Agency Fees
This is the percentage or fixed fee paid to the Estate Agent if they sell your property for you. There are several different agency agreements.

Appointing an Estate Agent
This means the same as instructing. Its used in phrases 'have you appointed a solicitor?' or 'estate agent' to sell your property. In short-form organised!

Bankers Draft
A guaranteed payment of funds.

Boundaries
The areas around a property, which identify the beginning/end of the land and its ownership.

Building Survey
This means a full survey on the condition of your property (in other-words a check). It is useful when buying a property which is older, large or of a non-standard construction or a property which has been modified or extended.

Buyer
A person looking for a property to purchase or who is currently purchasing a property.`

Chain
There is most often a chain in house buying and selling, for example a first time buyer who starts the chain, the seller of that property is moving to another property and so the chain continues until someone ends.

Completion
This is when all parties sign the legal documents for the sale/purchase of the property. This is an agreed date after contract exchange (for example two weeks). Once contracts have been completed, then the monies are transferred from one Solicitor/Conveyancer to another. Once this has been done, you can collect the keys to your new home.

Contract
This is the legal document between two parties confirming an agreement.

Conveyancing
This is the process of legal work involved with buying and selling property. You could use a conveyancer who specialises in the legal aspects of buying and selling property or a Solicitor. If using a Solicitor, make sure that they are used to dealing with conveyancing work.

Covenants
Rules and conditions affecting the property, which are listed in the Title Deeds or Lease.`

Deeds
The legal papers which state ownership of the property. If you have a mortgage the Lender usually holds the deeds. This ensures that if you default on your payments, they can take back ownership of the property.

Deposit Monies
This is normally paid when contracts are exchanged. It may also be referred to as the down payment made on a new property. It is normally 5% for properties under £99,999 and 10% for properties £100,000 and over but can vary depending on what is agreed.

Detached Property
A property, which is, free standing and not attached to any property to the left or right of the building.

Disbursements
This is a term used by Solicitors for their charges in carrying out the legal work for buying and selling property (Conveyancing).

Draft
The writing up of contracts, which is 'draft' until all parties have checked for any errors.`

Easement
The legal term for the right to use a part of someone else's lands - e.g. a shared driveway in other words a 'Right of Way'.

Exchange Contracts
The process where contracts are passed to the buyers and sellers solicitors for them to look over and confirm that the legal agreements for buying and selling a property are all in order. When contracts have been exchanged, the transaction between the buyer and the seller is now legally binding. Completion usually takes places on an agreed date for example two weeks later. This is where the exchanged contracts are signed by all parties concerned confirming the sale/purchase of the property. When contracts are completed and the monies have transacted through the system, you can pick up the keys to the property.
Deposit monies are required at this stage so please check you have available funds.`

Fixtures and Fittings
These are items within the property, for example light switches, radiators, towel rails etc. Make sure you are very clear about what will be left at the property. Your Solicitor/Conveyancer will be given a list of fixtures/fittings, which the Vendor will have filled out.

Freehold
Technical term describing the ownership of the property, meaning that it belongs to the owner without the limitation of time.

Gazumping
This is the term used to describe a situation where the seller of a property accepts a higher purchase offer, having already accepted a lower offer from another potential buyer. In other words the seller changes his allegiance to a second buyer who offers more money. A buyer with ready cash will be in a position to gazump someone who has to raise money through a mortgage. This can happen, as the seller is not legally committed to the sale until contracts have exchanged.

Ground Rent
This is usually charged on properties such as flats usually leasehold flats. The Landlord or Leaseholder makes this charge.`

HM Land Registry
A Government owned department, which registers all details of any land transactions and issues to do with ownership in England and Wales.

Homebuyer Survey
A professional surveyor will carry this out. It is a report telling you the details regarding the condition of a property.

Leasehold
Denotes that ownership of a property is by way of a lease.

Link Detached
This is where a property is linked to neighbours via the garage.

Mews
A building which was originally used for keeping horses but is now usually converted into dwellings. They are normally situated in a courtyard or along a short narrow lane.

Multiple Agency
When several agents' market property and the one that sells it receives the commission.

Office Copy Entries
Certified copies of the Land or Charge Certificate from the Land Registry.

Property Chain
There is often a chain in house buying and selling process such as the first time buyer who is starting the chain, the seller of that property is moving to another property and so the chain continues until someone ends it, perhaps with an empty property where someone has died.

Property Deeds
These are legal papers, which state the owner of the property. If you have a mortgage, the lender will often hold the deeds.

Purchaser
Someone who is looking for a home to purchase or who is in the process of purchasing a home.

Removals - British Association of Removers
An organisation for removal companies. Most Estate Agents have a list of removal companies.

Right of Way
This is an area of land such as a path or driveway, which the general public may cross whenever they wish.

Seller
A person(s) selling a property.

Semi-detached
A property, which is attached to another one on one side only.

Service Charge
A charge for maintenance and insurance of communal areas, which is normally only applicable to flats.

Sole Agency
This means an agreement to sell your property through one agent only, usually for a fixed period e.g. 12 weeks.

Stamp Duty
The duty paid to the Government for purchase of your property.

Subject to Contract
This is a very important phrase to use when buying and selling a property. It means an agreement, which has been made, but that the contracts have not yet been exchanged.

Survey
This is a check on a property's condition. A survey is useful when buying a home, which is old or of non-standard construction, extended or modified etc. There are three types of survey, one a Homebuyer, Valuation Survey and a Full Structural Survey.

Surveyor
A professional person who can act on your behalf to assess the condition of a property. Surveyors should belong to either the RICS of ISVA.

Title Deeds
These are legal documents, which prove the ownership of the property and normally set out details of anything, which may affect the property e.g., rights of way etc.

Title Register
This is a Government owned Department, which records all details of any Land transactions and issues to do with ownership in England & Wales.

Valuation/Value
An estimated price that your property is worth.

Vendor(s)
A person(s) who is selling a property.