Act

See "Statute"

Adjustments

See "Apportionments".

Agent

The real estate agent instructed by the vendor/owner/seller to sell the property.

N.B. The agent is always the agent of the Vendor NEVER the purchaser.

N.B. See multiple listing.

Allowance

See “Apportionment”

Apportionment

The division of outgoings between the vendor and purchaser. These will either be a credit or a debit to the purchase price dependant upon when the outgoing is paid to. N.B. Discounts on outgoings are only allowed when the outgoing has been paid and the discount actually being achieved.

Auction

This is where a property is sold by way of auction sale. The normal terms are that the property goes to the highest bidder (subject to the reserve being met) and settlement is usually in 30 days. The contracts are unconditional upon the time of the fall of the hammer at the auction.

Balance of purchase price

The difference between the purchase price and the deposit paid.

Buyer

Purchaser

Caveat

A document lodged in the Titles Office which prohibits the registration of any other dealing in respect of the property. A Caveat is derived from the Latin word meaning beware.

Caveator

The person dealing with the Caveat.