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Find real estate jargon a little bit overwhelming? Here is a guide explaining the who’s who of Real Estate.
Whilst most people have either purchased, sold, rented or leased out a property at some stage in their life, many don’t really know the role of each individual involved in the transaction or can become confused by all the different individuals involved in a single transaction.
There are different Real Estate Agents for different transactions along with an extensive team of other professionals who work to make every deal possible. The team at Amkar Real Estate have put together a guide explaining who’s who in Real Estate and what their role entails.
Vendor: The person/people who are selling their property, commonly known as the seller/s.
Purchaser: The party/people who are looking to purchase Real Estate, also known as the buyer.
Landlord/Lessor: The owner of a property that is to be leased.
Tenant/Lessee: The person or parties who will be renting a property that is available for lease. This can be both a Commercial or Residential property.
Sales Agent/Consultant/Representative: The person appointed by the Vendor/Seller to represent them in the sale of Real property or land. The Sales agent is responsible for the marketing of the property and to deal with all prospective purchasers.
Leasing Agent: The person appointed to put the property on the market for lease, show the property to prospective tenants, review applications & ensure all lease documents are signed by both parties.
Commercial Agent: An agent who is appointed to represent a seller or lessor in the sale or leasing of a commercial property such as offices, buildings & retail spaces.
Industrial Agent: A real estate agent specialising in the listing, selling and leasing of industrial properties.
Stock & Station Agent: Provide a support service to the agricultural community. They advise and represent farmers and graziers in business transactions that involve livestock, wool, fertiliser, rural property and equipment and merchandise on behalf of their clients.
Business Agent: Also called business transfer agents, or intermediaries, assist buyers and sellers of privately held business in the buying and selling process.
Strata Manager: Sometimes known as “body corporate management”, is a specialist area of property management involving the day-to-day operation and management of a property that is jointly owned and comprises multiple units, common areas and common facilities.
Property Manager: The person appointed by the Landlord to manage a property for lease. The property manager will be responsible for collecting the rent and disbursing rental monies along with conducting routine inspections and organising maintenance. In some cases the Property Manager will also be the leasing agent responsible for finding a suitable tenant for a property.
Licensee/Principal: The owner or licence holder of a Real Estate agency/franchise. A licensee must hold a Registered Land Agents license to operate a Real Estate business.
Exclusive/Sole vs. Multi/Open/Common Agent: An exclusive/sole agent is when only one agent or a specific team from one agency has been appointed for the sale or lease of Real Property. Multi/Open/Common agents are when more than one agent from different agencies or multiple agents within one company have been appointed to represent a seller or lessor in the sale or leasing of real property.
Buyers Agent/Buyers Advocate: The party appointed to represent a person in the purchasing of Real Property. The buyer’s agent will be responsible for finding and negotiating the sale of Real Property on behalf of the purchaser.
Realtor: An agent who is part of the National/International association of Realtor’s. Commonly misinterpreted as having the same meaning as Real Estate Agent, one can only be referred to as a Realtor if they are part of the world renowned association.
Broker: A person who buys and sells assets/property for others and could be a synonym for Real Estate Agent (mostly used in the USA). This could also be an abbreviation for the Mortgage Broker.
Conveyancer: The person responsible for the transfer of legal title of property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. The conveyancer is also responsible for disbursing all funds to the different parties upon settlement and attends to any matters that may arise regarding settlement.
Mortgage Broker: A person who is responsible to arrange finance for a party looking to purchase Real property. A Mortgage Broker works with a borrower (for example a purchaser) and a lender while qualifying the borrower for a mortgage. The broker gathers income, asset and employment documentation, a credit report and other information for assessing the borrower’s ability to secure financing.
Lender: An organisation or a person that lends money. For example a bank would be considered the Lender in a transaction whereby the purchaser has borrowed from the bank.
Auctioneer: The person who conducts auctions for the sale of property, land or other assets by accepting bids and declaring goods sold.
Quantity Surveyor: A person who undertakes the preparation of a statement of the quantities & estimated costs of material involved in the carrying out of constructional work. Quantity Surveyors can be used to organise tax depreciation schedules for properties that are leased or partially used for business.
Building Surveyor: A person registered with the Building Practitioners Board as a building surveyor. Qualified to issue a building permit, inspect for compliance with the Building Act and Building Regulations and issue an Occupancy Permit or Certificate of Final Inspection.