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Handy Real Estate Terms

By Cathy Pieroz

Courtesy of Australian Property Investor Magazine, here are some common terms to know if you’re interested in real estate.

Body Corporate: An administrative body made up of all the owners within a group of units or apartments of a strata building.  The owners elect a committee, which administration and upkeep of the site.

Capital Gains: The amount by which your property has increased relative to what you paid for it.  Simplistically, if you bought a property for $200,000 and it’s now worth $350,000, you’ve made a capital gain of $150,000.

Equity: The difference between your mortgage and your property’s value.  If your home is worth $400,000 and you owe $150,000, then you have equity of $250,000.

Joint tenants: Each owner has equal shares and rights in the property

Tenants in common: Two or more buyers own a property with equal or unequal shares and yields, which can be dealt with independently.

If you have a real estate need or question, please feel free to phone our office on 07 3824 2700

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