A search from the local council showing the zoning and other information held on council record regarding the property.

The date on which the outgoings on a property are adjusted for payment and this date is the earlier of the giving of possession of the property to the purchaser or completion.

An agreement between the real estate agent and the owner of the property being marketed, setting out amongst other things, the sales commission payable and the agent’s estimated market value of the property.

A person authorized to act on behalf of another person in the sale, purchase, letting or management of a property. A real estate must be licensed by the Office of Fair Trading.

The fee charged to the seller by the real estate agent.

A person appointed by written power of attorney and according to law by another to represent or act in place of that person.

A public auction sale where the property is sold to the highest bidder.

A cheque issued by a bank, which is guaranteed by the bank and is as secure as cash, except that there may be a clearance period on the bank cheque.

A line separating adjoining properties.

Where one of the parties breaks one or more conditions of the contract.