The real estate glossary
12 terms buyers and operators use, each defined in plain words.
- Off-plan
- A property bought from a developer before it is built or finished, usually paid for in stages during construction.
- Handover
- The point when a developer gives the buyer the keys to a finished off-plan property, after the final payment is made.
- Freehold
- Ownership of a property and the land it stands on, with no time limit.
- Leasehold
- The right to occupy a property for a fixed number of years under a lease, while someone else owns the freehold.
- Service charge
- A regular fee paid by owners in a building or community to cover upkeep of shared areas, such as lifts, security and gardens.
- Escrow
- An account held by a neutral third party, where a buyer's money is kept until agreed conditions in the sale are met.
- Title deed
- The official document that records who legally owns a property.
- Snagging
- Inspecting a new property for defects before or at handover, so the developer fixes them.
- Gross yield
- A year's rent divided by the purchase price, before any costs, shown as a percentage.
- Net yield
- A year's rent minus running costs such as service charges, management and maintenance, divided by the purchase price.
- Completion
- The day the sale is finalised: the money is paid, ownership passes to the buyer and the keys are released.
- Exclusive listing
- An agreement where the seller lets one agency market the property for a set period.
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