Real Estate Glossary - Real Estate

Detailed property glossary. Commonly used terms and phrases of international real estate as well as specialised definitions for better understanding of the Greek property market.

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Amenities
Certain features of a property or features of the area which increase a property's value.
Appraisal
A written justification of the price paid for a property conducted by a professional, primarily based on an analysis of comparable sales of similar homes nearby.
Appraiser
An individual qualified by education, training, and experience to estimate the value of real property and personal property. Although some appraisers work directly for mortgage lenders, most are independent.
Asking Price
The price at which the Seller is offering their property for sale.
Buyer's market
A buyer's market occurs when the supply (available properties for sale) exceeds demand (the number of buyers seeking to purchase properties). If you're buying a new home, a buyer's market is the ideal time to make your move. You might be able to buy a great home for a lower cost than you would in a seller's market.
Closing Costs
Closing costs are the expenses, over and above the price of the property, that buyers and sellers normally incur to complete a real estate transaction. Costs incurred may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges. Prepaid costs are those that recur over time, such as property taxes and homeowners' insurance. The lender is required by law to state these costs in a "good faith estimate" within three days of a home loan application.
Commission
Fee payable to an estate agent, usually a percentage of the property price, for providing certain services in relation to the transaction.
Comparable sales
Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as "comps."
Deposit
Amount of money paid by the buyer to the seller on exchange of contracts in order to secure a property. Also known as Down Payment .
Easement
An easement is a legal right to use another's land for a specific limited purpose. In other words, when someone is granted an easement, he is granted the legal right to use the property, but the legal title to the land itself remains with the owner of the land.
Fair market value (FMV)
Fair market value (FMV) is an estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing, and unpressured seller in the market.
Gated community
A gated community (or walled community) is a form of residential community or housing estate containing strictly controlled entrances for pedestrians, bicycles, and automobiles, and often characterized by a closed perimeter of walls and fences.
Gazumping
When a buyer's offer is accepted on a property by a seller but, before the property sale completes, the seller accepts a better offer from another party.
Glamping
A type of camping that is more comfortable and luxurious than traditional camping. The word is a mixture of 'glamorous' and 'camping'.
House Price Index
Statistical method of representing changes in house prices over time.
Housing Complex
A housing complex (or sometimes housing estate or housing development) is a group of homes and other buildings built together as a single development.
Housing market
The housing market represents the market for properties being purchased and sold either directly to buyers or through real estate agents.
Landlocked property
In real estate, "landlocked" refers to a property that has no direct access to a public street, so the only way on or off the property is to cross land owned by someone else. Usually, a landlocked property gains street access through a legal permission called an easement.
Landlord
The owner of property that is leased to others. A landlord is seen as a custodian of the property and is responsible for collecting rent.
Multiple Agency
Where two or more estate agents are instructed by a seller to market a property. Only the agent who introduces a successful purchaser is paid.
Offer
This is the initial price offered by a prospective buyer to the seller. A seller may accept the offer, reject it, or counter with a different offer.
Pilotis
A set of posts raising a building up from the ground. In Greece pilotis is a common area shared by all co-owners of the building.
Real estate agent
A real estate agent is a professional with a real estate license and assists both buyers and sellers in the home-buying process.
Real estate market
The buying and selling of land and buildings.
Return on Investment (ROI)
Return on Investment measures the gain or loss generated on an investment relative to the amount of money invested. For investors who diversify their investment portfolio with real estate, it's important to measure the ROI to determine a property's profitability.
Right of access
The right of access is a type of easement that gives its holder a non possessory interest in someone else's real property (servient estate). It can be a right of roadway or pathway that benefits a particular person or benefits a particular parcel of land (dominant estate)
Seller's market
A seller's market is one in which there are more buyers than homes for sale. Since supply is less than demand, homes are higher priced and more attractive to sellers in the market.
Tenant
Person (or entity) who is entitled to occupy a property under the terms of a Tenancy Agreement.
Under Offer
Status of a property from the point at which a seller has accepted an offer until exchange of contracts.
Valuation
A written justification of the price paid for a property conducted by a professional, primarily based on an analysis of comparable sales of similar homes nearby.

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