The world of estate agency can be full of mysterious and confusing jargon at times. The dictionary definition of it is below:
Jargon: Special words and ?phrases which are used by ?particular ?groups of ?people, ?especially in ?their ?work and industry. Often not understood by ‘outsiders.’
At Ulster Property Sales we don’t like jargon. We like to talk with our clients in a language they understand and appreciate.
So we’ve come up with this jargon buster for some of the terms used in the estate agency industry.
Vendor – The person selling a house.
Purchaser – The person buying the house.
Sole agent – Not to be confused with soul agent which would refer to a fan of Luther Vandross and James Brown who sells and lets properties. Basically this means the only agency selling the house.
Chain free – This should be an easier house to buy due to the lack of people, solicitors, agents, surveyors etc involved. There is no dependent sale.
Cash buyer – a purchaser who does not need any mortgage finance to buy your house. Purchasers get confused and sometimes call themselves “Cash Buyers” when they do need a mortgage. They often mean they don’t need to sell a house to enable them to buy yours.
Mortgage Offer – The lender’s letter proving you have a loan for the money to buy the house.
Conveyancing – The legal stuff that needs doing when you are buying a house.
EPC (Energy Performance Certificate) – The assessment and report which shows how energy efficient the house is.
Subject to contract – You’ve agreed to buy the house, they’ve accepted your offer but a lot of conveyancing and finance to be arranged before exchange of contracts happens.
Stamp duty – The Government tax payable by Purchasers. It makes buying your house more expensive especially if it’s a second home.
Exchange – When everything is legally agreed by everyone involved and you can swap contracts making buying the house a lot more likely. At this point you can have a drink.
Completion – The moment the place becomes yours. Keys in your hand, kiss the agent, order a take away and have another, larger drink.
We like to keep things clear, honest and friendly and that’s why we avoid jargon like a beach full of angry seagulls!
Thanks for reading and if you have any property related questions you want a plain English answer to, don’t hesitate to get in touch with us – we’d love to help you.
PS: Want to get a SOLD or LET sign outside your property quicker? Call your local branch for honest, expert and friendly advice.