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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.
Nov 21, 2023 · A trade name is a state registered designation for individuals or firms to identify their business among others in the same field. This name offers no exclusive rights to the name or...
- No. A business name is the legal name registered with the business structure. Suppose that business elects to do business under a different name. I...
- A trade name is a state registered designation for individuals or firms to identify their business among others in the same field. This name offers...
- If an individual named Troy Smith conducts business as a plumber, he will want to name the business in such a way as to identify the type of work p...
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- Note: Letters of the alphabet without a relevant term are not listed.
- Adjustable-rate mortgage (ARM): A mortgage loan with an interest rate that can change throughout the loan’s lifetime.
- Agent: A real estate professional that is legally licensed to buy and sell property on behalf of their clients. An agent cannot operate independently, they must work under a licensed broker.
- Amortization: The process of gradually reducing mortgage loan debt over time by establishing scheduled monthly payments. The interest payment of an amortized loan will decrease as time goes on, while the principal payment will increase.
Nov 13, 2023 · Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients. Even if you know every one of the 136 real estate terms on this list and how to use them, your clients expect you to be their interpreter.
- 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 3, 2023 · Here’s the ultimate glossary of real estate terms and abbreviations updated in 2023 from the Real Estate Institute of Australia (REIA), Property Council of Australia, Australian Property Institute, realestate.com.au and more.
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Sep 13, 2024 · 11 Real Estate Terms That Every Buyer And Seller Should Know. Real estate jargon often relates to financial decisions, so it’s worth familiarizing yourself with the most important terms....
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