Harrisonhomes Buying Jargon Buster

Buying a home can be overwhelming, especially with all the terminology involved. At Harrison Homes Brackley, we aim to simplify the process for you. Here’s a helpful jargon buster to clarify some common real estate terms.

Common Terms Explained

Mortgage: A loan specifically for purchasing property, secured against the value of the home.
Offer: A proposal made by a buyer to purchase a property at a specified price.
Completion: The final step in the property transaction process when ownership is officially transferred.
Chain: A sequence of linked property transactions, where each sale depends on the previous one.
Survey: An inspection of a property to assess its condition and value, often required by lenders.
Exchange of Contracts: The point at which the buyer and seller legally commit to the sale.
Stamp Duty: A tax paid on property purchases over a certain value in the UK.
Freehold: Ownership of the property and the land it stands on.
Leasehold: Ownership of a property for a fixed term, while the land is owned by someone else.

Understanding these terms can make the home-buying process smoother. If you have any questions or need further clarification, feel free to reach out to our team at Harrison Homes Brackley.

Harrisonhomes Buying Jargon Buster

Common Terms Explained

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