In this Free Estate agents glossary, you’ll find words that cover terms used in houses for sale, stands for sale commercial, residential or agricultural property for sale in Harare and anywhere in Zimbabwe.
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Cash proceeds from sale: The sales price less sales costs, mortgage balance, and tax liability on sale. Also known as sales proceeds after tax.
City An urban settlement or system containing various functions, agents, institutions, and components which interact and work together to satisfy the wants and needs of its inhabitants (as well as a portion of the population in surrounding rural areas).
Close Third stage of four-stage transaction management process pertaining to bringing the parties together and consummating an agreement. The acronym CLOSE represents the contingencies, legal instruments, obstacles, signatures, and execution involved in the close stage.
Commercial real estate Any multifamily residential, office, industrial, or retail property that can be bought or sold in a real estate market.
Commission: The fee payable to the agent in exchange for time and effort in selling property, paid by the person selling the property.
Community center: A retail property type that offers a wide range of apparel and other soft goods for a whole community of people in an area. Commonly included are things like supermarkets, pharmacies, Fuel Station and so on.
Comparative advantage: The idea that geographical locations usually focus on those activities or assets for or through which they have the greatest advantage over other areas as defined by factors of production, demand, and quality of life considerations, as defined by human, financial, and physical resources.
Competition (retail): A market condition or in which multiple businesses for a share of the retail market in a geographic area location.
Compounding: A type of calculation in which interest earned is reinvested and earns additional interest.
Contract Note: Written agreement outlining terms and conditions of a property sale.
Contract of Sale: A legal document that sets out all the terms and conditions the seller and the buyer have agreed on.
Conveyancer An attorney, qualified to handle deeds office transactions, such as the transfer of property from a seller to a purchaser, or the registration of mortgage bonds and servitudes. (An introduction to the fundamentals of Estate Agency” – The official publication of the Estate Agents Affairs Board of SA)
Conveyancing: The legal process of transferring property ownership from seller to buyer.
Cost: The actual dollar amount paid for a property or the amount needed to build or improve it at a specified time in the future.
Cost approach: A method of determining the market value of a property by evaluating the costs of creating a property exactly like the subject. (Note. Although properties cost of sale is usually determined by comparative analysis of sale price of similar real estate in similar locations.)
Covenant: Conditions affecting the use of property or land written into the title.