Selling and buying properties is serious business and the kind of thing that most of us will find very stressful. While of course the idea of moving property is normally an exciting prospect and one that will mean we’re moving somewhere bigger and better able to provide us with the things we need, it also means dealing with huge amounts of money, complicated and confusing legal subjects and lots of terms you perhaps don’t understand.
All of this then means that you’re often spending huge amounts of money without really understanding what’s being said or what you’re signing. Then there are the huge number of different jargon terms that are hardtop distinguish and understand and all the things that could potentially go wrong as a result of not understanding them…
Here then we will go over a few of the terms you might come across when dealing with properties. This is by no means a comprehensive list, but it’s a good start that will help you to better understand what everyone’s talking about…
1 MLS
An MLS is a multiple listings service – which is somewhere that allows multiple properties to be listed in the same place. I’m including this term in the list because of how useful it can be to use these – essentially they allow you to look at multiple properties from the comfort of your computer and to search for them based on a number of requirements. At the same time an MLS is very useful for selling your property and is a quick way to get it seen by multiple people.
2 Title
Your title is your ‘bundle of rights’ – in other words your rights surrounding the property and this is very important to understand. When you buy a property you are really buying select ‘rights’ to that property. For instance the right to inhabit the property, potentially the right to sublet, and then all the other things like your right to access easement. It’s important to ensure that the title is all in order or you may end up being unable to use the property as you would like.
3 Conveyancing
Conveyancing is the process of exchanging documents and the offer contract. You will use a conveyance to help you write out your offer contract, while at the same time checking over the title to ensure that you have all of the rights that you require.
4 Surveyor and Land Surveyor
There are various types of surveyors and it’s important to understand what each of them does. A property surveyor then first of all is someone who will help you to look around a property and ensure that it is safe and that it is in good condition. You use a surveyor here then to make sure that the property you are buying isn’t going to collapse and that it’s good value for money. It’s important to get your own independent surveyor, even though the bank may also be using a surveyor and even the seller.
Meanwhile a land surveyor is someone who looks into the precise bounds that you will own as owner of the property. In other words then they will help by looking over legal documents and by looking for landmarks and at gradients etc. and this way you will know precisely the perimeter of the real estate you own.
