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Use and access to data in this site is subjected to conditions
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algarveLand IS NOT a real estate agent.
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consultancy in the scope of real estate investment. We cooperate
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Abstract of title: Gives details of ownership of property if it is not registered.
Adverse Possessory Title If a piece of land is occupied without permission for at least 20 years, the occupier can become legal owner.
Amortisation: The amount by which a mortgage falls as a result of making regular payments.
Amortisation term: Expressed in months, this term states how long it will take to pay off a mortgage.
Appraisal: an estimate of quantity, quality or value of something. The process through which conclusions of property value are obtained; also refers to report that sets forth the process of estimation and conclusion
of value.
Appraised value: A surveyor’s estimate of value of the property.
Assumption: When seller’s outstanding mortgage is passed over to the buyer of the property.
Assumption clause: A clause stating that seller has passed to buyer full responsibility for mortgage on the property. Often, an assumption fee must be paid to mortgage leader.
Broker: one who acts as an intermediary on behalf of others for a fee or commission.
Building Regulations: Health and safety requirements that any new construction must meet.
Buy-to-let: Practice of buying a house or flat for investment purposes. Income is provided by tenants’ rent, and capital growth (if any) by property’s increasing resale value.
Buyer's agent: a residential real estate broker or salesperson who represents a prospective purchaser in a transaction. Buyer's agent owes the buyer/principal the common-law or statutory agency duties.
Buyer's broker: a residential real estate broker who represents prospective buyers exclusively. As buyer's agent, broker owes the buyer/principal the common-law or statutory agency duties.
Capital gain: profit earned from sale of an asset. certificate of title: a statement of opinion on status of title to a parcel of real property based on an examination of specified public records.
Completion date: Point at which contracts have been exchanged and legal transfer property from seller to buyer is finalised. Buyer can take possession of property from this day.
Completion statement: A statement, prepared by seller, stating exactly how much the buyer should be paying on completion.
Charge certificate: A certificate from Land Registry that shows boundaries of a property and gives details of covenants affecting it.
Closing statement: a detailed cash accounting of a real estate transaction showing all cash received, all charges and credits made and all cash paid out in transaction.
Consideration: (1) that received by grantor in exchange for his or her deed. (2) something of value that induces a person to enter a contract.
Council tax: A local authority charge. Generally speaking, the more valuable your property is, the higher your Council Tax will be.
Covenant Rules: and regulations governing property contained in its title deeds or lease.
Conveyancing: Overall process of transferring legal ownership of a property from one party to another. Normally carried out by a solicitor or licensed conveyancer, but can be done by an individual.
Conveyance: a term used to refer to any document that transfers title to real property. Term also used in describing the act of transferring.
Counteroffer: a new offer made in response to an offer received. It has the effect of rejecting the original offer, which cannot be accepted thereafter unless revived by offeror.
Deeds: Formal written document that lists exactly who owns a property and enables transfer of a property’s ownership from seller to buyer. A mortgage lender will typically want a mortgage on these deeds (which means they can take ownership of property if you default on loan payments).
Deed in trust: an instrument that grants a trustee under a land trust full power to sell, mortgage and subdivide a parcel of real estate. Beneficiary controls trustee's use of these powers under provisions
of trust agreement.
Deed restrictions: Clauses in a deed limiting future uses of property. Deed restrictions may impose a vast variety of limitations and conditions; for example, they may limit density of buildings, dictate types of structures that can be erected or prevent buildings from being used for specific purposes or even from being used at all.
Deposit: A sum paid to seller when exchanging contracts to guarantee that sale will go ahead. It is usually 10% of value of the property.
Discount point: a unit of measurement used for various loan charges; one point equals one percent of the amount of loan.
Earnest money: money deposited by a buyer under terms of contract, to be forfeited if buyer defaults but applied to purchase price if sale is closed.
Escrow: Closing of a transaction through a third party called an escrow agent, or escrowee, who receives certain funds and documents to be delivered upon performance of certain conditions outlined in escrow instructions.
Easement: An easement is a right of access across a neighbour’s property, which may have arisen out of long, continuous and unchallenged use, usually a period of 20 years. It does not exist until it is tested and declared to exist by a court, or accepted by owner.
Estoppel certificate: a document in which a borrower certifies the amount owed on a mortgage loan and rate of interest. executed contract: a contract in which all parties have fulfilled their promises and thus performed the contract.
Foreclosure: a legal procedure whereby property used as security for a debt is sold to satisfy debt in the event of default in payment of mortgage note or default of other terms in mortgage document. Foreclosure procedure brings rights of all parties to a conclusion and passes title in mortgaged property to either the holder of mortgage or a third party who may purchase realty at foreclosure sale, fee of all encumbrances affecting property subsequent to mortgage.
Freehold: Absolute ownership of property and lands it stands on, as opposed to leasehold.
Land certificate: Proof of ownership of a property with no mortgage on it. Details boundaries of property and covenants affecting it.
Land Registry: fee Fee charged for registration of property with Land Registry, paid through a solicitor.
Lease purchase: Purchase of real property, consummation of which is preceded by a lease, usually long term. Typically done for tax or financing purposes.
Legal description: a description of a specific parcel of real estate complete enough for an independent surveyor to locate and identify it.
Lien: a right given by law to certain creditors to have their debts paid out of property of a defaulting debtor, usually by means of a court sale.
Listed buildings: A property of special architectural or historical interest that is considered worth preserving in interests of heritage. There are different grades to indicate importance of building and special permission is needed for any alterations or repairs.
Listing broker: Broker in a multiple-listing situation from whose office a listing agreement is initiated, as opposed to cooperating broker, from whose office negotiations leading up to a sale are initiated. Listing broker and cooperating broker may be the same person.
Loan origination fee: a fee charged to borrower by lender for making a mortgage loan. Fee is usually computed as a percentage of loan amount.
Loan-to-value ratio: relationship between amount of mortgage loan and value of real estate being pledged as collateral.
Market value: most probably price property would bring in an arm'slength transaction under normal conditions on open market.
Mediation: An alternative to going to court, in which both parties agree to discuss a problem face-to-face.
Mortgage: a conditional transfer or pledge of real estate as security for payment of a debt. Also, document creating a mortgage lien.
Mortgage broker: an agent of a lender who brings lender and borrower together. Broker receives a fee for this service.
Mortgagee: a lender in a mortgage loan transaction. mortgage lien: a lien or charge on property of a mortgagor that secures underlying debt obligations.
Mortgagor: a borrower in a mortgage loan transaction. multiple-listing service (MLS): a marketing organization composed of member brokers who agree to share their listing agreements with one another in hope of procuring ready, willing and able buyers for their properties more quickly that they could on their own. Most multiple-listing services accept exclusive-right-to-sell or exclusive agency listings from their member brokers.
Planning Department: local authority department that processes Planning Permission.
Planning Permission: Planning Permission is obtained from local authority and governs every development around a property, whether construction or change of use.
Prepayment penalty: a charge imposed on a borrower who pays off the loan principal early. This penalty compensates lender for interest and other charges that would otherwise be lost.
Private sale: sale of a property without use of an estate agent.
Promissory note: a financing instrument that states terms of underlying obligation, is signed by its maker and is negotiable (transferable to a third party).
Quitclaim deed: a conveyance by which grantor transfers whatever interest he or she has in real estate, without warranties or obligations.
Realtor ®: a registered trademark term reserved for sole use of active members of local Realtor ® boards affiliated with National Association of Realtors ®.
Recording: act of entering or recording documents affecting or conveying interests in real estate in recorder's office established in each county. Until it is recorded, a deed or mortgage ordinarily is not effective against subsequent purchasers or mortgagees.
Solicitor: A legal expert brought in to handle all documentation for sale and purchase of a property.
Survey: process by which boundaries are measured and land areas are determined; onsite measurement of lot lines, dimensions and position of a house on a lot, including determination of any existing encroachments or easements.
Title: (1) right to or ownership of land. (2) evidence of ownership of land.
Title insurance: a policy insuring the owner or mortgagee against loss by reason of defects in the title to a parcel of real estate, other than encumbrances, defects and matters specifically excluded by the policy.
Title search: examination of public records relating to real estate to determine current state of ownership.
Title deeds: Documents stating who has title or right to ownership of a property, which also show boundary of a land.
Tree Preservation Order: A tree may be covered by a Tree Preservation Order. Before carrying out any work on the tree, check with local council.
Trust deed: an instrument used to create a mortgage lien by which borrower conveys title to a trustee, who holds it as security for benefit of note holder ( lender); also called a deed of trust.
Trust deed lien: a lien on property of a trustor that secures a deed of trust loan.
Trustee: holder of bare legal title in a deed of trust loan transaction.
Trustee's deed: a deed executed by a trustee conveying land held in trust.
Trustor: a borrower in a deed of trust loan transaction.
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This service is offered to buyers completely free of any charge.
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