Items that are presumed to stay with the property when sold, but have been specified on the contract as not remaining.

Items of the property that are permanently attached in some way, such as by nails or wires. For example, the oven, built-in furniture, light fittings, tv aerials, or fitted carpet, all of which are deemed as permanently attached.

A freehold property has a clear title of ownership and is not subject to lease.

Moveable items to be sold with the property, such as pool equipment, fridge, freestanding shed, playhouse etc. These items will be noted in the contract if they are included in the sale.

Sometimes land is subject to a lease. The owner of the land leases to the tenant for a fixed rental sum for a fixed period.

This is a contract between the vendor and the real estate company which details the length of the campaign, commission rate, any additional costs, the type of marketing method(s) and also includes a summary of information about the property.

Money paid by a seller that is used to increase the advertising spread.

A promotional package put together to expose the property to the market. It may include the type of advertisements, a calendar of advertisements and open homes, the buyer contract and service.

This is where the price is not revealed to buyers during the marketing promotion, it is marketing without a price (MWP). This is also referred to as ‘Auction’, ‘Tender’ or ‘For Sale by Negotiation’.

When the bid has reached the vendor’s reserve price during an auction, it’s announced as being ‘on the market’ and will be sold at the auction.

If a property is not sold at auction because the owner’s reserve price has not been reached, the property is ‘passed-in’.

The reserve price is the minimum price that the vendor will accept for their property at auction. This is kept confidential between the vendor, listing agent and auctioneer.

A legislatively required bank account where monies are held by an agent for, or on behalf of, another person such as deposits, rental etc.

This is the person selling the property, also known as the ‘seller’.

This is a bid made by the auctioneer on behalf of the vendor. It is usually done at the start of an auction to encourage people to bid, when the crowd shows little sign of placing the opening bid. If a vendor bid is placed, the auctioneer will clearly disclose this as a ‘seller bid’ or ‘vendor bid’.