Purchasing Property: The common property jargon you need to know

When it comes to looking for property to buy, there are often many terms and expressions that can seem confusing or unfamiliar.

We’ve put together a jargon-busting guide of the most common phrases.

Asking Price

If a property is marketed with an asking price this indicates that there is little room for negotiation and this is the lowest price the vendor will accept.

Guide Price

A guide price indicates that the vendor may be open to a degree of negotiation depending on the level of interest shown in the property.

Offers in excess of

‘Offers in excess of’ gives the vendor the opportunity to reveal the bottom line they are prepared to accept for the property.

It can often encourage greater competition for the property.

Open House

An open house is an agreed period of time when a property will be open for viewing by all interested buyers.

SSTC (Sold Subject To Contract)

SSTC means an offer on the property has been accepted and the sales process has begun.

Chain

A chain is when the purchase of one property is dependent upon the sale of another.

Contracts

Contracts are the legal document detailing the agreement between the buyer and seller. This is something your solicitor will draw up for you.

Deeds

The Deeds are the legal documents associated with a property.

Exchange

At the point of exchange both the buyer and seller are legally bound to the purchase and sale of the property.

Completion

Completion marks the end of the sales process and at this point, the buyer will receive the keys to their new property.

If you’re looking to purchase a property and have any questions, don’t hesitate to call us on 01904 650 650.