Glossary

Assessment or Adjustments – often referred to as 'Special Assessments' are most notable in strata developments where an extraordinary item of repair or maintenance is necessary and requires an additional payment by unit owners on a specific date.

Assignment – is a term which describes a pre-construction purchase contract. An assignment may be assigned to another party which means you are selling your right to buy the completed unit to someone else. Related terms: pre-construction purchase, pre-sale purchase

Closing in Escrow – when one or more of the terms of the contract of purchase and sale have not yet been met. During this period a third party holds the documents or funds in escrow.  When all the contractual terms have been satisfied and the property's title has been transferred, Escrow is lifted.

House Flipping – in real estate terms, house flipping is the act of purchasing a property --be it a house, condo, apartment, townhome, pre-sale, or land --and then reselling it for an intended profit.  Typically, people try and flip properties anywhere within a 6 week to five year time frame.  Unless someone is selling land or a brand-new home they feel is undervalued, turning over a property usually involves renovations or updates to make the purchase more attractive to future buyers.  If the flip's timeline is less than 6 months, people will usually try and do light or cosmetic updates, whereas, if they timeline is longer, people tend to engage in full-scale renovations to bring out a property's true charm. 
Related Terms: house flip, home flip, real estate flip, turning over a property

Pre-Construction Purchase – A home, condo or apartment for sale before or during construction.  Real estate deals of this nature typically involve detailed floor plans, sample finishings, full listing of amenities, etc... to make up for the lack of a physical space to show.  Related Terms: pre-sale, assignment

Staging – The act of preparing both the interior and exterior of a house to be sales-ready.  Home Staging involves carefully tweaking the current ambiance and placement of furniture and accessories to fit the profile of the target market and create a simple canvass on which prospective buyers can picture their day to day lives and belongings.