> RTA – Forms & Resources – https://www.rta.qld.gov.au/forms-resources
​
​
 

Glossary of Terms

Auction: Public sale of property to the highest bidder, providing the reserve price is met or exceeded.

Breach of Contract: Breaking terms of a signed contract

Caveat: A document lodged with the Titles Office by any person to ensure the property is not sold without their knowledge.

Caveat Emptor (Buyer beware): Places the responsibility of the buyer to be satisfied with the item before buying a property.

Chattels: Personal property. There are two types. Real Chattels include buildings and fixtures. Personal Chattels include clothes, furniture etc.

Common Property: Strata Titles areas shared by all owners.

Contract Note/Terms and Conditions: Written agreement outlining terms and conditions of a property sale.

Contract of Sale: A legal document that sets out all the terms and conditions the seller and purchaser have agreed on.

Conveyancing: The legal process of transferring property ownership from seller to buyer.

Covenant: Conditions affecting the use of property or land written into the title.

Deposit: Approximately 10% of the purchase price placed in trust as evidence of intention to buy. Non-refundable after the contract becomes unconditional.

Easement: The right held by a person to use land belonging to someone else for a specific purpose. Mains, drains and water pipes are usually covered by an easement.

Encroachment: When a building overhangs someone else’s property or a fence is built over the dividing line between two properties.

Encumbrance: A mortgage, easement or liability over a property impeding its use or transfer. Exclusions: Any item not specified as part of the sale of the property. i.e. dishwasher

Equity: The difference between the market value of the property and any outstanding loans on the property.

Freehold: An owner’s interest in the land where the property and the land on which it stands both belong to their owner indefinitely.

Highest Bidder: The person who posts the highest bid at an Auction will purchase the property provided the reserve price had been met or passed.

Offer to Purchase: A formal legal agreement, which offers a specified price for a specified property.

Passed In: A property will be passed in at Auction if it does not meet the Reserve Price.

Private Treaty Sale: Sale of a property through an agent, involving private negotiations and contracts.

Reserve Price: The minimum price the seller has specified they will accept at Auction.

Stamp Duty: A state government tax calculated on sale price, varying between states.

Settlement: A date is set for the settlement of the sale. At this point the balance of the purchase price is paid and ownership of the property transfers from the seller to the buyer.

Transfer: A document registered at the Land Title Office and noted on the Certificate of Title, which verifies change of ownership of a property.

Unconditional/Exchange of Contracts: When signed copies of the Contract of Sale are physically swapped between the seller and the purchaser.

Vendor: The seller

​

Useful Links

​

Australian Bureau of Statistics
The Australian Bureau of Statistics is Australia’s official statistical organisation. Realty Pacific Research use ABS statistics on a daily basis including rich demographic information, population data, dwelling approvals and a variety of other information.

​

Brisbane City Council Development Page
This page outlines the development process in Brisbane City. It has a very useful tool that allows you to view the full text of development applications online.

​

NSW Department of Housing
The NSW Department of housing produces excellent statistics on median rental rates and housing sales reports throughout the state.

​

Property Council of Australia (PCA)
The PCA are one of the peak industry bodies for the property industry. The organisation produces a variety of property related research (see their Cyberstats page) and also organise industry events.

​

Queensland Local Government and Planning
The Local Government and Planning division of the Queensland Government provide a range of demographics and reports that are relevant to the property industry. Of particular interest is the Planning and Information Forecasting Unit (PIFU) who provide detailed reports such as the Broadhectare Study, Land Activity Monitors, and Population Projections.

​

Queensland Office of Economic and Statistical Research (OESR)
The OESR site contains a wide range of demographic, economic and social data relating to the state of Queensland. Of particular interest are the OESR’s Economic Update reports.

Queensland Residential Tenancies Authority
The statistics page on the RTA web site provides comprehensive statistics on median rental rates, the number of bonds lodged and held, and operational reports for most areas in Queensland. The RTA have a dedicated research officer who produces excellent property industry statistics.

​

The Housing Industry Association
The industry body for the residential construction industry, the HIA has a respected economics unit that studies new home starts and construction costs.

​

Tourism Queensland
Regularly undertakes comprehensive analysis of the Queensland tourism market. Also has a useful image library of Queensland tourism destinations.

​

Urban Development Institute of Australia (UDIA)
The UDIA promote the urban development industry in achieving sustainable urban development. The organisation is constantly organising property seminars, forums, networking, and information presentations. These occasions are well worth attending and provide an excellent opportunity to become more informed about the property industry.

​

Reserve Bank of Australia
The Reserve Bank of Australia is the central bank for the nation. Realty Pacific Research use RBA statistics on a daily basis including information on monetary policy, exchange rates, commodity prices, inflation and a variety of other information.

​

NAB
The National Bank of Australia has a well respected economics team that regularly produce reports concerning the Australian and foreign economies.

​

Pricefinder
PriceFinder is an online property search application offering a range of tools to assist in generating timely information for all residential, commercial and rural properties.
Pricefinder is the key tool used by one of Australia’s leading property data providers, PDS.