Top 13 terms related to the real estate sector There are many technical terms that a real estate agent deal in. but for a common word these terms are too complicated to understand. This article helps serve as a guide to the top terms in this field.
The jargon in the real estate sector can become quite tricky for commoners who are not much acquainted with the intricacies involved in this industry. This article will provide you with a glossary of the terms related to the real estate sector so that buying and selling homes in Texas becomes more comfortable for you when you have prior knowledge of the words. 1. Bridging Loan - This is a short-term loan that you can use to fill up the gap that comes in the meanwhile in which you buy a new home and sell
your old property. With the help of this loan, the process of purchasing a new property and selling off any old one is eased out financially. 2. Chain - A property chain implies the arrangement of sales that occur before any transaction with the property occurs. There comes a time when the entire process falls in a chain and the buyers and sellers like up in the form of a dependency circle. 3. Completion – This refers to the final moment when the contracts are exchanged, and the property ownership is transferred to the buyer with the help of legal documents. 4. Conveyancing - This is a legal process which needs to be finished off before the ownership of the property is transferred. This job is mostly done by solicitors. 5. Endowment Mortgage – In this type of mortgage, the buyer can make payments on a monthly basis to a life assurance policy. When the loan period ends, the debt can be paid off in a single whole amount. 6. Energy Performance Certificate (EPC) - This document shows the current energy rating of the property and how the score can be improved are also suggested in this. This forms a compulsory part in the Home Information Pack. 7. Estate Agent – A person who plays the mediator or broker in search of properties and buyers. The agent prepares the value for the property and advertises the sale. 8. Fixed Fee Estate Agent – These agents assist you in buying and selling homes in Texas in return for a fixed commission. The commission is often set at a certain percentage of the price at which the property is being sold. 9. Home Information Pack (HIP) – This is a set of documents about the property that is put out on sale. This assists the prospective buyers in providing them with the necessary information.
10. Land Registry - This is a record of land ownership that the government keeps. Solicitors keep the records updated as to who registers a new property or which property undergoes an ownership transfer. 11. Negative Equity – If at any point in time, the mortgage that is being paid is higher than the original price of the property, then it is termed as negative equity. 12. Repayment Mortgage – Here the monthly repayments take into consideration both the interest and capital. This implies that the outstanding balance gradually lessens unless the mortgage paid off. 13. Stamp Duty – This is a tax applied by the government after a property is sold and varies as per the value of the property.
Buying & selling glossary
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Published on Mar 8, 2018
Published on Mar 8, 2018
There are many technical terms that a real estate agent deal in. but for a common word these terms are too complicated to understand. This a...