Important Real Estate Terminologies That Everyone Should Know

Important Real Estate Terminologies That Everyone Should Know

  • The housing sector is full of many terms and definitions that are peculiar to the industry even when they are normal everyday words
  • Some terms may sound confusing and come at a great cost to people if they do not understand them especially before signing a document
  • It is important to know what some basic real estate terms mean so that you are not cheated out of a deal

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The real estate industry is a very unique sector that has its own dictionary which gives meanings to some words we may use and understand differently in daily language. Yen.com.gh has put together a list of such vocabulary to keep you abreast with real estate terms.

The word "foreclosure" highlighted
The real estate term "foreclosure" highlighted. Photo credit: Stock. Source: UGC
Source: UGC

As-is

"As-is" is a real estate term which means that a property owner is selling their home in the same state that it is in. If there are major repair works or maintenance to be done, the property owner is not willing to take up the cost of such repairs.

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"As-is" in relation to price will mean that the landlord is selling the house a lot lower than the standard price on the market.

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Mortgage

Mortgage refers to the money that a bank or financial institution lends a borrower to finance their home. The mortgage financier holds on to the title deed of the property and receives monthly repayments of the home loan from the borrower.

Foreclosure

Foreclosures are when banks take possession of a mortgaged property because the borrower could not keep up with their monthly mortgage repayments.

Commission

Commissions are fees that are charged by real estate agents when they help people rent or buy a home.

Valuation

Property Valuation is when a property is reviewed to determine its worth on the market, especially for mortgage purposes.

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Real Estate Agent

This is a person who is qualified to help people rent or buy homes, or help landlords rent out or sell their houses.

Down Payment

This refers to an initial part payment for a property which is proof that guarantees that the balance will be paid in due time according to the arrangement between a seller and a buyer.

3 Careers You Can Explore in the Real Estate Industry in Ghana

Now that you have learned some basic terminologies in real estate, it is time to consider some career opportunities available in the housing sector that is sure to fetch you some catch. The housing industry is still quite fresh and not choked out with competition like the other sectors.

Source: YEN.com.gh

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