NZ Buyers Guide Buyers Guide - Ray White_2019_NZ - single page no | Page 26

B
Beneficiary
The person designated to receive the income from a trust, estate, or a deed of trust.
Body Corporate
An administrative body made up of all the owners within a group of units or apartments of
a strata building. The owners elect a committee, which handles administration and upkeep
of the site.
Bond
A sum of money paid by a tenant and held by the Tenancy Services to ensure against
defaulting on payment and damage to the property.
Boundary
The lines that define the borders of a property.
Branch Manager
A person licensed to carry out real estate agency work on behalf of an agent and may
supervise salespersons carrying out real estate agency work.
Building Code
Local Council regulations that control design, construction and materials used in
construction.
Building Report
An expert assessment of a building’s condition and identifies any current or future
problems.
Business Day
A standard day for conducting business. 9:00am - 5:00pm. Excludes weekends and public
holidays.
C
Caveat
A notice on a title to a purchaser that a third party might have some interest or right in the
property.
Caveat Emptor
A Latin phrase for “Let the buyer beware”, i.e.: the onus is on the buyer to be satisfied with
any item before purchasing.
CDD (Customer Due Diligence)
CDD information comprises the facts about a customer that should enable an organisation
to assess the extent to which the customer exposes it to a range of risks. These risks
include money laundering and terrorist financing.
Certificate of Title
A description of a property with the name of the registered owner, encumbrances, i.e.:
mortgages or easements on the property. It must be produced by the vendor before the
sale of the property.