Not logged in - log in now, or click here to register.
Skip navigation links
feature articles
news
calculators
how much can i borrow?
what will my repayments be?
loan comparison
extra repayments calculator
lump sum repayment calculator
stamp duty calculator
split loan calculator
budget planner
savings calculator
term deposit calculator
income tax calculator
principal & interest
credit card repayments
property buying cost
property selling cost
leasing calculator
reverse mortgage calculator
home loan offset calculator
Comparison Rate Calculator
Honeymoon Loan Calculator
public enquiry line
tips & helpful hints
browse tips
search tips
further info
FAQ's (real estate)
browse FAQs
top ten FAQs
search FAQs
further info
glossary
local info
heritage register
foreign investors
agent code of conduct
auction code of conduct
land tax calculator (OSR)
Budget Threat to First Home Buyers


Glossary

Words

Simply select a letter to begin browsing. If you can't find what you are looking for, simply click here to and let us know what you are looking for.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Currently displaying definitions for words starting with - O

Open Contract
A memorandum in writing of the sale of land. If it complies with the provisions of existing legislation it may constitute a binding contract. Correspondence setting out sufficient details of an offer and acceptance may amount to an open contract. Parties not wishing to be finally committed to a transaction pending clarification of some aspects thereof should exercise care in writing letters and signing documents without first having had the benefit of legal advice.
Option
A Right given for a consideration to purchase property on or before a fixed date, on terms previously agreed upon. An option entitles, but does not oblige, the person having the option to make the purchase. In their words, the owner is bound to sell at a particular price if the prospective purchaser wishes him to be bound, providing the purchaser makes up his mind within the term of the option. Options also appear in many leases, referring to a further term of tenancy. Many leases contain a clause giving the option of renewal for a further period, at a rent to be mutually agreed. In the event of disagreement, a valuer appointed by the President of the Institute, whose opinion shall become binding on both parties, would determine the rent. Although thousands of leases have this clause, it is only seldom that the President is required to appoint the valuer.
Overhead Easement
The right to use the space at a designated distance above the surface of the land; as for power lines, navigation and air rights.


Click here to return to the previous page.

Back to top



Can't Find It?

Simply fill out the form below and press Send Message.

Please Note: Remember to check our Frequently Asked Questions and Glossary Area before submitting. They may just have the answer you're looking for.

For Further Information
Your Email
Your Name
Your Phone
Email Subject
Add your Email message