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Nov 13, 2023 · You can explain to them that a commission is the amount charged by the real estate agents who lead the transaction. It is almost always paid by the seller. Generally 6% of the purchase price of the property, commissions are usually split between the buyer and seller agents and then between the agents and their brokers.
Jun 24, 2022 · Estate agents say: Easy access to local shops, public transport and motorway links. They mean: Wear ear plugs at all times. Estate agents say: Transport links can be sourced locally. They mean: Good luck finding them. Estate agents say: Dining room with open access to the kitchen. They mean: Kitchen-diner.
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- Administration Fees: Fees charged by letting agents for processing references and preparing the lease and inventory.
- Agent: A person (or a company) who has been authorized to act on behalf of a landlord, such as a letting, management, or estate agent (realtor).
- Assured Shorthold Tenancy: This type of tenancy gives the landlord the right to repossess their property at the end of the lease.
- Bedsit: A single occupancy room with shared bathroom in a private house, usually used by students.
Jun 15, 2021 · 40 Common Real Estate Abbreviations and Acronyms. Written by MasterClass. Last updated: Jun 15, 2021 • 7 min read. The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
Sep 13, 2024 · 7. Concessions. In a negotiation, one party might add some concessions to make a deal more attractive to the other party. If maintaining a high contract price is a priority for the seller, throwing in concessions may encourage the buyer to offer a higher deal price. Concessions generally have to have some monetary value.
Mar 20, 2023 · 26. Equity. A percentage of the home’s value owned by the homeowner. 27. Escalation clause. A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property.
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Below-grade: Any facility or part of a facility located underground or below the surface grade. Breach of Warranty: The failure of the seller of real property to pass title as either expressed or implied by law in the conveyancing document. Buffer: A strip of land. a transition established as between distinct land uses.
