When reading your estate agents agreement you may come across some phrases that you dont understand. You agent will be more than happy to explain the terminology used. Below is a list of estate agent jargon and their meanings. Completion - This is the moment at which the money transfers into the vendors bank and ownership passes from one party to another. Conveyancer - A type of lawyer who carries out the transference of property. Conveyancing - This is the name given to several legal actions that must be carried out in order to transfer the property from vendor to purchaser. Freehold - Property ownership in which the freeholder owns both the land and any buildings on that land. Leasehold - Property or land held by a lease. The leaseholder owns a long tenancy and pays rent to a landlord. Multiple Agency - An agreement with an estate agent entitling the vendor to instruct more than one agent to sell the property. The agents fees are usually a higher percentage of the selling price. The agent that introduces the actual purchaser will be the only party to be paid the commission. Purchaser - The person who is buying the property. Sole Agency - An agreement with an estate agent in which the vendor agrees to only instruct that particular agent. There is usually a time limit to this agreement, after which you may choose to change agents without incurring a fee. Vendor - The person/s who is selling the property. |
