The top real estate terms that every buyer should know
- Daft.ie Insights
- Aug 24, 2021
- 2 min read
Updated: Aug 26, 2021
Buying a home can be complicated, especially when you come face-to-face with all the new jargon. When searching for a home or applying for a mortgage, you may hear an estate agent or lender use any of the terms or acronyms below.
Keep this four-part guide handy — soon you’ll be fluent in the language of home buying before you know it.
When searching for a home
Buyers market: Market conditions that exist when homes for sale outnumber buyers. Homes sit on the market a long time, and prices drop.
Sellers market: Market conditions that exist when buyers outnumber homes for sale. Bidding wars are common.
Listing/asking price: The price of a home, as set by the seller.
When you’re applying for a mortgage
Lending institutions: Banks, savings and loans, and credit unions. These institutions underwrite as well as set home loan pricing in-house.
First time buyer: This is someone who is buying their first residential property. Lender normally require a 10% deposit from First Time Buyers (FTB) while they ask 20% from others.
Cash buyer: A person who is able to buy a property without needing to take out a mortgage or loan to do so.
Loan-to-value ratio (LTV): The amount of the loan divided by the price of the house. Lenders reward lower LTV ratios.
Pre-approval: A thorough assessment of a borrower’s income, assets and other data to determine a loan amount they would qualify for. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home.
Underwriting: A process a lender follows to assess a home loan applicant’s income, assets and credit, and the risk involved in offering the applicant a mortgage.
When choosing a mortgage
Mortgage broker: A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution.
Mortgage interest rate: The price of borrowing money. Each institution sets its own interest rate so it's best to shop around.
When sale agreed on a home
Stamp Duty: This is normally 1% of the sales price of the property and must be paid as sale closes.
Surveyors report: A structural report of the home that can identify any serious issues, such as damp.
Home insurance: A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur.
Walkthrough: A buyer’s final inspection of a home before closing.
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This excellent guide demystifies complex property jargon perfectly! Before reading, I felt like I needed an Old English Translator just to understand my mortgage broker. Now, concepts like loan to value and stamp duty make complete sense. It is essential reading for every new buyer.
The part about "cash buyer" stood out to me. It really shows the huge advantage some people have in a competitive market, skipping graffiti art generator the whole mortgage hoopla. I remember a friend losing asto seek astrocartography a house they loved because they were up against one. Makes you realize how that one term can change the whole game for everyone else.
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The cash buyer thing always makes me a bit jealous. nano banana pro 3 Wish I had that kind of flexibility when house hunting!