Glossary
Estate Agent – A professional who acts on behalf of property buyers or sellers.
Property Valuation – The process of assessing the value of a property, which is essential for setting a fair price and securing a mortgage.
Conveyancing – The legal process of transferring property ownership from one person to another.
Property Management – The management of properties on behalf of landlords, which includes finding tenants, collecting rent, and handling maintenance and repairs.
Sales Progression – The process of moving a property sale from an agreed offer to completion, which can involve negotiations, paperwork, and communication with solicitors and mortgage providers.
Lettings – The process of renting out properties to tenants on behalf of landlords, which involves advertising properties, conducting viewings, and preparing tenancy agreements.
Leasehold – A type of property ownership in which the buyer owns the property but not the land it’s built on, and must pay rent to the landowner.
Freehold – A type of property ownership in which the buyer owns both the property and the land it’s built on.
Property Search – The process of finding suitable properties for buyers, which involves identifying their requirements and preferences and searching for properties that meet those criteria.
Estate Agency Agreement – A contract between an estate agent and a property seller, which sets out the terms of the agent’s services and fees.
Energy Performance Certificate (EPC) – A certificate that shows a property’s energy efficiency rating and potential energy savings.
Stamp Duty – A tax paid by property buyers when purchasing a property in the UK, which is based on the purchase price and location of the property.
Land Registry – The government agency responsible for maintaining the register of land ownership in England and Wales.
Chain – A sequence of linked property sales, in which the completion of one sale is dependent on the completion of another.
Completion – The final stage of a property sale, in which ownership of the property is transferred to the buyer and the sale is completed.
‘We at gLocalAgent will combine our beliefs throughout the organisation by our
policies, deeds, interactions with members, associates, and partners. But more
importantly, we will gauge their achievement using objective benchmarking,
consistent feedback, and helping them reach their goals.’
I was trained by qualified professionals here in the gLocalAgents team which gave me confidence and now I am working full time in the property industry. The best thing about GLA is everything is in one box and support is best!
