The real estate industry is known for its unique lingo, terms, and phrases that are commonly used among professionals. Unfortunately, that makes the process of purchasing or investing in a property unnecessarily complex for many people.
Don’t worry, we got you!
This is exactly why, in this blog, we will shed light on the key real estate terms (+ their meanings, of course) you need to know.
Real Estate Terms You Need To Know
Whether you’re a veteran investor or a first-time homebuyer, familiarizing yourself with these real estate terms will help you navigate the market more confidently.
Here is a list of the most well-known real estate terms that you need to familiarize yourself with. Let us start with the payment-related terms:
- Payment Plan: A payment plan includes the exact specifications of what you will pay to purchase a property, such as the number of installments, down payment (if there is any), and exactly how much you will pay in each of those steps.
- Down Payment: This refers to the upfront payment made towards the purchase of a property. It is a percentage of the total price set by the development company.
- Expression of interest (EOI): A type of payment specifically for newly-launched projects that you pay to book a property. Usually, it is a fixed amount for each property type and can be refunded.
In the following section, we will explore another set of real estate terms.
Real Estate Terms List Continued
In this section, we will tackle the project type and facilities real estate terms. Those include the following:
- Built-up area: The square meters of the property/building itself, excluding additional features like a garden.
- Maintenance fees: An amount paid annually (or any other pre-specified period) for maintenance, repair, and management of the common areas and shared amenities within the community.
- Listing: A property available for sale.
- Mixed-use project: A project that has residential and commercial/administrative units.
- Amenities: All facilities and services available within the gates of a compound.
Check out more terms in: 23 Commercial Real Estate Terms and Definitions Explained
In the next and last section of this article, we will tackle real estate terms related to the home purchasing process.
Check Out Properties for Sale in New Cairo
Home Purchasing Real Estate Terms
This section introduces all the home-purchasing real estate terms. Those include the following:
- Real estate developer: is the real estate development company that built the compound in which you are going to purchase your home. Usually, most buyers look for certain trustworthy names to deal with.
- Real estate agent: someone who helps in closing the deal. A real estate agent can be either a buying agent who helps the buyer find the home he/she is looking for. He can also be a selling agent who helps the real estate developer sell its projects.
- Home inspection: An examination of the overall condition of a property. This is an essential step for resale properties.
Final Thoughts
Understanding the most common terms in the real estate industry can empower buyers and sellers to make informed decisions and navigate the market with confidence.
Do you know who else can do that? Nawy!
Contact Nawy’s professional team of property consultants through the Call/WhatsApp button for all your real estate needs.
