An insurance policy which covers a borrower’s mortgage repayments in the event of illness or injury. When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement … A. Abatement: A reduction, allowance or rebate. In particular, before signing any type of real estate contract, you should ensure that you fully understand the document you are signing and agreeing to be legally bound to. Find the latest homes for sale and rent as well as property news & real estate market data. Whether you are looking at abbreviations or acronyms for real estate terms, be sure you clearly understand what they mean when referring to a specific piece of real estate. In order to get a loan from a bank to buy a home, you first need to get … Don’t know your LMI from your LVR? Find Property for sale in Australia. For example, a mortgagor is in default when he or she fails to pay interest or principal on their mortgage when due. A structure which extends, in whole or in part, over a neighbour's property. Some of the more commonly used terms like agent or buyer’s agent refers to the licensed real estate agent responsible for helping the seller sell and the buyer buy. A type of mortgage, usually used by older homeowners, where repayments don’t need to be made until after the property is sold, or the last homeowner dies. In real estate, a buyer's amortization schedule is usually one monthly payment scheduled over a 15- or 30-year period of time. Each time a property changes hands, the name of the new owner is registered on the title. according to the terms of the loan agree-ment. Search for real estate and find the latest listings of Australia Property for sale. Useful Real Estate Terms Here is a list of important British real estate terms for both buyers and renters: Administration Fees: Fees charged by letting agents for processing references and preparing the lease and inventory. Tax levied on a contract, calculated as a percentage of the contract value. For example, a fence. Failure to meet an obligation when due. Typical easements include a right of way or are for access to utility or sewer lines. If you need advice regarding a real estate transaction, the Real Estate Institute of South Australia offers a free information service to consumers of real estate. Can’t quite remember what caveat emptor means but you’re pretty sure Robin Williams banged on about it in Dead Poets Society? register for a free introductory training session today! When a vendor has signed an agreement to make an agent solely responsible for the sale of a property during a specified period. Let's Talk Finance. A short-term loan used to allow a buyer to purchase a new property if the proceeds of a property he or she recently sold have not yet cleared. When entering into a real estate contract, it is crucial to understand the document you are being presented with. When the earnings from an investment property are – in the short-term, at least – less than the costs associated with the investment. Latin for “buyer beware”. The responsibility to seek clarification before signing rests with you. When entering into a real estate contract, it is crucial to understand the document you are being presented with. Posted: 09/18/2017. Costs incurred by a real estate agent, which can be passed on to the client, for example photography and advertising costs. Real Estate Glossary. The value an owner of a property has in the asset above the debt owed. Instead of learning along the way, a few common real estate terms can help you grasp the concepts before they are put in front of you. This is often more conservative than the actual market value. Often payable when a borrower doesn’t have a big deposit, it’s designed to protect the lender against default. Many terms in real estate are universal throughout the nation. 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