10 Real Estate Terminologies
The Real Estate industry has certain terminologies that are quite different from other industries.
As a Real Estate agent, it is important you get acquainted with these terms as it will surely come in handy especially when you come in contact with a client.
Home buyers are not excluded as well, as some of these terminologies are important to note when purchasing a land or property.
Whichever category you fall into, these vocabularies will definitely help you understand the Real Estate industry even better.
Here are some Real Estate terminologies you should familiarize yourself with;
- Land Inspection
Land inspection is the assessment of a particular land by a potential buyer who has made an offer or shown interest in a particular land. The inspection includes examining the land features, which includes its topography, foundation and neighborhood.
- Land Appreciation
This is the increase in the worth or value of a given property due to economic or related causes, which may prove to be either temporary or permanent.
- Listing Agreement
A contract between a land owner and a licensed Real Estate agent in which the Real Estate agent lists and sells a property on behalf of the land owner for a commission.
- Registered Survey Plan
A legal survey put on a title at your local registry office. This plan provides the boundary location of your land, building locations, physical features, size of your land and other important features.
- Land Banking
The Real Estate investment scheme that involves buying large blocks of underdeveloped land with a view to selling it at a point.
- Deed of Assignment
This is an agreement between the seller of a land or property and a buyer of that land or property, showing evidence of transfer of the rights, title, and ownership of that land from the seller to that of the buyer.
The measurement of boundaries and land areas, to determine the lot lines, dimensions, and positions of building on a lot, including the determination of any existing encroachments.
- Governor’s Consent
This is the approval of transfer of ownership or interest on a landed property, by a governor of a state or his delegate in order to make the transaction valid.
- C of O
The certificate of occupancy, otherwise known as “C of O”, is an officially recognized document issued by the state government in Nigeria to officially lease land to a buyer for a period of 99 years.
It demonstrates a buyer’s right to the land. The C of O can only be issued by the state government, because ALL land in the federation is vested in the state government.
- Down Payment
This is an upfront/ initial sum or payment made for the purchase of a land or property. This initial payment usually represents a percentage of the full payment of the land or property. The remaining payment is done based on negotiations between the buyer and the seller.