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Pop Quiz Hot Shot

By Coralie Mackenzie

Like every industry, real estate has a lot of industry language. It is quite common for an agent to say “I’m happy to present a cash contract, on auction terms, with 30 days”. “Are you happy with that?” Or “Do you need a val?” Or even, “It’s a 32 perch block, you might be able to slice the property for 2 400’s, subject to BCCA”.  For the unaffiliated, a translator is required!

Here are some definitions:

Cash contract – You don’t require the contract to be ‘subject to finance’, you have a pre-approval.

Auction contract – No conditions are on the contract. No building/pest inspection. No finance clause. No conditions.

30 days or 60 days – Generally the agent is referring to the settlement period.

5 or 10% – Generally the agent is referring to the deposit amount.

Perch – A perch is a scale of measurement. There are approximately 25.29m2 to a perch, so 100m2 = roughly 4 perch. 32 perch is usually desirable because it’s just over 800m2 meaning the house can be removed or relocated on the block and you can usually sub-divide, leaving you with two 400m2 subject to BCCA (Brisbane City Council Approval).

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