realestate.co.nz

Website:https://www.realestate.co.nz/
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Definitions (210)

1

1   1

appreciation


An increase in the value of a property due to changes in market conditions or supply and demand, etc.
Source: realestate.co.nz

2

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common property


Area of building, land or amenities within a strata title property that are shared by all owners, eg: a driveway.
Source: realestate.co.nz

3

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rise and fall clause


This clause may be contained in a building contract. It provides for an upward or downward contract price which correlates to the movement of prices, wages or other factors specified in the clause.
Source: realestate.co.nz

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acceptance


Consent by the person receiving the offer to be bound by the terms and conditions of the person making the offer. Acceptance of an offer constitutes an agreement.
Source: realestate.co.nz

5

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act of god


Any act of nature such as rain, lightning, floods or earthquakes. Many insurance policies do not cover losses resulting from an ‘Act of God’.
Source: realestate.co.nz

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additional principal payment


A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the loan.
Source: realestate.co.nz

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administrator


A person appointed by a probate court to administer the estate of a person who died intestate (without a will).
Source: realestate.co.nz

8

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agreement


The written contract for the sale and purchase of property between the seller (vendor) and the buyer (purchaser).
Source: realestate.co.nz

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amenity


A feature of real property that enhances its attractiveness and increases the occupant’s or user’s satisfaction although the feature is not essential to the property’s use, eg: scenic views, proximity to public transport or recreational facilities.
Source: realestate.co.nz

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amortise


To repay a mortgage with regular payments that cover both Principal and Interest.
Source: realestate.co.nz


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