Real Estate Jargon: let's remove the confusion
Appraisal
An assessment of a home's potential sale price in the market by a real estate agent. Do not confuse this with a professionalAuction
The aim is to have a defined period to find the highest price that a buyer is prepared to pay the price.
Bid
Motion, verbal acknowledgement by a prospective buyer at an Auction indicating the position at a price they wish to pay.Contract
The official documents that accurately indicate every piece of information, detail, terms, conditions, price and dates that lock both buyer and seller into a fair and equitable completion of the deal (sale).For Sale Sign
These have been proven to be an important part of the sales process as anyone who does drive past will see that you want to sell. Word of mouth from sales boards does occur. Don't fall into the trap of a huge sale board which advertising the agent.House Inspection
Sometimes referred to as 'Inspection by Appointment'. These can be individual or offered as part of an 'open house.'List Price
The price level at which the agency and the property owner agree to market the property to buyers. Don't fall into the trap of overpricing or underpricing your home. Read our blog tips on property reportsMarket Price
The price level when potential buyers WILL be attracted and make offers.POA
Price on application. Not a positive way to go, as people need to know if your home is in their price range.Print Media
Refers to the newspapers and glossy magazines advertising properties for sale in your area. Don't fall into the trap of using these methods.Staging
Making your home look the best it possibly can is important. De-clutter, clean and depersonalised. Even consider hired furnishings, to maximise your results.Settlement / Completion Date
The buyer hands over the money (via their solicitor) and the seller hands over the keys. The title is transferred into the name of the buyer.Sold (Conditionally)
It is likely the buyer has 'conditions' that need to be met before the sale (contract) can be locked and loaded. Most common conditions are building inspections and approval of finance.Solicitor, Conveyancer, Settlement Agent
A qualified legal expert who prepares and looks after the carriage and completion of your contract. Don't charge quite as much for their service as the agent, but not having legal advice can be like playing bull-rush in an Iraqi minefield.Title
The proof of ownership of the land and the dwelling that may reside on that land.Unconditional / Exchanged
This term indicates that all the conditions pertaining to the contract of sale have been met, and deposits are paid. Both buyer and seller make arrangements to move in or out on the specified date.Valuation
An in-depth assessment of your home's likely current value by an independent, certified practicing valuer (They aren't conservative, just thorough). Sadly a misunderstood species.More Blogs
