House Sale Guide Glossary
Here are some common terms and their definitions relating to selling a house.
- Asking price - The price at which a property is offered advertised for sale. The seller may be flexible.
- Completion - the date when a property is transferred to the buyer, the balance of the purchase price is handed over to the seller's solicitor and the seller must move out of the property.
- Conveyancing - A legal process of transferring the ownership of a property from one person to another.
- Exchange of contracts - the point at which the contract signed by the property buyer is exchanged for the contract signed by the seller and the deposit is paid by the buyer to the seller's solicitor. At this point both parties are legally bound to the transaction and a date will be agreed for completion.
- Guide price - An indication of the rough price level that the auction biddings may start at.
- Multi agency - A number or agents have the right sell a property.
- Reserve price - The minimum price a seller will accept for an item to be sold at auction. This amount may or may not be disclosed.
- Sole agency - One agent or agency has the exclusive rights to sell a property.
- Solicitor - A solicitor is a legally qualified individual who has a general duty to advise their clients on matters of law.
- Stamp duty - A tax payable by the buyer of a property, calculated as a percentage of the sale price.