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How to Property
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  • EasementA legal right for someone other than the property owner to use part of the land for a specific purpose, such as a shared driveway, drainage, or access to utility infrastructure. Easements are registered on the title and transfer with the property when it is sold.
  • Emergency BufferCash kept separate from your deposit and transaction costs, held in an accessible savings account after settlement. It covers unexpected expenses like repairs, rate rises, or income loss without forcing you into debt.
  • EncumbranceA claim, restriction, or liability attached to a property title that may affect the owner's use or ability to sell. Common examples include mortgages, easements, and restrictive covenants.
  • Endowment effectA cognitive bias where owning something causes you to value it more highly than you would if you did not own it. In experiments, sellers consistently demand roughly twice what buyers will pay for the same item.
  • Engagement LetterA written document from a professional that sets out the terms of their relationship with you, including the scope of services, fees, duration, exclusivity, and how either party can end the arrangement. Also called a letter of engagement or engagement agreement.
  • EquityThe portion of your property that you own outright — the property value minus what you owe on your loan. A larger deposit means more equity from day one.
  • Estimated selling priceThe price or price range an agent reasonably expects a property to sell for, based on comparable recent sales. In Victoria, this must appear on the Statement of Information and cannot be advertised as a range wider than 10%.
  • Exchange of ContractsThe point at which both buyer and seller have signed identical copies of the contract of sale and those copies have been formally exchanged. This creates a binding legal agreement. Before exchange, either party can walk away without penalty.
  • ExemptionA complete waiver of stamp duty where you pay $0. Exemptions usually apply to properties below a specific value threshold and require you to meet eligibility criteria such as living in the property.
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