Home ownership terminology

When choosing a house to buy, you should take into account the location. In particular, consider this type of council regulation about what activities can and cannot take place in the area.What is this called?

• Zoning

• Project manager

• Conveyancy

• Building consent

If purchasing a home with someone else, you will need to decide how the ownership will be structured. With this option, if two people own a house together and one of these people dies, the other person would take over full ownership.

• Cross lease

• Joint tenancy

• Tenancy in common

• Tender

Before purchasing a house, you need to check the title to see if there are any restrictions as to what you can do with your house. These types of restrictions may even stop you from making changes to the way a house looks.

• Licence to occupy

• Building consent

• Covenant

• Fee simple

When building a house, you need to decide if you will manage the process yourself, or hire this type of person to do it for you. Hiring a professional can actually save you money.

• Project manager

• Unconditional

• Offer and negotiation

• Composite title

The legal process carried out by a lawyer when you buy a property. It involves transferring the ownership of the property from the previous owner to you.

• Settlement

• LIM report

• Conveyancing

• Easement

Sometimes a lender is willing to offer a mortgage to people who have less than a 20% deposit. However, if they are, it is possible they may be charged this type of fee.

• Low equity premium

• Settlement

• Tender

• Title

If you are building a house, you must always get this type of permission before construction begins. You can get it from the local council.

• Fee simple

• Unconditional

• Building consent

• Offer and negotiation

A method of buying a property whereby no price is set for the house, and all potential buyers submit an offer by a certain date.

• Tender

• Zoning

• Cross lease

• Licence to occupy