NZ Buyers Guide Buyers Guide - Ray White_2019_NZ - single page no | Page 28

Cover Note
A document issued by an insurance company giving temporary insurance until a formal
policy is issued.
Cross Lease
This type of ownership is common where there is more than one home on a block of land.
You are all owners of the land and you each lease your home. The lease will usually provide
for an exclusive use area for each cross-lessee. It's like owning a freehold property but
there are some restrictions. Another form of ownership for more than one home on a block
of land is a unit title.
D
Deadline Sale
This sale method is when a property is marketed for a set period with an advertised end
date. The seller isn’t obliged to accept any offers and can choose to accept an offer at any
point during the listing period.
Deposit
A percentage of the purchase price paid in advance to secure the sale of real estate.
E
Easement
A right that someone has to use the land belonging to another, i.e.: a water authority may
have a sewerage easement across part of your property.
Encroachment
Part of a house or structure illegally overhanging the street or a neighbour’s property.
Encumbrance
An impediment to the use or transfer of the property in the form of an interest or right in
the property.
Estate
The total of all the real estate and personal property owned by an individual at the time of
death.
Exclusive Agency Listing/Sole Agency Listing
A written contract that gives a licensed real estate agent the exclusive right to sell a
property for a specified time.
Executor
A person named in a will to administer a deceased estate. ‘Executrix’ is the feminine form.