June 1, 2018
Don’t know your RIGHT from your LEFT in real estates? Can’t really remember what caveat emptor means but
you’re sure to have heard or read about it a countless number?
No worries: help is at hand. Without further ado, here is an A to Z of some of the most baffling real estate terminologies.
The number of years it will take to fully pay off a house/land loan.
An increase in the value of a property
This is a bank’s estimate of a property value. This is often more conservative than the actual market value.
A short-term loan used to allow a buyer to purchase a new property if the proceeds of a property he or she recently sold have not yet cleared.
The profit on the sale of a capital asset such as a land or house.
A notification on the title declaring a party other than the owner may have an interest in the property.
Latin word for “buyer beware”. In a property transaction, the purchaser carries the risk. In other words, do your homework.
A new offer made after a previous offer has been rejected by the owner.
Set of two numbers that can locate any point on a grid or chart.
Certificate of Occupancy
A Certificate of Occupancy, also known as the C of O is a document issued by state governments in Nigeria to landowners and property buyers as a legitimate proof of ownership. … If you are buying straight from the government, the process of obtaining your C of O would be initiated as soon as the sale is confirmed.
Contract of Sales
One of the most important documents in property transaction is the Contract of Sale. This document sets out the terms and conditions agreed upon between the buyer and seller in a clear and concise manner…..The Contract of Sale can be prepared by a solicitor, or real estate agent, consultant or developer.
Costs incurred by a real estate consultant, which can be passed on to the client, for example photography, advertising costs and transportation but in our own case we offer these services for free but an agent wont.
Deeds of Assignment
A deed of Assignment is an Agreement between the Seller of a Land or Property and a Buyer of that Land or property showing evidence that the Seller has transferred all his rights, his title, his interest and ownership of that land to buyer who has just bought land.
The value an owner of a property has in the asset above the debt owed.
Exchange of contracts
This is the legal process that creates a binding agreement for the sale of a property. A deposit is usually paid at this time and may be forfeited if either party backs out of the agreement.
An Excision means basically taking a part from a whole and that part that has been excised, will be recorded and documented in the official government gazette of that state.
A guarantor is someone who agrees to fulfil a contract if the main party to the loan defaults.
When a seller or developer has signed an agreement to make an agent or consultant solely responsible for the sale of a property during a specified period. If another agent or consultant sells the property during that time, the original agent or consultant is entitled to his agreed commission.
The first person on a land is the only person or group of persons entitled to obtain a Certificate of Occupancy. Every subsequent buyer of that land must get a Governor’s consent.
Gazette provides a permanent official public record of important statutory and non-statutory notices that can be used to support legal and other processes, and act as a means of advertising public notices. This is a document that records and expresses the areas the government has given to the family and community to acquire and that the government won’t secure it for any reason with the exception of appropriate information. A land gazette is the most confusing document and this is because most people do not understand what it means, most people do not even know what it looks like or its advantages and why it is one of the most important document to seek after.
A gazette document is a document that keeps records of locations or areas the government has acquired or has given out to a community or a family.
The type of ownership proof, for example C of O, Governors Consent etc.
An urban planning tool used by local governments to determine how land is to be used. Examples include low density residential, high density residential, mixed use and metropolitan centre.