Property Jargon Part 2

We’re back with our jargon buster series! We’ve listed all the bamboozling common property terms from D to F to help assiste you with your home buying process:

D

Date of Entry (Scotland Only) – The date when you become the owner of a property and can move in having paid all the money due.

Detached – A term used to describe a property that stands alone, separate from all the others.

Development – A newly built residence or an older property that has been refurbished and modernised.

E

Exchange of contracts – The point at which the signed contracts to buy and sell are exchanged along with your deposit to legally commit the buyer and seller to the transaction at the price agreed.

Equity – The difference between the value of a property and the amount of mortgage outstanding.

Excess – A sum of money payable in advance of any insurance claims being settled.

F

Fixed Price (Scotland only) – The price the seller shoulda ccept for the property – but there’s no guarantee. You may be able to negotiate.

Fixtures and Fittings – Items that are included in the purchase of a property but do not form part of the structure.

Foundations – An underground structure that supports a building or wall

Have we missed any terms? Let us know what else you would like to learn about in the comments!

Learn letters A – C by clicking here.