When it comes to real estate, whether you are buying or selling, there are a lot of terms that may be associated with each transaction.
Throughout our experience working in the real estate industry, we have come across each of these terms countless times. This has helped us obtain a firm grasp of the meaning of each aspect of the process and allows us to better assist our clients as they find the perfect home or buyer in the Ontario region.
We understand that, while it is crucial to work with an experienced real estate professional, many of our clients also feel more confident when they understand the process themselves.
There are many common, and not so common, real estate terms whose meanings may not be as familiar as they should be. Below, you will find a list of a few of these words, along with a brief definition, to help you better understand each term.
Amendment: An amendment is a document that states a change that has been made to a contract. This may include a correction, clarification, addition or deletion of a certain section or term of the contract. The contract must have been previously agreed to for it to need an amendment. If the contract has not yet been agreed to, changes may be made to it by either party and these changes, once agreed upon, will just be part of the contract itself.
Appraisal: An appraisal is a formal, unbiased estimation of property’s value. It is most often issued in writing and must be evidenced by criteria relating to relevant property data.
Chattels: Chattels are all the removable possessions that are not secured to or considered part of the real property. These possessions may include furniture, décor, and appliances. A common term that is often associated with this lesser known term is personal property.
Closing: The process of closing on the purchase or sale of a property refers to the finalizing of the real estate transaction. During this process, all documentation is signed by all required parties, funds are properly distributed and keys are exchanged.
Surveying: Surveying refers to the process of accurately measuring the boundaries and elevations of a certain piece of land or structure. A survey is taken during the home buying process to ensure that all parties are aware of the exact measurements of the property before the sale is finalized.
Valuation: The process of valuation occurs when the value of a certain real estate property is determined. Unlike an appraisal, the process of valuation can be done through many different means, and is not necessarily a formal declaration of value, although it may still be helpful for things like pricing your home when you list it for sale.
These terms represent only a fraction of the information that is involved with each real estate transaction, which is why we always recommend working with a real estate professional who is experienced and educated on each and every aspect of the process.
As Guelph real estate professionals, we are always happy to help people on the move! Give us a call today for more information or to get the process of buying or selling your home started now!
