32 (VIC) A legal document with all the property’s key details and disclosures.
Settlement The day the money changes hands and the buyer gets the keys.
Stamp Duty A government tax you pay when buying property.
Subdivision Splitting one block of land into two or more separate titles.
Tenancy Agreement / Lease The contract between a landlord and tenant.
Vacant Possession The property will be empty when you move in.
Vendor The person selling the property.
Zoning The rules about what you can build or do on the land.
*This communication requires your own due diligence and legal advice*