Introduction to Real Estate language
March 9, 2023
That is why today’s post consists of a small introduction to real estate language, where we will focus on defining some of the most common terms used in the world of property sales. So, if you are thinking of buying or selling a property, or simply want to expand your knowledge on the subject, keep reading.
- Property
The term “real property” refers to real property, such as houses, land, and commercial buildings. This is different from “personal property,” which is physical property that can be moved, such as furniture, appliances, and vehicles.
- Real Estate agent
A Real Estate agent is a person who helps people buy and sell property. Real Estate agents can work for a real estate agency or they can be self-employed. They usually charge a commission for their service, which is a percentage of the final sale price of your property.
- Listing price
The listing price is the price that a seller sets for their property when listing it for sale. This price may be negotiable, but is usually an indication of the price the seller expects to get for their property.
- Offer
An offer is a proposal to buy a property. This usually includes the price that the buying party is willing to pay for the property., as well as other terms and conditions of the purchase.
- Property Inspection
A “property inspection” is a detailed evaluation of the condition of property that is for sale. This inspection is usually carried out by a professional in the field, such as a home inspector, to ensure that the property is in good condition.
- Real Estate financing
Real Estate financing is the way in which the buyer finance the purchase of the property. This can be through a mortgage loan, which is a loan that is granted to buy a property, or through other forms of financing.
- Property title
The deed is the legal document that proves ownership of the property.. This document usually includes information about who owns it., as well as any encumbrances or charges that may exist on the property.
- Alienation
The alienation is the name given to the transfer action from one owner to another. That is, the former owner transfers the rights to the property to a new owner. When this change is made, another deed is made where the new owner accepts his new rights and obligations.
- Land for development
The developable land refers to the area of land that can be buildable, on which you can build.
- Usable surface
The usable or useful area is the habitable area of a home. It must be taken into account that this is not fixed, it can vary over time through reforms or works.
- Commission
The commission is the amount or percentage that a real estate agent earns for providing their services. The commission is usually negotiable with respect to the sale price of the property.
- Guarantor
The guarantor is the natural or legal person who signs a guarantee, committing to pay if the principal does not do so. This figure is essential in a sales contract.
- Right of usufruct
The right of usufruct is the real right of use of an immovable property or thing. This can be transferred to third parties.
- Home Staging
The technique used to prepare a property for sale is called “Home Staging”. Through an attractive decoration, which can attract the attention of the buyer.
- Render
The “render” is the final result of a work or construction in 3D. This digital image allows to show the result before starting physically.
In conclusion, if you want to be well prepared for the process of buying and selling a property, make sure you understand the real estate language and the basic terms used in this sector.
In this introduction, we’ve gone over some of the most common terms used in the world of real estate. From the definition of real estate to the rendering, through concepts such as the real estate agent, the listing price, the offer, the inspection of the property and the real estate financing, among others, this basic guide gives you an idea of the terms that can be used during the process of buying or selling a property, take a look at what we have in Espígul.
