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.
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