Deposit: A sum of money provided by a buyer to the agent, serving as a demonstration of the buyer's commitment to the purchase or contract. Typically, this amount is a percentage of the total sales price and can be paid in up to three instalments. It is due either at the conclusion of the cooling-off period or in accordance with the terms of an auction contract.

Development Approval: Authorisation granted by the relevant planning authority, often the local council, to undertake construction, addition, modification, or alteration of a property's structure.

Easement: A legal right to use another person's land or a right to prevent the landowner from using their land in a specific manner. These rights are commonly granted to government authorities for running infrastructure like electrical mains or drainage through private properties.

Equity: The interest or value that an owner holds in an asset over and above the debt associated with it.

Form 1: A document provided by the seller to the buyer, containing information about the property being sold, cooling-off rights, and details that may influence the buyer's decision to purchase. Normally completed by the real estate agent, a conveyancer can also prepare a Form 1 if they have appropriate insurance.

Form 3: To waive your cooling-off rights, you must sign the contract in the presence of a solicitor and receive a Form 3 waiver. This document confirms that your solicitor has explained the contract's terms and that you are relinquishing your cooling-off rights.

Holding Over: In the context of an auction, the auctioneer may temporarily withdraw a property and later re-offer it under terms and conditions specified by the seller. When this occurs, the auctioneer announces that they are holding the property over for further negotiation and reserve the right to reopen the auction at any time and location on the auction day to facilitate a sale under auction conditions.

Land Tax: An annual tax paid to the state government, calculated based on the property's value.

Listing: The term used by agents to refer to securing an agreement to sell or lease real estate.

Market Price: The actual price paid for an asset, as stated in a contract or transaction. It differs from market value, which is an estimate until proven.

Market Value: An estimated value of a property on a specific valuation date.

Offer: The proposal presented to purchase a property.

Off-market: A property sold without public advertising.

Passed-In: When an auction concludes with the highest bid falling below the reserve price, the property is considered "passed-in." This means the property hasn't sold at the auction, and the highest bidder can negotiate with the seller through the agent immediately after the auction, potentially leading to a sale on the same day, despite the bids not meeting the seller's expectations.

Pre-approval: When a lender has preliminarily agreed to provide a specific loan amount, although final approval has not been granted. Pre-approval enables buyers to determine their budget for purchasing a home. It's crucial to consult with a broker or bank to understand the implications of pre-approval, as offering above the property's value with a low deposit could lead to finance rejection.

Private sale: A situation in which a seller offers a property for sale without involving a real estate agent.

Private Treaty Sale: A sale that is negotiated directly between the parties or their agents.

Reserve: The minimum price that a vendor has agreed to accept during an auction.