Glossary

 

A

Appraisal
An appraisal, or property appraisal, is an estimate price for a property in the current market. Appraisals are usually carried out by real estate agents who run competitive market analyses where they compare a property to similar properties that have recently sold to gauge its value.

 

B

Beachfront Lots
Beachfront lots are parcels of land along the beach.

Bushfire Attack Level (BAL)
BAL or Bushfire Attach Level is a rating system given to your land to determine your requirements for protection from bushfires. It measures a building’s potential exposure to ember attacks, radiant hear and direct flame contact.

 

C

Contract Of Sale
The contract between the purchaser and the seller for the sale of the property. This contract is legally binding and must be in writing.

 

D

Design guidelines
A set of rules and recommendations that must be considered when developing and designing a property.

Deposit
The amount of money needed to secure the purchase of a property. The amount of the deposit is taken off the purchase price once the property settles.

 

H

House & Land package (H&L)
A package deal that allows buyers to choose their preferred home design together with a suitable block of land.

Homesite
A block of land where a house is or can be constructed.

 

L

Land for sale
A block of land that is available for purchase.

Landscaping Package
A package deal that may include garden design, reticulation, water wise plants, garden mulch and roll-on-instant lawns.

LDP
A Local Development Plan or LPD is a mechanism that is used to coordinate and assist better outcomes by connecting lot design to future development.

Lot
A plot of land.

 

M

Masterplan
A master planned community which includes amenity such as schools, shops, and parks.

 

P

Private Estate
A housing estate in which there is no public housing, government housing or subsidised housing

Public Open Space (POS)
Public Open Space, or POS, is a piece of land which can be both green space or hard space where public access is allowed.

 

T

Titled land
Titled land, also called a titled lot or titled block, is a piece of land that has an official document outlining ownership. If a piece of land is titled, ownership can be transferred and building on the block is permitted. Land that is untitled often has no existing services on site and will need to be issued titles before it can be owned and/or built on.

 

F

Fencing Package
A package deal that includes the installation of fences and/or gates.

First Home Owners Grant (FHOG)
The First Home-Owner Grant (FHOG) is a one-off payment that the Australian government is providing to eligible first home buyers.

Foreign Investment Review Board (FIRB)
The Foreign Investment Review Board is an Australian government department that assesses applications from foreign investors who would like to invest or buy a home in Australia.

Frontage
Typically the frontage of a lot is the width of a lot measured from the front part of the lot which is usually facing the street.

 

Y

Yanchep
A coastal suburb located 56km north from Perth’s CBD and is part of the City of Wanneroo.

 

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