Whether you've bought or sold a property before or not, there's lots of lingo to get your head around. Hopefully my explanations of these terms will help you.
This is when the property is vacant. The previous occupants of the property must vacate the property before you move in.
The process of evaluating a property to determine its market value. In some cases, there may be a cost for this service by a professional, this cost is referred to as a Valuation Fee.
A survey carried out by the lender to ensure that the house's value is not less than the proposed loan. Often the lender will arrange the survey and bill the buyer. This cannot be used as a structural survey. It is also a service offered by estate agents or other property professionals to try to ascertain the value of your property in the current market.
This is another word for the person who is selling a property.
This is when you use creative financing to get the vendor to pay the deposit or part of the deposit for you – generally used by developers.
