Vanuatu Real Estate Glossary
Glossaries
Term | Main definition |
---|---|
Bond contributor | A tenant who pays an amount towards the rental bond is a bond contributor. All bond contributors should be listed on the bond refund/bond. |
Bond or rental bond | A security deposit paid at the start of a tenancy |
Co-tenancy / co-tenancies | All tenants are named on the tenancy agreement. |
Conciliation | Resolution, compromise, settlement, mediation. |
Emergency repair | Serious problem needing urgent repair. |
Fair wear and tear | Normal wear in a property. |
Fixed agreement | Tenancy agreement with a fixed start and end date. |
Fixture | Things attached or installed in the property, e.g. picture hooks. |
Fixtures | Things attached or installed in the property, e.g. picture hooks. |
Inclusions | Things included for use (e.g. dishwasher and furniture). |
Joint lessor | Eg. a couple who jointly own a property and rent it directly to the occupant. |
Lease break | If a property manager/owner or tenant ends a fixed term agreement before the end date without suffiicient reason. |
Lessor | A property owner. |
Mortgagee in possession | Mortgage company or bank takes over a property. |
Moveable dwelling | Caravan, manufactured home, or site. |
Notice to remedy breach | Written document asking a person to fix a problem. |
Parties to the agreement / parties | Everyone included in the agreement e.g. tenant and manager. |
Periodic agreement | Tenancy agreement that extends for an unspecified period. |
Property manager | Someone authorised by the property owner to manage the rental property on their behalf. Examples include real estate agent, caravan park manager and on-site manager. |
Property owner | A person who owns a property and rents it directly to the occupant. Also known as a lessor or landlord. |
Provider | Person providing rooming accommodation. |
Remedy breach | Fix a problem. |
Rent auctions / rent bidding | Bidding for how much rent a tenant will pay. |
Resident | A person who is renting a room and whose responsibilities include payment of rent. |
Rooming accommodation | Boarding house, hostel, student accommodation. |