Property terminology can often be overwhelming and complicated. This brief guide explains the most common terms in simple, easy-to-understand language to help you feel more confident throughout the lettings process.
Completion
The date on which the legal transaction of the sale of the property is complete;
Existing Prospective Purchaser
A person who has expressed an interest in purchasing the property to the Seller during the 3 month period immediately prior to the date of this agreement;
Market or Marketing
The property is listed for sale on our site and/or is listed on any partner sites by The Home Partnership Ltd;
Marketing Period
A period of twelve weeks from the date that The Home Partnership Ltd commences the marketing of the property on our site or partner sites or until such time as that notice is served that the agreement is to be cancelled or until such time as the property advert is removed or withdrawn by The Home Partnership Ltd on our site or such partner sites. The marketing period may be extended at Home Partnership’s discretion;
Marketing Price
The asking price for the property to be agreed between the Seller and The Home Partnership Ltd;
Memorandum of Sale
A document that is signed by both the Purchaser and Seller confirming the terms of an offer for the purchase of the property which has been accepted, where both parties agree to proceed with the formal aspect of the sale;
Minimum Term
The initial twelve week period following the agreement date during which The Home Partnership Ltd shall market the property on a sole agency basis;
Partner Sites
Rightmove, OnTheMarket and any other website that The Home Partnership Ltd decides to partner with to promote the property from time to time;
Seller
The owner(s) of the property or the person(s) who is entitled to sell the property;
Services
Estate agency services provided by The Home Partnership Ltd, which will include as a minimum: the creation of a property advert, marketing of your property on our site and selected partner sites (all as more specifically detailed below and on our site), assistance in the negotiation of any offers (as requested) and assistance in progression of the sale of the property through to completion;
Sole Agency Basis
Means you agree to appoint The Home Partnership Ltd as the sole and exclusive estate agent to advertise and market the property;
VAT
Value Added Tax chargeable under the Value Added Tax Act 1994.
