Jargon Busters - an easy breakdown of real estate jargon terminology.

Asking Price: The listed price of the property. The owner may be willing to negotiate so this may not be the selling price.
Assessed Value: The valuation placed on the property.
Auction: Real estate that is sold to the highest bidder.
Body Corporate: The administrative body made of the owners of a group of units or apartments of a strata building.
Bridging Loan: A short term loan used to cover the financial gap between buying and selling.
Building Inspection: A thorough inspection by a licensed builder that evaluates the structural and mechanical condition of the property.
Buyers Market: When the demand for property is less than the supply of property the advantage shifts to the buyer.
Caveat: A warning on the title that a third party may have an interest in the property.
Certificate of Title: A description of a property that includes the name of the registered owner and any encumbrances such as mortgages and easements. Included in the contract of sale prepared by the solicitor.
Commission: A proportion of the sale price (generally a percentage) of a property paid to real estate agent for negotiating the sale.
Contract of Sale: An agreement in writing that details the terms and conditions in regards to the sale or purchase of a property.
Cooling Off Period: The buyer pays a deposit of .25% of the purchase price giving the buyer a cooling off period of 5 working days. Within this time the buyer can withdraw from the contract (sale) forfeiting their .25% deposit. As a buyer you cannot be gazumped during the cooling off period.
Covenant: Terms, conditions and restrictions noted on the title.
Deposit: A percentage of the purchase price given at the time of exchange to bind the sale.
Easement: A right that someone has to use the land that belongs to another. An example is a water authority having a sewerage easement.
Exclusive Authority: A written contract that gives one real estate agent the exclusive right to sell a property in a specified time period.
Exchange of Contracts: The point at which signed contracts are physically exchanged, legally committing the buyer and the seller to the purchase and sale of a property at an agreed price.
Fittings: Objects that can be removed from a property without causing damage.
Gazumping: Gazumping occurs when a seller accepts a buyer's offer and verbally agrees to sell the property to that buyer but later sells the property to another buyer offering to pay more.
Joint Tenancy: A form of co-ownership that gives each tenant equal shares in the property including the right of survivorship.
Listing: A written contract between an owner and a real estate agent, authorizing the agent to perform services for the sale of the owners property.
Market Value: The price at which a seller is happy to sell and a buyer is willing to buy.
Offer: A sum of money that a buyer offers to pay for a property.
Open Listing: A type of listing agreement in which more than one real estate agent may be employed to sell the property.
Passed In: The highest bid fails to meet the reserve price of a property at auction and therefore does not sell.
Private Sale: The sale of a property by the owner without the use of a real estate agent.
Private Treaty: The sale of a property through a real estate agent by negotiation.
Reserve Price: The minimum price which a seller will accept at auction.
Settlement: The sale of a property is finalised by the legal representatives of the vendor and the purchaser and the new owner takes possession of the property.
Stamp Duty: A State Tax on conveyance or transfer of real property calculated on the total value of the property.
Valuation: A written analysis of the estimated value of the property prepared by a qualified valuer.
Vendor: The seller.
Zoning: Local authority guidelines for the permitted use of the land.