The Marlborough Express THURSDAY, JANUARY 20, 2011 ... - Stuff

Page 42 — THURSDAY, JANUARY 20, 2011
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The Marlborough Express
Real Estate Language
Know your exclusives
from your contracts
and everything in
between
FREEHOLD
ESTATE
AUCTION
LEASE
RESERVE
O/O
REAA
SALE
N/O
RESIDENTIAL
POA
DEADLINE
SALE
ACRE
MEMORANDUM
OF AGREEMENT
OFFERS
OPEN
HOME
RENTAL
ADJOINING
CHATTELS
RURAL
CROSS LEASE
MORTGAGEE
TENDER
HECTARE
DEADLINE
TREATY
Acre:
A unit of land measure equalling
43,560 square feet or a tract about
208.71 square feet or 160 square
rods or 4,840 square yards.
Adjoining:
Touching or contiguous property, as
distinguished from property being
near or adjacent.
Auction:
The firm and time defined sale of
real property by competitive public
unconditional bid – however the
vendor has the right to sell before
the auction date.
Auction With Reserve:
An offer by a seller to sell property
but where the seller keeps or holds
the right to establish a minimum
opening bid, to accept or reject bids
and to withdraw the property at any
time before the completion of the
auction.
Chattels:
Moveable and removable items of
personal property. Chattels include
stove, television aerial, carpets,
blinds, curtains, drapes and light
fittings. However, unless chattels
are specified in the agreement, they
are not sold as part of the property.
Chattels not intended as part of
the sale must also be identified to
purchasers.
Cross Lease:
A share in a parcel of land that may
have more than one interest i.e. flats.
Deadline Sale:
A method of selling that opens up
new opportunities for the owner and
allows a buyer to enter negotiations
before the cut-off date.
Deadline Treaty:
Price is not determined and no
reserve is disclosed.
Freehold Estate:
Exclusive right to enjoy the
possession and use of a parcel of
land or other asset for an indefinite
period.
Hectare:
A unit of area equal to 10,000 square
metres.
Lease:
A contract conferring a right on one
person (tenant) to possess property
belonging to another person
(landlord).
Memorandum of Agreement:
Writing meant to memorialise the
essentials of a transaction or act as
an actual contract.
Mortgagee Sale:
The sale of property because of
default, for example non payment
of the loan. This can not be sold
before the auction date which is the
preferred method of marketing.
N/O:
Negotiations Over.
Offers:
A process of calling for offers on the
property.
Open Home:
A property that is being presented
without the need for an appointment
that is available for inspection by
potential purchasers.
O/O:
Offers Over.
POA:
A pricing method used by some real
estate companies, meaning Price on
Application.
REAA:
Real Estate Agency Authority
(launched November 2009) is there
to assist people buying and selling
a property - and those who work in
the real estate industry ensuring a
higher standard of service providing
increased consumer protection.
Rental:
An agreement where a payment is
made for the temporary use of a
property owned by another person
or company.
Residential:
Is a land use in which housing
predominates, as opposed to
industrial and commercial areas.
Rural:
Pertaining to, or characteristic of
the country, country life, or country
people.
Tender:
A process of selling, calling for
purchasers to make their best
offers in writing for that property
by a given date. Vendor cannot sell
the property before that date and
offers can be conditional. This is a
“non public” process compared to
auction.
This page kindly brought to you by
the Marlborough Property Express.