The area of building, land or amenities within a unit title property that is shared by all owners, for example, a shared driveway.
Commission rates vary and can be negotiated. The commission is the agent's fee for selling the property, and it is detailed in the agency agreement the seller signs with the agent. Real estate agents are usually paid a commission by the seller when a property sells. Only the chattels listed in a sale and purchase agreement are included in a property sale. In real estate transactions, chattels included in the sale include items like the stove, television aerial, carpets, blinds, curtains, drapes and light fittings.
ChattelsĬhattels are moveable and removable items of personal property. The Title is a legal document that identifies the owners of the property and key facts about the property.
#Real estate lingo code
CCC (code compliance certificate)Ī code compliance certificate is a formal statement issued under section 95 of the Building Act 2004, that building work carried out under a building consent complies with that building consent. CaveatĪ notice on a title that a third party might have some interest or right in the property. CACs can also file disciplinary charges in the Real Estate Disciplinary Tribunal. Determinations and orders are made under the Real Estate Agents Act 2008. CACs determine complaints about real estate agents. The CACs are preliminary panels, each made up of three people, including a lawyer and two other members with a background in real estate or consumer affairs. The buyer will pay their agent a commission. Buyer’s agentĪn agent who has a signed an agency agreement with the buyer. This ensures buildings are safe, healthy and durable for everyone who may use them. All building work in New Zealand must comply with the Building Code, even if it doesn’t require a building consent. The Act governs the building sector and also sets out the rules for the construction, alteration, demolition and maintenance of new and existing buildings in New Zealand. The Building Code is contained in regulations under the Building Act 2004.
#Real estate lingo professional
REA recommends that potential purchasers get a building report done by a qualified building inspector who has professional indemnity insurance, understands the legal requirements and carries out their work in accordance with the New Zealand Property Inspection Standard. Building reportĪn expert assessment of a building’s condition that identifies any current or future problems. Bridging loanĪ short term loan (usually at a higher interest rate) taken out to cover the financial gap between buying a new property and selling an existing property. Branch managerĪ branch manager is licensed under the Real Estate Agents Act 2008 to carry out real estate agency work on behalf of an agent and they may supervise salespersons carrying out real estate agency work. The lines that define the borders of a property. The owners elect a committee, which handles the administration and maintenance of the site. Body corporateĪn administrative body made up of all the owners within a group of units or apartments. BeneficiaryĪ person designated to receive the income from a trust, estate, or a deed of trust. The seller must seriously consider any offer over the figure advertised, so it needs to be chosen carefully. When these terms are used to market a property, it means the price listed is the minimum the seller will accept.
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