Real estate like any other discipline or field has its own fair share of lingo and if you’re looking to invest in real estate? Or are you curious and trying to navigate the world of real estate? Then this article is for you.
LISTING AGENT
This is the agent who represents the seller in the home-buying process.
BUYING AGENT
A real estate agent or broker that operates on behalf of a client buyer to help them find and purchase a property.
CLOSING
This is a meeting which completes the sale of a property. The final documents are signed by both the buyer and sellers. The buyer makes a down payment and pays all closing costs.
OFFER
This refers to the initial price offered by a prospective buyer to the seller. The seller then has three options: accepting the offer, rejecting it or countering with a different offer.
COMPARATIVE MARKET ANALYSIS (CMA)
This is the best method for property sellers to ascertain the current value of their property so they can select the best sale price. It is the term real estate agents use when they conduct an in-depth analysis of a property’s worth in the current market.
ESCROW
Escrow is a legal arrangement in which a third party temporarily holds money or property until a particular condition has been met (such as the fulfillment of a purchase agreement).
LISTING
Real estate agents will often refer to homes for sale on the market as listings. These listings include basic information about the home for sale, such as the price, number of bedrooms and square footage.
EARNEST MONEY DEPOSIT
A deposit made by the potential property buyer to show that they are serious about buying the property.
CERTIFICATE OF OCCUPANCY (C of O)
A Certificate of Occupancy is a legal document issued by the government that proves that a person owns land in Nigeria. The Government reserves the right to seize any plot of land or property without a C of O at any time without any compensation paid.
CAVEAT EMPTOR
This is a Latin phrase found in contract law which means “buyer beware”. It is a way of alerting prospective buyers that the ownership or interests in a property are in question, unclear or subject to litigation.