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Provided by the Real Estate Institute of AustraliaBETTERMENT – An improvement which adds to the capital value of the structure. A capital value which increases the utility or market desirability of the property. It is distinguished from repairs or replacement by the fact that the original character is improved and the value is increased. A physical change in an existing property or equipment which increases its value or usefulness and is not a mere restoration.
BETTERMENT – n some cases the promotion of a scheme and carrying out of authorised works may increase the values of remaining lands. This increase is known as betterment.
BID – An offer to buy at a given or stated price a thing which is being sold by auction.
BODY CORPORATE – Under legislation relating to villas, town houses, flats or home units, the control and administration of common property is vested in a statutory Body Corporate which comes into existence automatically on the registration of the plan, and to which the provisions of the Companies Act do not apply. The registered proprietors of the units are the members and the only members of the Body Corporate. The rights and obligation are fixed by scheduled by-laws. Easements for the protection and enjoyment of the units and common property are also provided for. The name also applies to shareholders in units under Company Title.
BOND – A bond is paid as an assurance that the tenant will not breach the conditions of tenancy and upon vacating will leave the premises in a state of good repair and order.
BREACH OF CONTRACT – Breaking the terms of the contract.
BRIDGING FINANCE – The need often arises for purchasers to effect settlement of a real estate transaction prior to the date that the finance becomes available. Under these circumstances it is necessary to obtain bridging finance (a temporary loan) to provide for the time gap in order to comply with the terms of the contract in regard to settlement pending the availability of the long term finance.
BUILDING CONSULTANT – An expert experienced in designing and/or constructing buildings. When employing such a person for a pre-purchase report on a property, inquire whether he or she has indemnity insurance to cover any serious defects that the report may overlook. A building consultant is not required to be registered but many are registered as domestic builders, commercial builders, draftspeople, inspectors, surveyors, engineers.
BUILDING INSPECTOR – A local government officer who is responsible for checking buildings in the course of construction and completed buildings to ensure that they have been constructed in accordance with building control provisions.
BUILDING PERMITS – A permit issued by Local Government Authorities for the erection or structural alternations of all structures.
BUILDING REGULATIONS – Laws adopted and enforced by Local Government Authorities which specify the method of construction of buildings and the nature and materials to be used, below which standards the buildings must not fall. They are designed to ensure public safety, health and the minimum acceptable society standards as to design, construction, alteration, repair and occupancy. Also referred to as Building By-Laws and Building Code.
BUILDING RESTRICTIONS – Laws designed by Local Government Authorities to limit the use, size and location of buildings or other improvements on land.
BUILDING SURVEYOR – A person registered with the Building Practitioners Board as a building surveyor. Qualified to issue a building permit, inspect for compliance with the Building Act and Building Regulations and issue an Occupancy Permit or Certificate of Final Inspection.
BUNGALOW – The word has a different meaning in different States, eg in Victoria it is usually applied to a separate (smaller) dwelling in the grounds of an existing house. In other States the term is used to denote a single storey house or a particular external appearance and plan.
BUYERS ADVOCATE – A property consultant who acts solely for the buyer by sourcing suitable properties and representing the buyer throughout the buying process.
BUYER'S MARKET – The condition which exists when, under competitive conditions, the pressures of supply and demand are such that market prices are at a relatively low level, giving the buyer an advantage. An over-supply causing prices to decline.
B of the A-Z Glossary Provided by the Real Estate Institute of Australia you will find Glossary B, Glossary, A-Z Glossary, Provided by the institute of Australia, if offers you Information, Advice, Help, in regards to Property, properties, apartments, units, buying, selling, and Real Estate, any further questions contact Alan McGillivray, at Alan McGillivray Real estate
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