As with any other industry, the property sell market is full of its own set of terminology that may be confusing to those unfamiliar. If you’re new to the property market, or you’re considering buying or selling your own home, there are certain terms you should understand in case you ever encounter them. Here are eight such words that you should familiarise yourself with.
Gazumping happens when a seller accepts a buyer’s offer, but then later gets a higher offer from another buyer and proceeds to reject the lower offer.
Similar to gazumping, gazundering occurs when a buyer decides to reduce their offer just before a contract is signed. If this occurs, a seller can refuse the buyer’s lower offer and proceed to sell the property to someone else.
3. First-time Buyer
As its name would imply, a first-time buyer is a buyer who has never owned property before.
4. Cash Buyer
Most home buyers will purchase a property from a mortgage or other bank loan. A cash buyer, on the other hand, is someone who is buying the property with his or her own quid and is not utilising a mortgage to purchase the home.
5. Sold Subject To Contract
When a property advert says the house has been sold subject to contract, it is describing the status of the home sale. ‘Sold subject to contract’ essentially means the property is off the market; however, because the sale has not yet been finalised, there is a small chance it could go back on the market sometime in the future.
Conveyancing deals with the legal aspects of selling a property. In a conveyance, the property being sold is transferred from seller to buyer.
7. Energy Performance Certificate (EPC)
An energy performance certificate (EPC) is an official measurement of the energy efficiency of a property. EPCs are required by British law to be provided when a house is being sold.
8. Under Offer
A property that is under offer is in the process of being sold.
Understanding terms associated with property selling is essential when buying or selling a home. If you’re still confused by these or any other property sell terms, be sure to enlist the help of the estate agents at Doorsteps. We offer the cheapest estate agent fees
in all of the UK and our team of professionals will show you how to sell your home online