Terms Used When Buying or Selling Your House
When reading your estate agents agreement you may come across some phrases that you don’t understand. You agent will be more than happy to explain the terminology used.
Below is a list of estate agent jargon and their meanings.
Completion - This is the moment at which the money transfers into the vendors bank and ownership passes from one party to another.
Conveyancer - A type of lawyer who carries out the transference of property.
Conveyancing - This is the name given to several legal actions that must be carried out in order to transfer the property from vendor to purchaser.
Freehold - Property ownership in which the freeholder owns both the land and any buildings on that land.
Leasehold - Property or land held by a lease. The leaseholder owns a long tenancy and pays rent to a landlord.
Multiple Agency - An agreement with an estate agent entitling the vendor to instruct more than one agent to sell the property. The agents fees are usually a higher percentage of the selling price. The agent that introduces the actual purchaser will be the only party to be paid the commission.
Purchaser - The person who is buying the property.
Sole Agency - An agreement with an estate agent in which the vendor agrees to only instruct that particular agent. There is usually a time limit to this agreement, after which you may choose to change agents without incurring a fee.
Vendor - The person/s who is selling the property.
Tracey Aldous
http://www.informationatyourfingertips.co.uk/
Tracey Aldous is a trainee accountant who is a freelance writer in her spare time.
Tracey is currently working, in partnership, on her own information website, alongside a small team of like-minded professional people.
