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real estate terminology australia

real estate terminology australia

December 1, 2020 in Uncategorized 0

The lowest price a vendor has agreed to accept. The amount of money placed in trust as evidence of good faith for the future performance of a real estate contract. A legal document in which something is pledged (such as land) as a security for repayment of money borrowed. Some of the most commonly used terms in real estate transactions include: There are always two parties in a contract for the sale of property; the vendor and the purchaser. Search for real estate and find the latest listings of Australia Property for sale. The date on which the title of the subject property is transferred to the purchaser and the resulting financial adjustments and payments are made (such as council rates and land tax). When selling or buying property, there are a range of terms and expressions you will regularly be confronted with. This service is staffed by knowledgeable real estate professionals with many years of practical experience. When only the interest is repaid during the term of a loan. By: REBAC Staff . A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Items fixed to a property in a way that would damage the item or the structure of the property if they were to be removed, such as built-in shelving or carpets. Real Estate Terms, Definitions and Dictionary related to real estate licensing and real estate exams. For example “title insurance,” which protects your property against hidden liens or potential ownership issues, always means “title insurance.” However, words describing or relating to the same thing often differ considerably in various parts … REAL ESTATE TERMINOLOGY A Course Companion for Studying for The Real Estate Exam, for Real Estate Home Study Courses, for Real Estate Continuing Education Courses, for Real Estate Statutory Courses, and for Any Form of College Real Estate Course. The interest rate can be fixed, variable or a combination of the two (“split loan”). This is an extract from the more comprehensive Glossary of Property Terms jointly published by the REIA, Property Council of Australia (PCA) and Australian Property Institute (API) during January 2007. The lease term is the amount of time the … The Real Estate Institute of South Australia Limited (REISA), 33 Dequetteville Tce Latin for “buyer beware”. register for a free introductory training session today! November 2, 2018. Items in a home that can be taken out without damaging the items or the space in which they were located. If you don’t understand a particular term then please call us on 1300 889 743 or complete our free assessment form and we will answer your question. Failure to meet an obligation when due. ARV – After-Repaired Value CCIM – Certified Commercial Investment Member COO or C of O – Certificate of Occupancy CMA – Comparative Market Analysis COCR or CCR – Cash on Cash Return COF – Cost of Funds CRE – Commercial Real Estate CRE – Creative Real Estate DCR, DSCR, … Loan-to-value ratio: the proportion of money borrowed versus the value of a property. When a vendor has signed an agreement to make an agent solely responsible for the sale of a property during a specified period. Lenders mortgage insurance. Some of the more commonly used terms like agent or buyer’s agent refers to the licensed real estate agent responsible for helping the seller sell and the buyer buy. To distinguish between real estate (realty), a physical entity, and its ownership, a legal concept, ownership of land is known as real property. PAGE 1 A ABANDONMENT Failure to occupy and use … ; Agent: A person (or a company) who has been authorized to act on behalf of a landlord, such as a letting, management, or estate … Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership. The world of real estate and property terms can sometimes be a confusing one. The principal is repaid after the loan term expires. The purchaser pays the vendor and gains possession of the home at this time. This is the person who … Glossary of Real Estate Terms 80-10-10 A type of blended mortgage loan which avoids private mortgage insurance (PMI). If you need advice regarding a real estate transaction, the Real Estate Institute of South Australia offers a free information service to consumers of real estate. Glossary of Terms. A type of mortgage, usually used by older homeowners, where repayments don’t need to be made until after the property is sold, or the last homeowner dies. Real Estate By the Letters. The original certificate of title is held by the Land Titles Office with an official duplicate held by the owner of the land or the mortgagee (for example, a bank) if there is a mortgage over the land. To understand the “lingo,” here are many of the most common real estate terms: It’s important you understand the real estate terms you’re confronted with, so here’s a handy guide to help you out. We have created a glossary of the most commonly used real estate terms and their definitions in order to help you better understand terminology … Useful Real Estate Terms Here is a list of important British real estate terms for both buyers and renters: Administration Fees: Fees charged by letting agents for processing references and preparing the lease and inventory. Physical items other than real estate are legally termed ‘personality’ and their ownership is known as ‘personal property’. Of course, there are lots more real estate and legal terms you will come across when purchasing property which is why it’s always advisable to get legal advice before making any commitment. Posted: 09/18/2017. (Real Estate Seasoned renters and buyers may know the difference between cozy and cramped, but for first-time house hunters, here are some terms you’re guaranteed to encounter, and what they may allude to. Commitment … Font size: 2BA: Two bathrooms: Rate it: 3: 3 Bedrooms: Rate it: a/g pl: Above ground Pool: Rate it: AAOR: Alameda Association of REALTORS: Rate it: AAR: Arizona Association of REALTORS: To assist consumers with real estate queries, REISA operates a free information service – REISA Query Connect on free call 1800 804 365, between the hours of 9.00am to 4.00pm each weekday. Instead of having to come up with a 20% down payment, a buyer according to the terms of the loan agree-ment. The annual rental income of an investment property, expressed as a proportion of the property’s value. Real Estate Glossary. Commercial real estate terminology in Australia can often be confusing, especially if you haven’t been a commercial tenant before. When entering into a real estate contract, it is crucial to understand the document you are being presented with. APPRECIATION - An increase in value. BCA (Building Code of Australia) Written regulations created and maintained by the Australian Building Codes Board (ABCB), setting the minimum standards of health, … Real Estate: A piece of land that may or may not have permanent fixtures attached to it. Try It. Each time a property changes hands, the name of the new owner is registered on the title. The value an owner of a property has in the asset above the debt owed. Once you have signed a contract, you are legally bound by it. While great care and research was undertaken to provide accurate explanations and definitions for the thousands of real estate terms and words, one dictionary … The “purchaser” is ‘the buyer,' who acquires title to the property or an interest in it. When the earnings from an investment property are – in the short-term, at least – less than the costs associated with the investment. As if saving for a deposit wasn’t hard enough, buying a house also requires superhuman powers of jargon translation. Varies between states and territories. Commercial real estate Any multifamily residential, office, industrial, or retail property that can be bought or sold in a real estate market. The shortfall can be used to reduce tax liability in Australia, for now. Find the latest homes for sale and rent as well as property news & real estate market data. A notification on the title declaring a party other than the owner may have an interest in the property. The contract entered into between the vendor and the purchaser for the purchase of real estate. We’ve put together a full list of real estate terms and jargon that are commonly used in Australia. The legal process that creates a binding agreement for the sale of a property. The number of years it will take to fully pay off a home loan. Learn real estate terminology through the knowledge and expertise of CA Realty Training. Costs incurred by a real estate agent, which can be passed on to the client, for example photography and advertising costs. An insurance policy which covers a borrower’s mortgage repayments in the event of illness or injury. 888.317.8740. This service is available as a result of funding through the Indemnity Fund pursuant to the provisions of the Land Agents Regulations 1995. When entering into a real estate contract, it is crucial to understand the document you are being presented with. Satisfaction A document acknowledging the … In a real estate purchase contract, the consideration will usually be the price paid by the purchaser in exchange for the property. The type of property ownership, for example Torrens title, strata title or company title. A person who performs real estate activities while employed by or associated with a licensed real estate broker. Real Estate Terminology 101: Terms You Should Know When Buying a House. This service is available as a result of funding through the Indemnity Fund pursuant to the provisions of the Land Agents Regulations 1995. A bank account managed by a real estate where funds (such as deposits and rental income) are held on behalf of someone else. Buying Selling. This free online glossary of real estate terms includes selected terms commonly encountered by both tenants and home purchasers. Without further ado, here is an A to Z of some of the most baffling real estate terminology. A reduction in the value of an asset over time. In the case of a mortgage, the collateral would be the house and real property. In Australia, negative gearing usually refers to borrowing to buy a residential investment property (house, unit, etc) which is rented out. The date on which a property sale is finalised. The title may also show any easements, mortgages or other third party interests in the land. Learn real estate terminology through the knowledge and expertise of CA Realty Training. In order to get a loan from a bank to buy a home, you first need to get … If another agent sells the property during that time, the original agent is entitled to any commission. A deposit is usually paid at this time, and may be forfeited if either party backs out of the agreement. The purchaser will usually be required to provide a deposit equal to 10% of the total purchase price of the property, unless a lesser amount of deposit is negotiated between the purchaser and the vendor usually through the real estate agent handing the sale of the property. A short-term loan used to allow a buyer to purchase a new property if the proceeds of a property he or she recently sold have not yet cleared. For example, a fence. Real Estate Investing Abbreviations. Real Estate Abbreviations Browse 1,013 acronyms and abbreviations related to the Real Estate terminology and jargon. Whether you are looking at abbreviations or acronyms for real estate terms, be sure you clearly understand what they mean when referring to a specific piece of real estate. Find Property for sale in Australia. In Australia, the term means an opinion of the potential saleability of a residential property by a licensed Real Estate Agent. Instead of learning along the way, a few common real estate terms can help you grasp the concepts before they are put in front of you. If you aren't familiar with real estate terminology, the words and phrases being thrown about can get pretty confusing. Let's Talk Finance. In particular, before signing any type of real estate contract, you should ensure that you fully understand the document you are signing and agreeing to be legally bound to. If you need advice regarding a real estate transaction, the Real Estate Institute of South Australia offers a free information service to consumers of real estate. In real estate terms, this is a tax levied on profit from the sale of an investment property (not the family home). Real Estate Agent: A licensed agent that deals with selling and leasing real estate. The profit on the sale of a capital asset, such as a house. This is often more conservative than the actual market value. Real Estate Glossary There is a lot of real estate terminology used during the home buying and selling process and CENTURY 21® is here to help you understand those terms. A bank’s estimate of a property’s value. We break down property terms, processes and real estate industry speak in an easy A-Z. realestate.com.au is Australia's No.1 property site for real estate. When you prepare to buy your first home, you may feel pelted with words that seem foreign or are being used in a different context. Any obstruction or obstacle related to the use or transfer of land including things such as easements, mortgages, caveats and leases which are usually registered on the title. In a property transaction, the purchaser carries the risk. An urban planning tool used by local governments to determined how land is to be used. Annual percentage rate (APR) The annual percentage rate (APR) is the amount of interest charged on your loan every year. The responsibility to seek clarification before signing rests with you. APPRAISAL - The term commonly used in America to indicate what is termed in Australia as a Valuation. The essential guide to real estate terminology. In real estate, asset management focuses on maximising property value and ongoing returns from the property, usually in the form of rental income. Don’t know your LMI from your LVR? Related Posts. Glossary Don't let the jargon get in the way of your property dreams. In real estate terms, this is a tax levied on profit from the sale of an investment property (not the family home). Almost everywhere rents are less than interest on property value, leading to negative gearing if the investor borrows say 80% or 90% of the cost. Usually included in the sale of a property. Capital gains tax. A. Abatement: A reduction, allowance or rebate. For example, a mortgagor is in default when he or she fails to pay interest or principal on their mortgage when due. A new offer, made after a previous offer has been rejected by the owner. Common area For lease purposes, the areas of a building (and its site) that are available for the non-exclusive use of all its tenants, such as lobbies, corridors, and parking lots. The “vendor” is the ‘seller,' the person disposing (selling) of the property. Lease Term. Appraisal. Realtor: A professional that is a member of the National Association of Realtors. Cozy: Snug, comfortable, and homey are the dictionary definitions. Source: Aussie Home Loans. When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement … When the LVR is high (over 80 per cent, for example), a lender is more likely to charge lenders mortgage insurance. Can’t quite remember what caveat emptor means but you’re pretty sure Robin Williams banged on about it in Dead Poets Society? Home; Real Estate Licenses. Commission: The fee charged for ser-vices performed, usually based on a percentage of the price of the items sold (such as the fee a real estate agent earns on the sale of a house). This real estate glossary is one of the most extensive in the industry and is used by many real estate brokers, real estate schools and instructors across the country. Whether you are a real estate agent looking for clarification on legalese, or a buyer or seller seeking clarification on common terms you are seeing pop up in paperwork, we can help. Typical easements include a right of way or are for access to utility or sewer lines. In other words, do your homework. Before entering into a real estate transaction, it is advisable to familiarise yourself with commonly used real estate terminology in order to avoid confusion and intimidation. But in real estate speak, it means tiny and … In real estate terms, the premises are considered to be the property that forms the subject of a conveyance. It consists of an 80% - 30 year first lien at market rates, a 10% - 15 year second lien at a slightly higher interest rate, and a 10% down payment.

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real estate terminology australia

The lowest price a vendor has agreed to accept. The amount of money placed in trust as evidence of good faith for the future performance of a real estate contract. A legal document in which something is pledged (such as land) as a security for repayment of money borrowed. Some of the most commonly used terms in real estate transactions include: There are always two parties in a contract for the sale of property; the vendor and the purchaser. Search for real estate and find the latest listings of Australia Property for sale. The date on which the title of the subject property is transferred to the purchaser and the resulting financial adjustments and payments are made (such as council rates and land tax). When selling or buying property, there are a range of terms and expressions you will regularly be confronted with. This service is staffed by knowledgeable real estate professionals with many years of practical experience. When only the interest is repaid during the term of a loan. By: REBAC Staff . A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Items fixed to a property in a way that would damage the item or the structure of the property if they were to be removed, such as built-in shelving or carpets. Real Estate Terms, Definitions and Dictionary related to real estate licensing and real estate exams. For example “title insurance,” which protects your property against hidden liens or potential ownership issues, always means “title insurance.” However, words describing or relating to the same thing often differ considerably in various parts … REAL ESTATE TERMINOLOGY A Course Companion for Studying for The Real Estate Exam, for Real Estate Home Study Courses, for Real Estate Continuing Education Courses, for Real Estate Statutory Courses, and for Any Form of College Real Estate Course. The interest rate can be fixed, variable or a combination of the two (“split loan”). This is an extract from the more comprehensive Glossary of Property Terms jointly published by the REIA, Property Council of Australia (PCA) and Australian Property Institute (API) during January 2007. The lease term is the amount of time the … The Real Estate Institute of South Australia Limited (REISA), 33 Dequetteville Tce Latin for “buyer beware”. register for a free introductory training session today! November 2, 2018. Items in a home that can be taken out without damaging the items or the space in which they were located. If you don’t understand a particular term then please call us on 1300 889 743 or complete our free assessment form and we will answer your question. Failure to meet an obligation when due. ARV – After-Repaired Value CCIM – Certified Commercial Investment Member COO or C of O – Certificate of Occupancy CMA – Comparative Market Analysis COCR or CCR – Cash on Cash Return COF – Cost of Funds CRE – Commercial Real Estate CRE – Creative Real Estate DCR, DSCR, … Loan-to-value ratio: the proportion of money borrowed versus the value of a property. When a vendor has signed an agreement to make an agent solely responsible for the sale of a property during a specified period. Lenders mortgage insurance. Some of the more commonly used terms like agent or buyer’s agent refers to the licensed real estate agent responsible for helping the seller sell and the buyer buy. To distinguish between real estate (realty), a physical entity, and its ownership, a legal concept, ownership of land is known as real property. PAGE 1 A ABANDONMENT Failure to occupy and use … ; Agent: A person (or a company) who has been authorized to act on behalf of a landlord, such as a letting, management, or estate … Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership. The world of real estate and property terms can sometimes be a confusing one. The principal is repaid after the loan term expires. The purchaser pays the vendor and gains possession of the home at this time. This is the person who … Glossary of Real Estate Terms 80-10-10 A type of blended mortgage loan which avoids private mortgage insurance (PMI). If you need advice regarding a real estate transaction, the Real Estate Institute of South Australia offers a free information service to consumers of real estate. Glossary of Terms. A type of mortgage, usually used by older homeowners, where repayments don’t need to be made until after the property is sold, or the last homeowner dies. Real Estate By the Letters. The original certificate of title is held by the Land Titles Office with an official duplicate held by the owner of the land or the mortgagee (for example, a bank) if there is a mortgage over the land. To understand the “lingo,” here are many of the most common real estate terms: It’s important you understand the real estate terms you’re confronted with, so here’s a handy guide to help you out. We have created a glossary of the most commonly used real estate terms and their definitions in order to help you better understand terminology … Useful Real Estate Terms Here is a list of important British real estate terms for both buyers and renters: Administration Fees: Fees charged by letting agents for processing references and preparing the lease and inventory. Physical items other than real estate are legally termed ‘personality’ and their ownership is known as ‘personal property’. Of course, there are lots more real estate and legal terms you will come across when purchasing property which is why it’s always advisable to get legal advice before making any commitment. Posted: 09/18/2017. (Real Estate Seasoned renters and buyers may know the difference between cozy and cramped, but for first-time house hunters, here are some terms you’re guaranteed to encounter, and what they may allude to. Commitment … Font size: 2BA: Two bathrooms: Rate it: 3: 3 Bedrooms: Rate it: a/g pl: Above ground Pool: Rate it: AAOR: Alameda Association of REALTORS: Rate it: AAR: Arizona Association of REALTORS: To assist consumers with real estate queries, REISA operates a free information service – REISA Query Connect on free call 1800 804 365, between the hours of 9.00am to 4.00pm each weekday. Instead of having to come up with a 20% down payment, a buyer according to the terms of the loan agree-ment. The annual rental income of an investment property, expressed as a proportion of the property’s value. Real Estate Glossary. Commercial real estate terminology in Australia can often be confusing, especially if you haven’t been a commercial tenant before. When entering into a real estate contract, it is crucial to understand the document you are being presented with. APPRECIATION - An increase in value. BCA (Building Code of Australia) Written regulations created and maintained by the Australian Building Codes Board (ABCB), setting the minimum standards of health, … Real Estate: A piece of land that may or may not have permanent fixtures attached to it. Try It. Each time a property changes hands, the name of the new owner is registered on the title. The value an owner of a property has in the asset above the debt owed. Once you have signed a contract, you are legally bound by it. While great care and research was undertaken to provide accurate explanations and definitions for the thousands of real estate terms and words, one dictionary … The “purchaser” is ‘the buyer,' who acquires title to the property or an interest in it. When the earnings from an investment property are – in the short-term, at least – less than the costs associated with the investment. As if saving for a deposit wasn’t hard enough, buying a house also requires superhuman powers of jargon translation. Varies between states and territories. Commercial real estate Any multifamily residential, office, industrial, or retail property that can be bought or sold in a real estate market. The shortfall can be used to reduce tax liability in Australia, for now. Find the latest homes for sale and rent as well as property news & real estate market data. A notification on the title declaring a party other than the owner may have an interest in the property. The contract entered into between the vendor and the purchaser for the purchase of real estate. We’ve put together a full list of real estate terms and jargon that are commonly used in Australia. The legal process that creates a binding agreement for the sale of a property. The number of years it will take to fully pay off a home loan. Learn real estate terminology through the knowledge and expertise of CA Realty Training. Costs incurred by a real estate agent, which can be passed on to the client, for example photography and advertising costs. An insurance policy which covers a borrower’s mortgage repayments in the event of illness or injury. 888.317.8740. This service is available as a result of funding through the Indemnity Fund pursuant to the provisions of the Land Agents Regulations 1995. When entering into a real estate contract, it is crucial to understand the document you are being presented with. Satisfaction A document acknowledging the … In a real estate purchase contract, the consideration will usually be the price paid by the purchaser in exchange for the property. The type of property ownership, for example Torrens title, strata title or company title. A person who performs real estate activities while employed by or associated with a licensed real estate broker. Real Estate Terminology 101: Terms You Should Know When Buying a House. This service is available as a result of funding through the Indemnity Fund pursuant to the provisions of the Land Agents Regulations 1995. A bank account managed by a real estate where funds (such as deposits and rental income) are held on behalf of someone else. Buying Selling. This free online glossary of real estate terms includes selected terms commonly encountered by both tenants and home purchasers. Without further ado, here is an A to Z of some of the most baffling real estate terminology. A reduction in the value of an asset over time. In the case of a mortgage, the collateral would be the house and real property. In Australia, negative gearing usually refers to borrowing to buy a residential investment property (house, unit, etc) which is rented out. The date on which a property sale is finalised. The title may also show any easements, mortgages or other third party interests in the land. Learn real estate terminology through the knowledge and expertise of CA Realty Training. In order to get a loan from a bank to buy a home, you first need to get … If another agent sells the property during that time, the original agent is entitled to any commission. A deposit is usually paid at this time, and may be forfeited if either party backs out of the agreement. The purchaser will usually be required to provide a deposit equal to 10% of the total purchase price of the property, unless a lesser amount of deposit is negotiated between the purchaser and the vendor usually through the real estate agent handing the sale of the property. A short-term loan used to allow a buyer to purchase a new property if the proceeds of a property he or she recently sold have not yet cleared. For example, a fence. Real Estate Investing Abbreviations. Real Estate Abbreviations Browse 1,013 acronyms and abbreviations related to the Real Estate terminology and jargon. Whether you are looking at abbreviations or acronyms for real estate terms, be sure you clearly understand what they mean when referring to a specific piece of real estate. Find Property for sale in Australia. In Australia, the term means an opinion of the potential saleability of a residential property by a licensed Real Estate Agent. Instead of learning along the way, a few common real estate terms can help you grasp the concepts before they are put in front of you. If you aren't familiar with real estate terminology, the words and phrases being thrown about can get pretty confusing. Let's Talk Finance. In particular, before signing any type of real estate contract, you should ensure that you fully understand the document you are signing and agreeing to be legally bound to. If you need advice regarding a real estate transaction, the Real Estate Institute of South Australia offers a free information service to consumers of real estate. In real estate terms, this is a tax levied on profit from the sale of an investment property (not the family home). Real Estate Agent: A licensed agent that deals with selling and leasing real estate. The profit on the sale of a capital asset, such as a house. This is often more conservative than the actual market value. Real Estate Glossary There is a lot of real estate terminology used during the home buying and selling process and CENTURY 21® is here to help you understand those terms. A bank’s estimate of a property’s value. We break down property terms, processes and real estate industry speak in an easy A-Z. realestate.com.au is Australia's No.1 property site for real estate. When you prepare to buy your first home, you may feel pelted with words that seem foreign or are being used in a different context. Any obstruction or obstacle related to the use or transfer of land including things such as easements, mortgages, caveats and leases which are usually registered on the title. In a property transaction, the purchaser carries the risk. An urban planning tool used by local governments to determined how land is to be used. Annual percentage rate (APR) The annual percentage rate (APR) is the amount of interest charged on your loan every year. The responsibility to seek clarification before signing rests with you. APPRAISAL - The term commonly used in America to indicate what is termed in Australia as a Valuation. The essential guide to real estate terminology. In real estate, asset management focuses on maximising property value and ongoing returns from the property, usually in the form of rental income. Don’t know your LMI from your LVR? Related Posts. Glossary Don't let the jargon get in the way of your property dreams. In real estate terms, this is a tax levied on profit from the sale of an investment property (not the family home). Almost everywhere rents are less than interest on property value, leading to negative gearing if the investor borrows say 80% or 90% of the cost. Usually included in the sale of a property. Capital gains tax. A. Abatement: A reduction, allowance or rebate. For example, a mortgagor is in default when he or she fails to pay interest or principal on their mortgage when due. A new offer, made after a previous offer has been rejected by the owner. Common area For lease purposes, the areas of a building (and its site) that are available for the non-exclusive use of all its tenants, such as lobbies, corridors, and parking lots. The “vendor” is the ‘seller,' the person disposing (selling) of the property. Lease Term. Appraisal. Realtor: A professional that is a member of the National Association of Realtors. Cozy: Snug, comfortable, and homey are the dictionary definitions. Source: Aussie Home Loans. When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement … When the LVR is high (over 80 per cent, for example), a lender is more likely to charge lenders mortgage insurance. Can’t quite remember what caveat emptor means but you’re pretty sure Robin Williams banged on about it in Dead Poets Society? Home; Real Estate Licenses. Commission: The fee charged for ser-vices performed, usually based on a percentage of the price of the items sold (such as the fee a real estate agent earns on the sale of a house). This real estate glossary is one of the most extensive in the industry and is used by many real estate brokers, real estate schools and instructors across the country. Whether you are a real estate agent looking for clarification on legalese, or a buyer or seller seeking clarification on common terms you are seeing pop up in paperwork, we can help. Typical easements include a right of way or are for access to utility or sewer lines. In other words, do your homework. Before entering into a real estate transaction, it is advisable to familiarise yourself with commonly used real estate terminology in order to avoid confusion and intimidation. But in real estate speak, it means tiny and … In real estate terms, the premises are considered to be the property that forms the subject of a conveyance. It consists of an 80% - 30 year first lien at market rates, a 10% - 15 year second lien at a slightly higher interest rate, and a 10% down payment.

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