Buying a home is almost always an exciting time, but unfortunately, it can be a little on the confusing side, too. To make matters worse, along with organising a billion different things, all that estate agent jargon can sound like another language. It certainly doesn’t help in an already stressful time! We think it’s so crucial to be able to decode this mystery speak and get clued-up, so we’ve chosen a few keywords that are lesser-known terms to get you ahead of the game!
Chain – This is when a potential buyer or seller has a property that they need to buy or sell before the sale can be completed. This is an important piece of estate agent jargon to know because this means that the process of the sale of your buyer/seller directly impacts you.
Gazumping – When a seller accepts a higher offer from someone after already they have already initially accepted an offer elsewhere.
Gazundering – Another odd example of estate agent jargon that you won’t come across in everyday colloquialisms. Gazundering is when the buyer reduces his offer just before the contracts are exchanged.
Maisonette – When a property is split into multiple units over several floors, with separate and private entrances.
Peppercorn ground rent – This is a type of rent that is usually paid annually at a low value. The term originated from cases of land rent being paid in actual peppercorns back in the 1600’s.
Transfer Deeds – The document that legally transfers the registry ownership of a property from the seller to the buyer.
Valuation – When the property is surveyed to determine its value. This is usually done for the purpose of getting a mortgage or for an estate agent to ascertain a price to put the property on the market.
We hope this little guide gives you a better grasp on estate agent jargon, we’re sure you’ll be fluent in no time!