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  • Bank ValuationAn assessment of a property's market value ordered by a lender during the home loan application process. The valuer is appointed from the lender's panel and reports to the lender, not the buyer. Its purpose is to confirm the property provides adequate security for the loan, which may differ from the purchase price or an independent market valuation.
  • Best and FinalA process where an agent invites all interested buyers to submit their highest offer by a set deadline. Each buyer gets one chance to present their best price and terms, with no further negotiation.
  • Best Interests DutyA legal obligation under sections 158LA and 158LE of the National Consumer Credit Protection Act requiring mortgage brokers to act in the best interests of borrowers when providing credit assistance. This includes gathering sufficient information, recommending suitable products, and prioritising the borrower's interests over the broker's when a conflict exists. It took effect on 1 January 2021.
  • Bidder's RegisterThe official record kept by the selling agent listing all registered bidders at an auction, including their names, addresses, and proof of identity. Required by law in all Australian states and territories.
  • Building and Pest InspectionA professional examination of a property’s structural condition and any pest activity (especially termites). Usually costs $500 to $900 for a combined inspection and is completed before or shortly after making an offer.
  • Building InspectionA pre-purchase assessment by a qualified building inspector that examines the structural integrity and condition of a property. The inspector produces a written report detailing defects, safety hazards, and maintenance issues.
  • Building Inspection (Pre-Purchase)A visual, non-invasive assessment of a residential property's structural condition, conducted in accordance with Australian Standard AS 4349.1-2007. The inspector checks the interior, exterior, roof exterior, roof void, and subfloor for major defects, minor defects, and safety hazards. It does not cover timber pest activity, concealed areas, or compliance testing.
  • Building insuranceInsurance that covers the physical structure of your home against damage or destruction from events like fire, storm, flood, or impact. It pays to rebuild or repair the building itself.
  • Bushfire Attack Level (BAL)A rating from BAL-LOW to BAL-FZ (Flame Zone) that measures a property's exposure to bushfire attack. Higher ratings impose stricter building requirements and can increase insurance premiums.
  • Buyer fatigueThe gradual decline in decision-making quality caused by prolonged property searching. It leads buyers to accept terms, prices, or properties they would have rejected earlier in their search.
  • Buyer's agentAlso called a buyer's advocate. A licensed real estate professional who represents the buyer, not the seller. They must hold a real estate licence in the state where the property is located. Can be engaged for auction-only bidding services or full property search and negotiation.
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