Queensland’s real estate market is a dynamic and vibrant landscape, but understanding its unique terminology is key to navigating it successfully. At AW, we’re committed to making real estate accessible to everyone. That’s why we’ve put together this comprehensive Queensland real estate glossary to help you speak the language of property with confidence.
Agent: A licensed professional who represents buyers, sellers, or renters in real estate transactions. Agents can work as buyer’s agents, listing agents, or property managers.
Auction: A public sale of a property where potential buyers bid against each other, with the highest bidder winning the property.
Body Corporate: A body of property owners in a strata-titled or community-titled property who manage common areas and shared expenses.
Covenant: Legal restrictions or requirements placed on a property by a developer or governing body. Covenants can affect how a property is used or modified.
Dual Living: A property with two self-contained living spaces, often used to accommodate extended family or as a rental income source.
Easement: A legal right that allows someone to use another person’s land for a specific purpose, such as access to a property or utility installation.
Freehold: A type of property ownership that grants the owner full rights to the property, including the land and any improvements on it.
Gazumping: When a seller accepts a verbal offer on a property but later accepts a higher offer from another buyer before the sale is finalised.
Holding Deposit: A payment made by a buyer to secure a property while they complete the necessary checks and paperwork.
Interest Rate: The percentage of a loan amount charged by a lender for borrowing money. Interest rates can be fixed or variable.
Joint Tenants: A form of property ownership where two or more people own equal shares in a property. If one owner passes away, their share automatically passes to the other owners.
Land Tax: A state-based tax on the value of land holdings, typically paid by property owners who own multiple properties.
Mortgage Broker: A licensed professional who helps borrowers find suitable mortgage products and facilitates the mortgage application process.
Negative Gearing: A property investment strategy where the expenses (e.g., mortgage interest, maintenance) exceed the rental income, resulting in a tax deduction.
Owner’s Corporation: A governing body in a strata-titled property responsible for managing common areas and building maintenance.
Principal and Interest (P&I): A type of mortgage repayment where both the loan principal and interest are paid together, gradually reducing the loan balance.
Queenslander: A style of home architecture characterised by a high-set design, timber construction, and wide verandas.
Reserve Price: The minimum price a seller is willing to accept at auction. If bidding does not reach this price, the property may not be sold.
Stamp Duty: A state-based tax on certain transactions, including property purchases. The amount varies depending on the property’s value and location.
Title Search: An investigation into a property’s history and legal ownership to confirm that the seller has the right to sell the property.
Under Contract: A property status indicating that a sale is in progress, but the final settlement has not yet occurred.
Vacant Possession: When a property is sold without any occupants or tenants, allowing the buyer to take immediate possession.
Walkability Score: A measure of how convenient it is to walk from a property to nearby amenities, services, and attractions.
The AW team is here to simplify the complex realm of real estate, keeping you on track toward achieving your property goals. If you have any questions or need further clarification on any of these terms, our team is here to assist you on your real estate journey.
Call our office on (07) 5430 0888 or email info@amberwerchon.com.au.