The A-Z of Real Estate Jargon 

Appraisal - A property appraisal is an estimated market value of your property in the current market, undertaken by a real estate agent.

Appreciation/ Depreciation - An increase or decrease in the value of a property over time.

Auction - The sale of a property, done in public and held by an auctioneer, where the home is sold to the highest bidder.

Bank valuation - A bank's estimate of the property value, which is often conservative

Body corporate – Sometimes referred to as owner's corporation, body corporate is the group of owners who share common property on a piece of land. They're responsible for managing said common property (like shared driveways, lifts, corridors, gardens and recreational areas) of strata-titled properties (apartments, units, townhouses, etc).

Bond - For rental properties, a bond acts as a security deposit. Usually four times your weekly rent, bonds give landlords a little financial security in an event where you leave without paying rent or damage their property.

Eviction - The removal of a tenant from a rental property.

Fittings - Also known as chattels, these are items in a home that can be removed without damaging the property, such as washing machines and fridges.

Fixtures - Usually screwed down or 'fixed' to a property, fixtures are included in the property sale unless stated otherwise in the contract. They include things like built-ins, carpets and under-bench dishwashers.

Lease - A lease is a legally binding contract or rental agreement between lessor (owner) and lessee (renter) where the lessee can occupy the lessor's property for a set time in exchange for payment under certain terms. Also known as a tenancy agreement.

Property manager - A person or firm who manages the upkeep of a property on behalf of its owner.

Strata - A strata scheme is a system for handling the legal ownership of a portion or 'lot' of a building or structure. Lots can mean townhouses, apartments or units.

STCA - Subject to council approval, meaning the owner will need council approval before demolishing, renovating or building.

Trust account - A separate bank account managed by a real estate agent where funds (such as deposits and rental income) are held on behalf of another party.

Valuation - A property valuation differs to an appraisal in that it is a legally binding report of a property's market value, undertaken by an accredited valuer. This is usually done in situations where a definitive value is needed, such as family or partnership settlements.