From the simple to the complex! Hydeproperty's property jargon index will guide you through the language of the property market. Alphabetically listed and user friendly.
A
Annual percentage rate (APR)----- The rate at which interest on loans / mortgages is charged. For example, 100 Euro borrowed at a 10% APR on a loan term of 1 year means you repay 110 Euros altogether.
Auction-----The sale of a property to the highest bidder. This can be done through a public auction held in a sales room or a private auction where bidders are directly in contact with an Auctioneer.
B
Bridging Loan-----A specific type of loan which allows a person purchase a second property before the sale of their own property is complete.
Building Survey-----A structural survey of a property which reports on the condition of a property. A purchaser usually has a building survey done to so they know the exact condition of the property they are buying.
Buy to Let----- When a property is purchased or built for the specific purpose of letting / renting to others.
C
Capital Gains Tax-----A tax levied by the government on the profit made by the sale of a property. Various exemptions and conditions apply to this tax.
Contract-----Once a price has been agreed between a purchaser and a seller, a contract is drawn up by their solicitors giving the conditions & details of the sale. Once signed, a legally binding document between the purchaser and seller.
Conveyancing-----Term used to describe the legal work involved in the buying and selling of property. Also gives rise to a conveyancer, a person who is proficient in such work.
Covenants-----The rules governing a property usually found in its title deeds / lease.
D
Deeds-----Legal document showing ownership of a property.
Deposit-----An initial sum of money paid by the purchaser on a property.
E
End of Terrace-----Description of a property which is located at either end of a row / terrace of houses. See terrace also.
Endowment Mortgage-----A specific type of mortgage wherby the purchaser makes repayments consisting of a certain amount of interest on the mortgage and a certain amount which is invested in an endowment policy (eg. a pension, stocks & shares etc). The endowment policy should finish within a certain time frame and be sufficient (in theory) to repay the full mortage.
Equity-----The difference between a property's value and the outstanding mortgage on it.
F
Fixtures and fittings-----A term used to describe items such as skirting boards, light switches, plug sockets etc. Not normally taken by a seller when leaving a property.
Freehold-----Term used to describe ownership of a property, meaning it is literally 'held free'. See also Leasehold to contrast terms.
G
Gazumping-----Happens when a Seller accepts an offer from another purcahser despite having accepted a bid from a differing purchaser previously. Occurs between the time a price has been agreed and a legally binding contract is signed.
Gazundering-----Unlike gazumping, not that common. A buyer may make a lower offer to a seller depsite agreeing a purchase price previously or a seller may decide to sell at a lower price to a differing purchaser.
Ground rent-----A rent charged by a freeholder to the leaseholder on a property. Especially common on older properties.
Guarantor-----Sometimes a bank may request a guarantor for a loan - a person who promises to repay a loan should the original borrower be unable to do so.
H
Honesty-----Make sure the people you do business with utilise it!
I
Interest-----The amount of money a lender charges you for borrowing money.
Interest Only Mortgage-----A mortgage where you only repay the interest on the loan during the loan term. The actual loan can be paid off with a lump sum / lump sums.
J
Joint Agents-----Where two or more auctioneers are jointly handling the sale of a property.
K
L
Land registry-----A register of property and ownership.
Lease-----A contract which specifies that a property is rented for a certain period of time.
Leasehold-----Specifies that a property is owned under the terms of a lease.
Listed Building-----A property which cannot be demolished or altered for a number of reasons such as historical interest or architectural features. Can also be referred to as a protected structure.
M
Maisonette-----A description of a particular type of property consisting of a part of a house on more than one level which can be accessed by a private entrance.
Mortgage-----A sum of money lent by a bank or financial institution in order to buy a property.
N
Negative Equity-----A situation when the value of a property is less than the amount of mortgage owed on it.
O
Open Market Value-----The value a property should achieve were it to be placed on the open market.
P
Padraig Hyde & Sons-----The best Estate Agents in the business!
Private treaty sale-----Unlike an Auction where a date and time is arranged for people to place bids, a private treaty sale is conducted without such conditions. A property is placed on the market, viewings conducted and any bids relayed to the Vendor for consideration.
Q
Questions-----Never be afraid to ask!.
R
Real Estate-----American term used to describe property
Realtor-----American term used to describe Auctioneers / Estate Agents.
S
Semi-detached-----A property which ia attached to another property.
Stamp Duty-----A tax levied by the government on the purchase of a property. The tax varies according to the price of the property.
Studio-----A type of property on one level with an open plan livingroom / kitchen area and a seperate bedroom and bathroom.
T
Tenant-----Description of a person who rents a property.
Terrace-----A row of three or more houses which are all joined together.
Title Deeds-----Legal document showing ownership of a property. See also Deeds
Turn Key-----Expression used to indicate that a property is in walk-in condition. No repairs necessary.
U
V
Vendor-----Term used to describe the seller of a property.
W
X
Y
Yield-----A description of the income from a property calculated as a percentage of the property's value.
