Asking price
The listed price of the property. This will be the advertised price.
Agreement
The written contract for the sale and purchase of property between the seller and the buyer
Conditional contract
A written contract signed by both the seller and purchaser which has conditions that need to be met to make the contract binding, normally within a specified time period. An example would be "subject to a builders report".
Unconditional
When the conditions written into the agreement to buy a property have been met, the offer becomes unconditional. This means contract is binding and the property has been bought and sold.
Boundary
The dividing line that separates adjoining properties.
Body Corporate
An administrative body made up of all the owners within a group of units or apartments of a strata building. The owners elect a committee, which handles administration and upkeep of the site.
Building report
Often buyers do not feel qualified to judge the quality or soundness of a structure, they may request a building report. This is normally done at their expense within a specified time frame.
Certificate of Title
A description of a property with the name of the registered owner, encumbrances, i.e.: mortgages or easements on the property. It must be produced by the vendor before the sale of the property.
Cross-lease
This type of ownership is common where there is more than one home on a block of land. You are all owners of the land and you each lease your home. The lease will usually provide for an exclusive use area for each cross-lessee. It's like owning a freehold property but there are some restrictions. Another form of ownership for more than one home on a block of land is a unit title.
Chattels
In real estate transactions, chattels included in the sale usually include the fixed floor coverings, stove, tv. aerial, blinds, and light fittings. However, unless chattels are clearly specified in the agreement, they are not sold as part of the property.
Easement
When someone has the right to use the land belonging to another, eg: a water authority may have a sewerage easement across part of your property.
Freehold
A freehold property has a clear title of ownership and is not subject to lease.
Fixtures
Items that cannot be removed from a property without causing damage, such as cupboards, built in wardrobes, basins etc.
Fittings
Fittings are objects that can be removed from a property without causing any damage to it. This could include the stove, screen doors, shade sails etc.
Land Information Memorandum (LIM or LIM Report)
A report provided by the Local Territorial Authority on request. In Mangere Bridge this would be Manukau City Council. It provides a summary of property information on matters affecting the land held by the Council as of the day the LIM was produced. This will include Compliance with resource management issues such as use, zoning, designations and building consents. It is recommended that buyers obtain a LIM report before making a purchase.
Market value
The price at which a seller is happy to sell and a buyer is willing to buy. This assumes that there is sufficient activity in the marketplace to generate enough buyers and sellers so that neither party controls the price.
Settlement date
The date when the buyer pays the balance of the full purchase price to the seller and becomes the owner of the property.
Purchaser
The buyer.
Price by negotiation
Purchasers are invited to submit an offer without being given an ‘asking price’. The salesperson will attempt to negotiate a concluded contract between the parties.
POA (or P.O.A.)
Price on application.
Vendor
The seller.
Offer
A contract including price, terms and conditions of sale, and is signed by the buyer. This is presented to the vendor.
Possession Date
The date that the purchaser of the property takes physical possession.
Zoning
Local authority guidelines for the permitted use of land. A full explanation can be sought at the local Council Office.