We know that buying and selling a property can be stressful, especially for first timers. To help you with this we’ve compiled a list of commonly used property jargon and their meanings so that you can be prepared and know exactly what’s happening with your property.
Agents act on behalf of a landlord and help sell or let their property. There are a few types of agents such as letting agents, management agents or estate agents. Each of these perform a different job, but Fran Grincel Properties can carry out all of these roles.
APR or Annual Percentage Rate is the rate at which interest mortgages is charged. For example a €100,000 mortgage with an APR or 10% means you will repay €110,000.
This helps to determine the current market value of your property before it is sold. Learn more about our Appraisal services.
Where a property is sold to the highest bidder. These can be done in a public venue or privately where each interested buyer makes bids to the auctioneer directly.
Usually used instead of a cheque. With a Bankers Draft the money is already debited from your account so we can be sure the money is cleared. With a cheque there is no guarantee that the money will clear.
Buy to Let mortgages are given with the express aim being finding tenants to rent the property you are buying.
A Building Survey is carried out to see what condition the structure is in before a sale.
Capital Gains Tax
This is a government tax levied on the profit of a property sale. There are numerous exemptions and conditions that apply to this tax, so you can contact us to discuss it.
A Compulsory Purchase Order. These are issued by local authorities and they enable them to purchase a property whether the seller wishes to sell or not. We can help you get the best price in the event of a CPO on your property.
This is the legal work that is involved with buying and selling property.
These are the legal documents associated with the ownership of the property.
A lump sum paid towards the cost of the property until the completion of the contracts.
A type of mortgage where monthly payments are made into an endowment policy, this can be a pension, stocks & shares etc. The loan is paid off in one lump sum at the end of the loan period.
This is the difference between the market value and the amount of the mortgage that is still owed to the lender on a property.
Exchange of Contracts
This is when the buyer and seller are legally bound to the sale and purchase of the property.
When the deed is signed in front of an independent witness.
Fixed Rate Mortgage
A mortgage that has a “fixed” rate of interest. This interest rate is usually fixed for a set period of time.
Fixtures and Fittings
Any items that can’t be taken by a seller. This might include skirting boards, cookers, light switches, etc.
When you have complete ownership of a property and the land it resides on.
When a seller accepts an offer from one person, but later rejects it in favour of a higher offer from someone else.
When a buyer reduces their offer just before the Exchange of Contracts.
A bank may request a Guarantor to repay a loan in the event of the original borrower being unable to do so.
Interest Only Mortgage
A mortgage where you only repay the interest on the loan during the loan term. The actual loan can be paid off with a lump sum / lump sums.
This is a list of the the contents of the property, such as utensils and furniture. It can also include the condition the property is in.