Sherry FitzGerald O’Meara Property Jargon BusterAugust 20, 2019
We want to use our decades of expertise in the property market to make your search for a new home as simple as possible. With that in mind, we’ve compiled this useful Jargon Buster to help you on your way!
If you are buying or selling your property, coming up against a lot of complicated jargon is part of the journey.
At Sherry FitzGerald O’Meara, we pride ourselves on making things as easy for you as possible.
To make your experience a bit more jargon free, we’ve compiled this handy ‘Property Jargon Buster’!
- APR – A term that literally means Annual Percentage Rate. It is the rate of interest on your loan expressed as an annual percentage, rather than monthly or weekly. It is the cost you pay each year to borrow money.
- Conveyancing – The name given to the legal process which transfers the property title from the seller to the buyer.
- Energy Rating Certificate (BER) – A legal requirement which asks that a property on the market has transparent and available information about its energy efficiency. It involves having your property assessed, with all relevant information submitted to Sustainable Energy Ireland (SEI), who will then supply an A (best) to G (worst) certification.
- Loan To Value Ratio (LTV) – A calculation used to compare the size of your mortgage to the value of your property.
- Mortgage Protection – An insurance policy which covers your mortgage repayments if you are unable to, due to illness, job loss, or any other significant issue.
- Principal – The total amount of money borrowed from a lender to purchase a property.
- Private Treaty Sale – The most common form of property sale, this refers to when a property is put on the market with an Asking Price and potential purchasers submit their offers. Once all offers are received, the preferred purchaser will be asked to put down a deposit, which is refundable until contracts are signed.
- Snag List – A list of things that need to be finished in a new property before the sale is closed. Often this will be compiled by a purchaser’s independent surveyor.
- Sale Agreed – The period after an offer has been accepted on a property, but before any contracts have been signed between the buyer and the seller.
- Vendor – A legal term for the seller of a property.
If you need any more assistance or advice, Call us in office on 0906475500 or check out our Buyers guide. We’re always happy to help!