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AUSTRALIAN REAL ESTATE

Real Estate and Financial Terms

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Buying, selling or renting property in Australia and having trouble understanding what they're saying? To help you figure it out, we've created brief explanations of the words used. For more complete information, see your local real estate agent, financial advisor or solicitor.

 

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Land Tax A state government tax charged to the owners of investment property based on the value of the property and to the to the owners of any occupier properties valued over a higher threshold.
landlord A person who rents property to another; a lessor.
Land Transfer Fee A state government tax assessed on the selling price of a property.
lease A written agreement between a landlord and a tenant granting a period of tenancy of a property under specific terms and conditions.
leasehold The right to use and have exclusive possession, but not ownership, of real estate for a specified period and subject to certain conditions as recorded in a lease agreement.
lessee A person leasing a property.
lessor The owner of a property that is leased to another person.
liabilities Debts or obligations owed by a person or entity.
lien A legal claim against a property that must be paid off when the property is sold.
life estate A freehold interest in real property. It expires upon the death of the owner or some other specified person. Also called Tenancy for Life.
line of credit An agreement by a lender to extend credit up to a specified amount for a specified time for a specified purpose.
liquid asset An asset that can be converted into cash.
listing A written contract between an owner and a real estate agent, authorising the agent to perform services involving the owner's property.
loan A sum of borrowed money, called principal, that is generally repaid with interest.
Loan Application Fee A fee paid to a lender for processing a loan. Also called Establishment Fee.
Loan Maintenance Fee A loan management fee charged over the life of the loan and often referred to as an ongoing fee.

Note: We assume no liability resulting from any errors or omissions. Translation . . . we've done our best to bring you accurate information. However, you should seek your own independent advice as to the accuracy of the information supplied.

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