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Jun 15, 2021 · The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
- 7 Day Notice
- Best and Final
- BMV
- Broker
- Deposit
- Dip and AIP
- Downval
- Freehold
- FTB Property
- Gazundering and Gazumping
The 7 day notice periodis the notice period required by the banks before exchange of contracts on a repossessed property.
When a property has more than one interested party and negotiations are going back and forth with both parties increasing, a situation may occur where sealed bids are offered. “Best and final” is the estate agents’ term for this. Estate agents should prevent an out and out bidding war be requesting a potential buyers ‘best and final offer‘.
BMV is an acronym which stands for Below Market Value. We use this term when teaching people how to buy propertybelow the value that the market current suggests. We do not recommend that you use this term with estate agent as they may not know what it means.
A mortgage broker is a person who acts on behalf of an individual or business in order to broker a mortgage. The existence of a mortgage broker is predicated on them finding a bank to lend a specific loansomeone is seeking. The UK currently has 2 forms of mortgage broker markets; regulated and unregulated. Regulated mortgaged brokers lend to privat...
The term ‘deposit’ refers to the amount of money you need to put down to purchase a house. When applying for a mortgage you will need to put a deposit downas a percentage value of the property. In the UK, banks offer you a mortgage based off the remaining amount of the property minus this deposit. For example, if you put a 20% depositon a £150,000 ...
DIP and AIP are acronyms used when applying for a mortgage. AIP stands for ‘Agreement in Principle. DIP stands for ‘Decision in Principle. A decision in principle or agreement in principle is an indication from your mortgage lender of how much you may be able to borrow to purchase a property. You need to remember that a decision in principle is NOT...
Downval is a shortened combination of the phrase ‘down valuation’. A down valuation is when a buyer’s mortgage surveyor values the property in question for less than the agreed price. The difference between their new valuation and the agreed sum is the down valuation. For example, if you agree to buy a property for £150,000 but the mortgage surveyo...
In the UK, Freehold is a form of property ownership. With a freehold, a person or organisation has outright ownership of a property and the land on which it is built. With freehold there is no expiration of the rights, you have ownership forever.
FTB is another acronym estate agents used and stands for First Time Buyer. FTB property stands for First Time Buyer Property. The definition of a first time buyeris someone has never owned a property before in any capacity.
Gazundering and gazumping are two of the quirkier property termsyou’ll come across. One is applicable to sellers, the other to buyers. Gazundering applies to property sellers and is when you have an offer reduced at the eleventh hour. Gazumping applies to property buyers. You are ‘gazumped’ if you are outbid on a propertyby another prospective buye...
Jan 20, 2022 · This is sometimes referred to as a Mortgage In Principle (MIP). These are different ways of saying the same thing – there is no difference between the two. Essentially, an agreement in principle is an agreement from a lender that they are willing to lend you the money you need to purchase a property.
Lengthy contracts, difficult to read paperwork and not to mention the confusing language. Here is a list of common terms to help you beat the jargon whether you're buying, selling, renting or a landlord. There can be a lot to get your head around when it comes to property. We've put together a list of common terms to help you beat the jargon.
- Writer
- 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.
May 17, 2024 · In this comprehensive guide, we'll walk you through the steps you need to take to become a real estate agent in the bustling city of London. Understand the Job Before diving in, it's essential to understand what a real estate agent does.
Ever read a piece of estate agent jargon and wondered what on earth we’re going on about? Well today’s the day you find out! Below we have listed some of the most common property terms you might come across when buying, selling, letting, or renting...and a few uncommon ones, too!
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