![]() In the case of a property, it could be via a driveway, an alley way or via a boat/jetty if it’s a water access only property.Īccess rights: The right of access and leave from a property that abuts upon an existing street or highway. This could be for defaulting on a mortgage repayment or if the property does not have building insurance.Īccess: Approach or means of approaching. For example, with some property locations, it could be the part of the structure that receives pressure from an arch or strut that supports a bridge.Īcceleration clause: A clause in a mortgage document which requires the immediate repayment of the entire balance at any given time should there be a breach of the conditions of the mortgage. For example, a property could “abut” onto a highway or share a common boundary with another property.Ībutment: The part of a wall or pier on, or against which, an object abuts or presses. Generally speaking, it provides a brief description of the auctions to be held that particular day.Ībut: To touch or border on. An abatement pro rata is a proportionate reduction of the amount a debt or claim where an asset or estate is insufficient for repayment of the entire debt in full.Ībode: A home, house or place of residence the place where a person ordinarily lives and sleeps at night.Ībsentee Landlord: A landlord who does not live in the area in which he owns real estate from which he derives rental income.Ībsolute Interest: Full and complete ownership of a property.Ībstract Title: A timeline of all conveyances, such as deeds or wills and legal proceedings, giving the names of the parties, the description of the land, and the agreement, arranged to show the continuity of ownership for land not under the Torrens system.Ībstract of Auction: This is a summary of the auction advertisements that appear in the property page of a newspaper. AĪbatement: A reduction, allowance or rebate. If you don’t understand a particular term then please call us on 1300 889 743 or complete our free assessment form and we will answer your question. ![]() We’ve put together a full list of real estate terms and jargon that are commonly used in Australia. The essential guide to real estate terminology Calendar_today Last Updated: 12th January, 2022
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