Say you’re thinking of getting into property. Whether you’re buying, selling, or letting, it can be difficult to know where to begin. So you call for an estate agent, to ask for advice.
Some estate agents speak a strange language that seems specifically designed to befuddle, and they do so while assuming that everyone knows what they’re talking about.
That’s why we’ve compiled this handy guide to estate agent jargon. Next time you call your agent, keep this list close to hand, and dazzle them with your impeccable knowledge.
The Lively Lingo of Letting Agents
Applicant – An individual registered with us as a contact as looking for property.
Dual Agent – When a listed property is on the market with more than one agent
EPC – Energy Performance Certificate.
Guarantor – A third party, usually a parent or close relative who agrees to pay your rent if you don’t pay it.
Inventory – A highly detailed document including a condition report of the property and its furniture which is used for check-ins & check-outs.
Let Agreed – This refers to a property with an application that has been accepted by the landlord.
Re-let – When a tenant gives notice on their rental property and we re-market in order to find a new tenant for another fixed period.
References – A prospective tenant is referenced to ensure their credentials meet those of the Landlord. A tenant might supply references from either their previous landlord, or their employer.
Void Periods – Where the property has a vacant period
Speak the Language of Sales
Applicant – An individual registered with us as a contact who’s looking to buy property.
Completion – The end of the sales process – the money’s been received, the title deeds have been transferred from the seller to the buyer, and the buyer has finally taken possession of the property.
Exchange – The point at which solicitors exchange contracts between the seller and the buyer, making the sale legally binding. Either party can withdraw from the sale prior to this point.
FTB – First time buyer
Listing – A property that we are currently instructed to market.
NTS – Nothing to sell
O/O (offers over) – Inviting offers over a specified amount.
OIRO (offers in the region of) – Inviting offers in the region of a specified amount.
OTM – On the market
Related contact – This could be a joint owner of the property – a husband or wife, for example.
Sales Progression – The process of getting an offer from acceptance through to completion.
SSTC (sold subject to contract) – This refers to a property with an offer that has been accepted by the vendor, but is yet to exchange contracts.
Valuation/Val – When we attend an appointment at a property to provide the owner with an appraisal relating to the value of the property, in line with current market conditions.
Vendor – The individual who owns the property.
So there you have it! Our very own guide to understanding the lingo of an estate agent. Hopefully this helps you when you start to look into the property market!
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