Buying & Selling Property – Reference of Terms

Buying & Selling Property – Reference of Terms

Bridging Loan – a bridging loan is really a short term personal loan removed to bridge the space between purchasing a new house and selling a current property. The borrowed funds bridges the space between your purchase of these two homes within the housing chain and eases the conclusion from the purchase.

Chain – the home chain refers back to the sequence of sales that has to occur before a person property transaction can occur. Because most people selling their house may also be purchasing a new property there might be a series of consumers each determined by one another. If a person buyer or seller drops the whole chain may collapse.

Completion – completion in property sales refers back to the point when contracts happen to be exchanged and possession from the property continues to be legally transferred.

Conveyancing – conveyancing may be the legal process that must definitely be completed for that change in possession from the property to occur. Conveyancing jobs are usually done by solicitors.

Endowment Mortgage – an endowment mortgage is a kind of mortgage in which the property buyer makes monthly obligations right into a existence assurance (endowment) policy. In the finish from the loan period the mortgage is compensated off in a single lump sum payment.

Energy Performance Certificate (EPC) – the power Performance Certificate is really a document showing the present energy rating of the property in addition to recommended ways that the power rating might be improved. The EPC is really a compulsory area of the Home Information Pack.

Estate Agent – an expert who functions with respect to an individual selling their house to locate a buyer for that property. The estate agency service includes valuing the house, advertising and organizing viewings.

Fixed Fee Estate Agent – fixed fee auctions a brand new kind of property agent that provide to market homes for any fixed fee. An alternative choice to traditional auctions that set their charges in a number of the need for the house being offered.

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