Estate Agency Jargon Guide

estate agency jargon 2022

Many of us have little knowledge of the property sector despite plenty of us owning or renting property. It is in fact quite a information filled industry with many sectors and regulations set. There are many key words, phrases and abbreviation that we will meet with so let’s take a look at a bunch full of them with easy to understand jargon busting descriptions:

  • PropTech: Property Technology and all things innovative within the sector.
  • Lease: A legal, binding contract outlining the terms under which one party agrees to rent property owned by another party.
  • Leasehold: The right to live on the land for a specified amount of time.
  • Rental Agreement: The contract between the owner of a property and the renter during renting period.
  • HMRC: Her Majesty’s Revenue and Customs.
  • NAEA: National Association of Estate Agents.
  • Chain: A group of 3 of more home owners relying on the other to sell in order to complete.
  • Bridging Loan: The borrowing money for a short period usually between selling and buying a property when delays occur.
  • Freehold: You own the land outright which the property sits on.
  • Guarantor: A third party person who agrees to pay your rent if you don’t pay it (can include be responsible for damages / further legal costs).
  • Negative Equity: When the value of real estate property falls below the outstanding balance on the mortgage used to purchase that property
  • Repossession: The reclaiming ownership of property (usually by the lender) that has not been paid off, but still has value.
  • Stamp Duty: A % tax you might have to pay when you buy a new home.
  • Virtual Tour: A video tour made up of video footage / images of a property.
  • Flying Freehold: A freehold which overhangs or underlies another freehold.
  • Gazumping: Where an offer has been accepted on a property and another offer of higher value comes in to take it’s place.
  • Gazundering: Where an offer has been accepted on a property and another offer of lower value comes in last minute (by the same party) to take it’s place.
  • Property Misdescriptions Act (PMA): Organisation protecting against false or misleading statements in the course of estate agency business when advertising property for sale.
  • EPC: Energy Performance Certificate.
  • SSTC: Sold Subject o Contract.
  • Probate: The name of the document which is produced upon someone’s death and their will is executed.
  • Ground Rent: An annual fee paid by a Leaseholder, to a Freeholder.

Christopher Walkey

Founder of Estate Agent Networking. Internationally invited speaker on how to build online target audiences using Social Media. Writes about UK property prices, housing, politics and affordable homes.

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