Estate Agency Glossary. (A)
In this Free Estate agents glossary, you’ll find words that cover terms used in houses for sale, stands for sale or property of all kinds for sale in Harare and anywhere in Zimbabwe.
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Absorption: The amount of inventory or units of a specific commercial property type in Zimbabwe or anywhere in the world) that become occupied during a specified time period (usually a year) in a given market, typically reported as the absorption rate.
Acceleration clause:A section or condition (clause) in your mortgage contract that entitles the lender to accelerate (or demand) payment of the outstanding amount for a variety of reasons. Common reasons for this acceleration are if the borrower defaults on the loan or transfers title to another individual without informing the lender.
Accumulated cost recovery: Total cost recovery deductions taken throughout the holding period of a property.
Adjusted basis: The original cost basis of a property plus capital improvements, less total accumulated cost recovery deductions, and partial sales taken during the holding period.
Affidavit: A written statement or declaration, signed and sworn to before a person authorized to administer an oath.
Agency: A relationship in which one party (agent) acts on behalf of or represents another (principal) under the authority of the principal. ‘Single Agency’ represents just one party, either the buyer or the seller, not both in the same transaction. Dual Agency is representing of both the buyer and the seller in the same transaction with the full knowledge and consent of both parties.
Alienation: Transferring of a property to another, either voluntary or involuntarily
Amendment: A change, either to correct an error or to alter a part of an agreement without changing the principal idea or essence of the contract.
Amortization: The repayment of loan principal through equal payments over a designated period of time consisting of both principal and interest.
Annual percentage rate (APR): The true annual interest rate payable for a loan in one year taking account of all charges made to the borrower, including compound interest, discount points, commitment fees, mortgage insurance premiums. It also takes into account the time at which the principal is repaid (especially when payments of principal are made in installments throughout the year, but interest is charged at the beginning of the year), but not the actual expenses incurred by the lender in making the loan and recharged to the borrower. (Encyclopedia of Real Estate Terms 2nd Edition, Damien Abbott)
Annuity: These are regular fixed payments over an agreed period of time.
Application: The form used to apply for a loan, or to engage the services of a real estate agent in Harare, Bulawayo or anywhere in Zimbabwe.
Appraisal: The justification used for the price paid for any property (either commercial or residential). This is based mostly on comparable sales of similar properties
Appraised value: The judgment of how much a property is worth, based on an appraiser’s expert assessment. As appraisals are based primarily on comparable sales, these amounts usually become the actual sale price.
Appraiser: Someone qualified or certified to estimate the value of a real property.
Appreciation: An investment’s increase in value.
Appreciation potential: The likelihood that a real estate investment will increase in value during the holding period.
Asset: Items of value owned by an individual -especially those either appreciating in value or generating revenue. Assets that can be quickly converted into cash are considered “liquid assets.” These include bank accounts, stocks, bonds, mutual funds, and so on. Other assets include real estate, personal property, and debts owed to an individual by others.
Real Estate Glossary – B
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