Auction
a publicly held sale at which property or goods are sold to the highest bidder.

Agent
a person or business authorized to act on another's behalf

Commission
a fee for services rendered based on a percentage of an amount received or collected or agreed to be paid. Commission payable on the sale of a property is based on 5% of the first $18,000 & 2.5% of the balance or as negotiated with the agent.

Body Corporate
The owners of the units/apartments within a building form a Body Corporate. These owners select a council who are responsible for the maintenance of the building (which includes all common areas).

Capital Gain
An increase in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A capital gain may be short-term (one year or less) or long-term (more than one year), and must be claimed on income taxes.

Certificate of title
a certificate of ownership stating the ownership and real property description of the property and a list of any encumbrances (as a mortgage) over the land

Contract of sale
An agreement between two or more parties on the sale of a property, that is written and enforceable by law.

Conveyance
act of transferring property title from one person to another

Deposit
A deposit is required when purchasing a property (at the time you sign the Contract of Sale) This amount is usually 5-10% of the sale price.

Exclusive Listing
A written contract in which a licensed real estate agent is given the sole right to sell a property for a maximum term of 60 days (after which can be renewed to continue the appointment with that agency.)

Mortgage
A legal agreement that creates an interest in real estate between a borrower and a lender. Commonly used to purchase homes, mortgages specify the terms by which the purchaser borrows from the lender (usually a bank), using his or her title to the house as security for the unpaid balance of the loan.

Mortgagee
An entity that lends money to a borrower for the purpose of purchasing a piece of real property. By accepting a mortgage on the real property, the lender creates security in the full repayment of the loan in the future.

Open for Inspection
Time and date specified where the property is open for viewing by the public

Open Listing
A property that is simultaneously marketed by multiple real estate agents. There is no expiry date to this agency, which will continue until sold/written notice is given from Seller.

PAMD Form 22a
Legal document from the REIQ enabling a person (the "client") to appoint a real estate agent (the "agent") to act on their behalf for the sale or purchase of property, land and businesses.

PAMD Form 23
Legal document enabling a person (the "client") to reappoint a real estate agent, Pastoral House or Auctioneer (the "agent") for a further period of sole agency or exclusive agency

Passed in
A property will be passed in at Auction if it does not meet the set Reserve price.

REIQ
The Real Estate Institute of Queensland who govern the Real Estate Laws for the state.

Reserve Price
The price fixed and announced as the minimum at which property will be sold at an auction.

Settlement
A date is set for settlement of the sale and at this point the balance of the contract price is paid and ownership of the property transfers from the vendor (seller) to the buyer.

Tender
A formal offer, as:
a. Law An offer of money or service in payment of an obligation.
b. A written offer to contract goods/services at a specified cost or rate; a bid.

Title Search
An examination of public records to determine and confirm a property's legal ownership, and find out what claims are on the property

Unconditional Contract
Term used for a Contract of Sale once all Special conditions have been satisfied (Finance approval, building inspections, and any other special conditions.)

Vendor
The party (seller) who offers a property for sale