During the process of moving or selling your home it’s likely that you will come across a number of technical terms which relate to the process.
At Peter Robinson & Co., we will always try to minimise the use of jargon but sometimes it can be unavoidable. To help you out we have compiled a short list of property terms you are likely to come across and what they mean.
Completion Date – The moving date (the date you move in or out)
Contract – The written agreement between the buyer and seller.
Conveyancing – the whole body of legal-administrative work undertaken to enable a house sale or purchase to be legally valid.
Deeds – Legal title document that provides historical information about a property.
Deposit – A proportion (usually 10%) of the purchase price, which the purchaser has to fund themselves.
Disbursements – The expenses paid by the conveyancer on the behalf of the buyer. Examples include stamp duty, search fees, and land registry charges.
Equity – This means the amount of the property you actually own. The difference between the market value of your property and the amount of loan you still owe to your lender.
Exchange Contracts – This is the moment the purchase becomes legally binding. Any withdrawal after this point is likely to result in great expense.
Freehold – One of the two current tenures of land recognised by English law. This recognises the whole of the land not just a building.
Gazumping – When the seller accepts a higher price offer from another house buyer after an initial offer has been accepted.
Land Register – The Land Registry maintains a register of land ownership, although not all properties are registered (yet).
Mortgage – This is a loan to help you buy a house, flat, or other property.
Stamp Duty – A tax charged by the government, payable by every homebuyer when purchasing a property
Title Deeds – These documents prove that the owner of a property legally owns it.
Transfer Document – The final document that transfers the property from the house seller to the house buyer.
Entrust your move to Peter Robinson & Co. Feel free to call, email, or pop in to see us at any time for more information.