Top ten property buzzwords explained
With so much jargon being thrown around, the property market can be a minefield for new buyers ready to take those first steps onto the property ladder.
We’ve pulled together the top 10 property buzzwords that often stump would-be homeowners…
Appraisal Value: The value of a property provided by a surveyor.
Bridging Loan: A short-term loan that cover the interval between two transactions – for example, the buying of one house and selling of another.
Completion: The final step in the legal process in buying a house. This is typically when the purchase price for the property is paid and the transfer documents are signed/dated.
Disbursements: The legal fees paid by the solicitor on a buyer’s behalf, such as stamp duty and land registry.
Gazumping: When a seller accepts a higher offer on a property that they’ve agreed to sell to someone else, prior to exchanging contracts.
Gazundering: When a buyer reduces their offer at the eleventh hour.
Title Deeds: Paper documents that outline and confirm the legal ownership of a property and/or land.
Fixtures and Fittings: Fixtures are items that are part of either the building or the land. Whilst fittings are not attached to the building or land and therefore not included in the sale unless otherwise agreed.
Chain: When several property sales / purchases are dependent on each other.
Subject to Contract: When an offer has been made and accepted, but is not yet legally binding on either seller or buyer.
Applying for a mortgage and stumped by the jargon? Check out our blog on the ‘Top 10 Mortgage Buzzwords’.