Top 11 jargons used by estate agents in the UK
There are many terms that are specific to the industry that may not be familiar to some people outside of it. Some of these terms can be misleading and can sometimes lead to a lot of confusion among potential buyers or sellers. With some, you need to have very specific knowledge of the industry to understand them.
An estate agent’s glossary is a list of terms and abbreviations that an estate agent uses during the process of buying and selling property.
When it comes to estate agents, the most used glossaries are those provided by estate agents themselves. These glossaries contain terms and definitions so that they can better serve their customers. The article discusses how estate agents use a glossary for better communication between themselves and their clients.
The glossary of an estate agent defines various terms and explains them in a nutshell. It is a list of commonly used definitions, which help to conduct a good sale.
Top 10 Real Estate Terms Defined
Appraisal – the primary objective of an appraisal is to provide an objective assessment of the property’s market value, which often leads to one party being able to buy or sell the property. Appraisals are routinely used in real estate transactions, but also in other domains including corporate finance and insurance.
Broker – A “broker” can be a licensed estate agent or a real estate company, an individual who buys and sells a property, or one who manages other people’s property for them. The broker is responsible for the negotiation of a contract between a buyer and seller. They help to make sure the deal goes through smoothly and that both parties are happy with what they received from the process.
Certificate of eligibility – A Certificate of Eligibility is a document issued by the government of a state to confirm that an individual has met certain requirements to be eligible for public benefits.
A Certificate of Eligibility is used in the property market in order to ensure that property owners are eligible for public housing, rent assistance or other housing benefits. It gives proof of eligibility and proof of identity.
Commission – A commission is an amount paid to an agent in return for services. The commission fee varies depending on the type of agent, the property, and the market.
Escrow – An estate agent must first register with an escrow company before they can sell a property on behalf of someone else. The escrow company will then hold the money for a certain period of time and then release it to the buyer or seller upon completion of the sale.
Fair market value – The term “fair market value” is an important term when buying or selling property. It is the amount of money that is appropriate for the item being sold.
The fair market value of a property can vary depending on when it was built, what it has been used for, and the condition in which it is in.
For sale by owner – For Sale By Owner (FSBO) refers to a property that is listed for sale by the owner without an agent. FSBOs are typically found in rural areas where there are few agents or agents who cannot be reached properly.
Home inspection – Home inspection is a way of inspecting a home to determine its condition and how it can be improved. One of the things that a home inspector does is to take measurements and map out the location where there are problems or evidence of problems.
Property Portals – Property portals have become a popular way to find properties. They have been created in order to make the process of buying and selling property simpler and more convenient.
Listing – The term describes all properties that are listed on a particular website. This website shows properties that are for sale or rent. Usually, estate agents list properties on websites like Rightmove or Zoopla.
Property valuation – is the process of determining the value of a property. It includes the determination of what a property is worth and what methods can be used to determine such.
When buying a property, one of the biggest issues people face is understanding the jargon used. If you are not conversant with these terms, it can be tough to understand what you are actually buying. Learning what each term means will not only make you a better consumer but also help your knowledge of the market as a whole.
There is a huge vocabulary in the property industry and estate agents have a lot of different terms to explain everything from selling a property to building a new one. Estate agent glossaries are a comprehensive resource with all these terms listed one by one with their definitions.