Know your Real Estate terms
Whether you are buying a house or renting one, buying land or selling, renting a shop or warehouse, we are all involved in Real Estate one way or the other. Except you are living under a bridge, you will have to come across certain unique real estate terms that could confuse you.
Well, we love our readers and are ready to give you a one-stop Real Estate dictionary that defines every term you might come across.
In this two part series, we will gradually introduce the popular real estate terms and what they mean. So, let’s get down to business:
This real estate term refers to a house that is built with the rooms facing each other popularly known as “Face me, I face you”.
The common features of a tenement house include
- Rooms are built facing each other in two rows, one to the left & the other to the right
- The number of rooms on the left-hand side equals the number of rooms on the right-hand side
- An average of 8-12 rooms per house
- Common kitchen for all tenants
- Common bathroom for all tenants
- Lack of privacy.
Self-Contain Apartment/Studio Apartments
This is a 1 bedroom flat that consists of
- 1 living room (or 1 seating room)
- 1 bedroom room
- 1 kitchen
- 1 bathroom
- 1 toilet
This refers to one wing of a duplex that has two wings. This means that the two duplexes share a common wall.
For example, a building may comprise two wings of a 4-bedroom duplex within a fenced compound, a fenced plot of land. Each wing of this duplex is actually a separate building occupied by a different family.
Realtors refer to homes for sale, rental, or short lets on the market as listings. These listings include basic information about the houses for sale, such as the price of the house, number of bedrooms, location, square footage, and more.
During inspections, a realtor would take you to properties based on your request. An experienced realtor with integrity would ensure that you get value for whatever service you’re being delivered.
An offer letter is a document that details the terms and conditions of the transaction. It is drafted before any payments are made and signed by both parties
They are standard charges for real estate transaction by realtors. According to the law and ethics of the practice, an agency fee for rental deals is 10% while deals for sales go for 5%. The agency fees are non-negotiable but there are cases where a realtor has to agree on a concession to ensure the client is satisfied with the service.
The down payment is the amount you pay toward a home, usually a legal agreement with your landlord or the owner of the property. Your down payment can vary depending on what you’ve agreed with the lawyer, It can be anywhere from 10% to 90% of the total cost.
We will keep this list updated every week.