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Why Buy Off-Plan |
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Why Invest in Australia |
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Foreign Buyers |
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The Market Conditions |
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Facts About Australia |
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Developer Services |
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Glossary |
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Request Information |
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Links |
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Contact Us |
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Suite 1705, 17th Floor
Star House,
3 Salisbury Road
Tsim Sha Tsui, Kowloon
Hong Kong
+852 9460 3683 |
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Glossary:
J - Q |
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| A - D | E - I | J - Q | R - Z |
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| LAND TAX - A tax payable annually in respect of the beneficial ownership of land, the rate of which is determined by the assessed valuation, and usually based on unimproved value of land. |
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| MANAGEMENT AGREEMENT - A written contract recording the agreement between the owner and manager of real estate concerning the duties, responsibilities and liabilities of the owner and the manager in the administration of that real estate. |
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| MANAGEMENT FEE (PROPERTY) - The fee charged by the property manager to the landlord for the service of managing a property or properties. This service typically includes collecting rents, paying recurrent property expenses, selecting and supervising property service contractors, such as cleaners, plant service providers, security, etc. It may also include negotiating new leases, marketing of the property, rent reviews and overseeing building refurbishment. In respect of property trusts, it refers to the fee levied on unit holders by the responsible entity to cover the cost of trust administration. |
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| MARKET PRICE - The price actually paid, or agreed in a contract to be paid, for an asset. It differs from market value in that it relates to an accomplished fact, whereas market value is (and remains) an estimate until proven. Market price may involve circumstances not normally included in market value. |
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| MARKET VALUE - Market value is the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm's length transaction after proper marketing, wherein the parties had each acted knowledgeably, prudently and without compulsion. |
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| MORTGAGE - A legal document that pledges a property to the lender as security for payment of a debt. |
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| NET CASH FLOW - The income that remains for an investment property after the monthly operating income is reduced by the monthly housing expense, which includes principal, interest, taxes, and insurance (PITI) for the mortgage, homeowners' association dues, leasehold payments, and subordinate financing payments. |
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| OFFER - The consideration offered to purchase or lease an asset. |
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| OFF THE PLAN (OFF-PLAN) - Buying a property based on architect’s plans, before it has been built. |
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| PLANNING APPROVAL - Approval from the relevant authority to use property for a specified use. |
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| POWER OF ATTORNEY (POA) - A legal document that authorizes another person to act on one’s behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time. |
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| PREMISES - A house, building or other structure together with the surrounding grounds that form part of the title. Also, the real estate forming the subject of a conveyance or licence. |
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| PRINCIPAL - (a) A term used in most Australian contracts in lieu of 'client' or 'proprietor'; (b) A licensed estate agent holding responsibility for an agency's legislative compliance activities including legal responsibility for trust accounts. |
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| PROPERTY - In law, property consists of the private rights of ownership. To distinguish between real estate (realty) - a physical entity - and its ownership - a legal concept - ownership of land is known as real property. Physical items other than real estate are legally termed 'personalty' and their ownership is known as 'personal property'. The word 'property' used without further qualification or identification may relate to real estate, personalty or a combination thereof. Colloquially, property is anything that can be owned or in which an interest can be held, over which control can be exercised, which can be traded or left in an estate or from which current or future rights to receive benefits can be held. Property can include, but is not limited to, real estate and associated interests therein, personalty, intellectual property, rights, licences and options, plant and machinery, art and jewellery, goodwill and shares. |
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| PROPERTY MANAGEMENT - The running or administration of a property on behalf of the owner. For example: the leasing of space, collection of rents, selection of tenants and generally the overall maintaining and managing of real estate properties for clients. |
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| PUBLIC AUCTION - A meeting in an announced public location to sell property to repay a mortgage that is in default. |
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