• Glossary of useful terms and definitions

  • The language and jargon used in purchasing a property can be very confusing. Here's an A-Z glossary of commonly used words and phrases, with easy-to-understand definitions for each one.
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  • B

    • Balance sheet

      A statement of assets, liabilities and net equity for an enterprise at a point of time.

    • Balloon payment

      A large loan repayment, typically towards the end of the loan term, to clear a debt.

    • Bank cheque

      A cheque that is issued by a bank, drawn on itself.

    • Banker's opinion

      A communication from one bank to another to advise on a customer's reliability or credit worthiness.

    • Bankruptcy

      When a debtor who, cannot pay their debts, have their financial affairs managed by a trustee in bankruptcy.

    • Bearer

      A person presenting a cheque to a bank for payment.

    • Body Corporate

      See Owners’ Corporation.

    • Bridging finance

      A short-term loan that covers the time gap between the purchase of a new property and the sale of an old property.

    • Building insurance

      Insurance which covers the cost of rebuilding or repairing a property following structural damage, for example by flood, fire, storm and subsidence.

    • Building regulations

      The standards formulated by local councils to control the quality of buildings.