Chattels
These are the items that stay with the home when it sells, eg: carpets, light fittings, drapes, curtains etc. Often special items are added to the contract, eg: dishwasher, spa pool. Specific items can also be excluded.

C.M.A.
Comparable Market Analysis - a price comparison of your home with others.

Commission
The fee for selling the home, payable by the Vendor to the Real Estate Agent.

Conditional Contract
A signed contract between the Vendor and the Purchaser where one or more conditions need to be met within a specified time-frame, eg: it could be subject to the Purchaser raising finance or the Vendor undertaking certain work.

Counter Offer
When either party rejects an offer from the other, and returns the offer, signed but after making alterations, generally to the price.

CT
Certificate of Title. All land in New Zealand has a Certificate of Title.

Deposit
The initial payment, by the purchaser at the time of signing the agreement to purchase. Part of the purchase price and held in the agent’s Trust Account.

Feedback Report
Regular written report from your agent on market and buyer reaction to the property.

Flyers
Promotional pamphlets on the property, including photographs, distributed throughout the neighbourhood and to targeted buyer database.

General Listing
A listing that is open to any agency and their sales people.

GST
Government Goods and Services Tax which is payable on the fee charged. GST is not normally charged on the price of a home. When it can apply, like on a new development or speculation, the home is usually sold with the GST included in the price. But each case may vary and the Sale and Purchase Agreement will show the details in each case.

Listing Authority
A contract between the owner of the home and the real estate company selling the house. This will say whether it is a General, Exclusive, Tender or Auction Listing. It will state the fee to be charged for a sale and any additional costs.

Marketing Assistance Form
This is a form filled out by the Vendor to assist the Salesperson to promote the home.

Marketing Fees
Money paid by the vendor to increase the advertising spend on the property.

Marketing Package
A promotional package designed to give a home accelerated exposure to the market. It will specify dates, / Schedule sizes, types of ads used and the various media involved.

No Price Marketing
Putting a home on the market without a price and allowing feedback from buyers in that marketplace to guide you towards the eventual selling price.

Objections to Title
A purchaser is entitled to inspect the title to the property and can object, stall or annul the sale if this is defective. Auction sales require the purchaser to inspect and approve he title before purchasing.

Offer
Presented normally in written form where a buyer is saying they are prepared to buy a home for X amount.

OIC
Overseas Investment Commission. This applies only to the sale of land over 2.5 hectares. Any foreigner must get permission to purchase such land. This is to prevent too much of our land getting into foreign ownership.

Possession Date
The day you move to your new home and pay the balance of the purchase price to the vendor.

Purchaser
The eventual buyer of the home.

Reserve
The price at which a vendor will not sell below at Auction. A buyer must bid to this figure or higher.

Reserve Meeting
Held in the last few days before an Auction where the agent and vendor assess market feedback and set a Reserve.

Sole Agency
A Sole and Exclusive right for the agent to sell the property. Normally for a set period with one agent responsible for managing the sale.

Subject to Finance
A condition inserted into the contract, normally for the benefit of the purchaser. The contract is confirmed once they have satisfied that condition by the stated date.

Trust Account
An audited non-interest bearing account where the deposit money for a home is placed. It is held for ten days or until any special conditions are met before being released to the vendor.

Tender
Similar to an Auction but without the Auction day. Normally the vendor assists with an increased level of marketing and the campaign runs 3 to 5 weeks like an auction.

The Market
The real estate market is subject to supply and demand like any other market. The type of Market you enter, can affect eventual price and time to sell.

Unconditional Contract
This is a contract with no conditions. This is binding on both parties and must be proceeded with.

With-holding Period
Period between choosing your agent and the date of release to the market. Allowing time to prepare property for best presentation and for the agency to prepare the best marketing copy and cover all media aspects.

Vendor
The seller, i.e. The person selling the home.