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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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R
 real estate agent A person licensed to negotiate and transact the sale or lease of real estate on behalf of the property owner.
 real property Land, with or without improvements.
 rebate A refund, cash back, or monetary incentive such as a tax rebate or a first home buyer rebate.
 redraw facility A loan where the borrower can make additional payments and then access these funds if necessary. There may be a minimum redraw amount and a fee associated with withdrawal.
 refinance The process of replacing or extending an existing loan with money from the same loan institution or a new one.
 REI Real Estate Institute of Australia is the national representative body of real estate agents.
 rental guarantee A guarantee by a developer for a certain level of return on an investment property.
 requisitions on title A process where the buyer requests additional information about the title of the property from the seller.
 reserve price The minimum price at auction which a seller will accept.
 right of first refusal A provision in an agreement that gives a party the first opportunity to lease or purchase a property before it is offered for lease or sale to others.
 residential
 investment loan
A loan to purchase an investment property.
 right of survivorship In joint tenancy, the right of the survivors to acquire the interest of a deceased joint estate.
 right of way A right of one party or the general public to access or cross another property.
 rise and fall clause A building contract clause which allows for an upward or downward final contract price according to fluctuation of material prices, wages or other factors specified in the clause.

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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