Real Estate Glossary

When you agree to the buyer’s formal offer

An agent’s estimate of the market value of your home.

This document sets out the terms and conditions agreed upon between the buyer and seller, it is prepared by your conveyancer or solicitor

Five business days after the exchange of contracts in which the buyer has the option to rescind from the sale if they choose not to proceed.

The signing, dating and exchanging of a contract between parties

Legally binding document to give rights to allow an agent to sell your home.

A quarter percent (.25%) deposit paid by the purchaser upon the signing of a sales contract. This secures the property to the purchaser for 5 business days. If they choose not to proceed, this deposit is forfeited to the vendor

When an agent shows a potential buyer through your property

A form of ownership with equal and undivided rights

The lender in the mortgage, normally a bank

The borrower in a mortgage, normally the homeowner

An expression of interest from a buyer, normally written.

The main real estate websites such as and

A certificate waiving a purchaser’s rights to a cooling off period

Completion of the Contract of Sale when the balance of the purchase is paid and the buyer can receive keys

The amount of time between the date of the exchange and the date the purchaser takes ownership

There is a current lease in place and the sale is subject to a lease

Form of ownership with defined shares and interests in a property

The end of the cooling off period, at this point the ‘sold’ sticker can be placed on the sign

The property must be vacated prior to settlement

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McDonald Partners Real Estate
11 Gymea Bay Road, Gymea NSW 2227

02 9525 8066
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