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Currently displaying definitions for words starting with - P
- Percentage Lease
- This may be short term or long term. A percentage of the tenant?s gross or net sales, as defined by the lease will constitute the stipulated rental. A minimum rent is usually included although straight percentage lease is occasionally encountered. Also, it may provide for a ceiling rental. In effect, the percentage leases makes the landlord a partner in the tenant?s business. With the advent of discount houses, large chain stores and modern regional shopping centres, this has become an increasingly popular method of leasing.
- Preferred Listings
- Entrusting the sale at least in the first instance to one agent only. Following well-established practice overseas, the granting of a preferred listing is increasing. The Real Estate Institute of Australia encourages this practice. Also known as exclusive listings, which include: auctions, multiple listings and sole agency.
- Property Management
- A division of a real estate office composed of leasing space, collection of rents, selection of tenants and generally the overall maintaining and managing of real estate properties for clients.
- Purple Title - Tenants in Common
- The land is held as Tenants in Common, the shares being in the same number as the units. Separate Title may be issued for each unit. Because of the "unity of possession" the land cannot be divided or partitioned. The sketch and lot number is for the whole of the land in the plan or diagram.
The Certificate of Title states the number of undivided shares contained and the sketch of the land used to be shaded purple - thus "purple title".
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