Property Jargon Part 2

We’re back with our jargon simplifier series and this week, we’ve listed bamboozling common property terms from D to F to help assist you with your home buying process:

  • D
Date of entry (Scotland only) The date when you become the owner of the property and can move in having paid all money due. Detached A term used to describe a property that stands alone, separate from all 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 should accept 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 that start with the first three letters of the alphabet that you’re unfamiliar with? Pop them down below. Similarly – if you see some value in a further explanation of some of these terms, then drop a note below. Be sure to pop back to our latest news next week where we’ll be sharing more terms from the alphabet. If you’re interested in one of our developments, contact our Sales Consultants to learn more about the variety of incentives available to help make buying your new Allanwater home simpler and more affordable. (source: rightmove)