| Option fee | Usually one percent of price, is payable and forfeited if buyer does not go through with the transaction. |
| Option to Buy | Legal agreement giving the buyer the right to purchase property at an agreed time and price. |
| Party Wall | Wall separating two adjoining buildings and normally straddling the boundary. |
| Plan | This shows the ground plan design, elevation of house, number and size of rooms, kitchen, bathrooms and laundry layout, position of the house on the land. |
| Principal | The actual amount of money that has been borrowed to buy a property. |
| Private Sale | The seller does not engage an estate agent but acts on his own behalf, dealing directly with the buyer. |
| Private Treaty Sale | Sale of property via an agent through private negotiation and contract. |
| Qualified Title | Applies to some Old System Titles converted to Torrens Title which may not have been fully investigated. |
| Real Estate Agent's Fee - renting | These monies "Chukaiassenryou", when renting, amount to approximately 1 months rent. It is not refundable. This fee is paid to the real estate agent for their intermediary services. |
| Real Property | Land, with or without improvements. |
Glossary 
