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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.

Bridging Loan

A short term loan (usually at a higher interest rate) taken out to cover the financial gap between buying a new property and selling an existing property.

Business Day (Working Day)

A standard day for conducting business. 9am - 5pm. Excludes weekends and public holidays.

Buyers Market

When the demand for property is lower than the number of properties available.

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