Real estate lingo explained (finally!).

Real estate jargon can be confusing. We’d like to promise that it’s only confusing if you’re buying or selling for the first time, but even by the third or fourth time… It’s still confusing. Explaining financing, conveyancing, contracts, guarantors, and more are just some of the daily conversations real estate agents have with clients. And it’s no wonder — for many people, these terms are new, fueled with jargon, and a bit intimidating. 


These terms (and more) are second nature for real estate agents and are often spoken with such confidence and authority that many people feel too embarrassed to ask what they mean. By learning some of the lingo, you’ll be more confident in your negotiations and general interactions when it comes to your property. Here are some to get you started:


1. Listing authority. 

The Listing Authority is also known as a Selling Agency Agreement. It’s the written agreement whereby an agent is authorised by the seller to find a buyer for a particular property. This paperwork outlines property details, listing and commission fees, and how long the agreement will last. 


2. Offer contract and acceptance contract.

These two documents are pivotal in transferring homeownership. Together, they form the legal contract of sale. A good agent will ensure you’re involved in every part of this process and have a clear understanding of each document and its respective components. These documents are highly detailed and there can be some negotiations or back-and-forth on different steps. So, be wary of agents who quickly flip to the signing areas without encouraging you to read through and ask questions. 


3. Vendor versus buyer. 

The vendor is selling the property and can be a person, a superannuation fund, a government entity or an enduring power of attorney. Meanwhile, the buyer is the person making an offer to purchase the property. If more than one person is buying, they need to decide if they will be purchasing as joint tenants or tenants in common. 


4. Property chattels and fixtures.  

Chattels and fixtures are items that remain at the property. Commonly seen chattels include a dishwasher and oven. However, if someone is moving overseas, they might also leave their fridge and washing machine, for example. Fixtures refer to permanent items like floor coverings, curtains, blinds, TV aerials, light fittings, solar panels, and so on. These are usually included by default, and it’s up to the seller to be clear with the agent about exceptions. For example, the seller might like to take the blinds with them if they know they can be fitted into their new home. 


Further, anything left must be left in good working order. It’s not a time to use the property sale as a verge-side collection. For example, all the lights must work, and if the seller leaves a dishwasher, it must be functional.


5. Certificate of Title.

A Certificate of Title is an official land ownership record. This is a public record, which means anyone can order a copy of a Certificate of Title to find current ownership information for any property in Western Australia — even if they don't own it. A copy of this Certificate is given to buyers on the purchase of a property. It’s also used for checking current property ownership, planning applications, as well as research by real estate agents, investors, and home buyers.


6. Special conditions and annexures. 

An annexure is an attachment to a document. When writing a contract, annexures are included in the special conditions. “Annexure A” is commonly used and covers areas such as ensuring the buyer has received a copy of the Certificate of Title, included items are in working order, the property is compliant with electrical requirements and more. 


7. Guarantor. 

If you’re buying for the first time and have limited credit history or finances (which is almost every first home buyer), you might ask a family member — usually a parent — to be a “guarantor” for you. The guarantor “guarantees” your mortgage by promising to repay the debt if you can’t afford to, so it’s a pretty big ask. You’re asking someone to be your fallback in the event that you can’t make your mortgage repayments. Despite being a very serious arrangement, it’s a very popular one — guarantor loans have jumped more than 70% in the last six years!


Thinking of buying? Sort your finances out first. 

We’re familiar with these terms and a whole lot more because we know the first step to buyer success is organised finances — the bank knows it, too. Contact us for bookkeeping services, tax accounting, and more.

Need help with your accounting?

Find Out What We Do

Setting Business Goals for the Year.

January 14, 2026
Set business goals you’ll actually hit. Track what matters, review often, celebrate wins, and make growth intentional. Read today’s article to learn more.

Major Defect vs Minor Defect (Usual Wear & Tear) in a Building Inspection

January 14, 2026
Understand the difference between major and minor building defects before you buy. Learn what’s serious, what’s wear and tear, and avoid costly surprises.

Your First Steps in Starting a Small Business

January 14, 2026
Thinking of starting a small business? Before you dive in, make sure your foundations are set: structure, ATO registrations, super, and workers comp. We’ve put together a simple guide to help you get started.

The 5% homebuyer deposit for first home buyers.

December 15, 2025
The Australian Government’s expanded 5% Deposit Scheme, which commenced on October 1, offers a fast-tracked path to home ownership for many aspiring buyers. By drastically reducing the deposit required and eliminating Lenders Mortgage Insurance (LMI), this program aims to unlock the door to your very own home sooner than ever thought possible. However, like any major economic policy, it has significant implications that buyers and taxpayers must consider. Here is a breakdown of how the scheme works, who qualifies, and what the potential impact could be on the property market. What is the 5% Deposit Scheme and how does it work? The scheme is designed to make home ownership more achievable, particularly for those struggling to save a 20% deposit. Low Deposit: The home buyer secures a loan with a minimum deposit of 5% (for First Home Buyers) or 2% (for single parents/legal guardians). Government Guarantee: Instead of the buyer paying LMI (which protects the lender), the Australian Government provides a guarantee to a Participating Lender. This guarantee allows the lender to provide a home loan covering up to 95% or 98% of the home's value without the usual LMI fee. No LMI: The buyer avoids paying Lenders Mortgage Insurance, significantly reducing upfront costs.  Key features of the expanded program include no income caps, as well as unlimited spots and no waiting list. The Scheme also makes a wider choice of home types available (houses, apartments, house/land packages, vacant land with a building contract, new or existing homes). It’s not just for first home buyers!

6 personal budgeting tips for Christmas.

December 15, 2025
Christmas can be the most wonderful time of the year—it can also be one of the most expensive. The key to enjoying the festive season and reducing the risk of financial stress is careful planning. As your financial partners at Ascent Accountants, we want you to focus on what truly matters—time with friends, family, and peace of mind. Six essential budgeting tips to help you take control of your Christmas spending. 1. Make a detailed budget list. The sooner you start, the more control you have. Begin by listing every expense you anticipate, including gifts, food, clothes, travel, and entertainment. Once you have your total, check it against your available funds. If the total feels too high, look at where you can cut back or spread the cost. Being realistic from the beginning prevents surprises later. 2. Prioritise what truly matters (and pay your priority debts!). When money is tight, focus your funds on the essentials and the things that genuinely bring the most joy. Order your list by priority (e.g., gifts for children first, then shared family meals, then travel). It’s okay—and essential—to say 'no' to extras that don’t fit your budget. Always consider your priority payments and debts before any other Christmas spending. Priority debts, like rent, electricity, or car insurance, must always come first as they significantly impact your day-to-day life if left unpaid. 3. Be cautious with credit and 'Buy Now, Pay Later' arrangements. It's tempting to use a credit card or a Buy Now, Pay Later option, especially when promotions promise delayed payments. However, small instalments add up quickly, and missing a payment can result in fees and/or negatively impact your credit record. If you do use credit, only borrow what you can comfortably afford to repay, and make a solid plan to pay it off as soon as possible in the new year. 4. Compare prices & shop smart. Always take time to research before you buy. Comparing online and in-store prices can result in significant savings. Be wary of high-pressure sales events like Black Friday, which often encourage impulse spending. Before purchasing, ask yourself three questions: Do I really need this? Is this on my original budget list, or is it extra? Is this truly a bargain if I don't actually need it? 5. Suggest a 'Secret Santa'. If your family or friend group has traditionally bought gifts for everyone, suggest switching to a Secret Santa arrangement. Setting a sensible spending limit or pooling funds for one thoughtful gift makes things easier and less expensive for everyone. Often, homemade gifts or vouchers for experiences are more meaningful and last longer in the memory than expensive presents. 6. Plan ahead for next year. The best way to guarantee a calm, affordable Christmas next year is to start preparing now. After this year's holidays, take note of exactly what you spent and where the money went. Set a goal for next year and start a small savings fund. Even setting aside $5 or $10 a week can make a monumental difference in managing next Christmas without stress. Need to tidy up your finances after the holidays? If the Christmas period leaves you needing advice on debt consolidation, setting up a savings plan, or just better budgeting habits for the new year, contact the team at Ascent Accountants. We can help you build the confidence to hit your financial goals!

FBT on Work Christmas Parties & Gifts

December 15, 2025
As the end of the year approaches, businesses are gearing up for the festive season, which means planning the annual Christmas party and showing appreciation with gifts. While the cheer is high, so too are the complexities of Fringe Benefits Tax (FBT). Getting the FBT treatment wrong can turn a simple celebration into an unexpected tax bill. As your trusted advisors at Ascent Accountants, here is a breakdown of the key tax rules, with a focus on the crucial $300 per person limit, to ensure your end-of-year generosity is tax-effective. The critical $300 minor benefit threshold. The Minor Benefits Exemption is your best friend for managing FBT. A benefit is generally exempt from FBT if its total notional taxable value is less than $300 (GST inclusive) per person, and it is provided infrequently and irregularly. Christmas parties (entertainment) The location and cost of your party are the key factors for FBT.
More Posts