Real Estate Agency Terms

Auction
A preferred marketing option where you list your home without a price, supported by very intensive marketing leading buyers to the auction day, where they must bid against each other to successfully purchase your home in an unconditional situation.

 

Agency Agreement
An information summary and contract between the owner of the home and the real estate company selling the house. It details the length of the agency, commission rate and any additional costs and the type of the listing.

 

Auctioneer
Person holding an auctioneers Licence and able to conduct and call auctions.

 

Chattels

Items you sell with your home. i.e. carpets, light fittings, drapes, etc. Any different chattels such as glasshouses, dishwasher etc. are noted in the contract if they are included in the sale.

 

CMA

Current or competitive market analysis, is a written price comparison of your home with others that are for sale and / or were recently sold

 

Conjunctional

A conjunctional sale or viewing is made by another real estate company and their buyer with your exclusive Barfoot & Thompson agent. This enables that company to sell your home to their buyer through their sales person or office at our lower fees. Other companies are not therefore excluded from selling your house but must work via your agent.

 

Conditional Contract

A written contract is signed by the seller and the buyer but where one or more conditions need to be met, within a specified time period. For example “subject to the purchaser raising finance with in X days or subject to building inspection.

Capital Valuation (CV)

The valuation obtained by local authorities on a three- yearly basis for rating purposes.

 

Comission

The fee for selling the home – payable by the client (seller), to the real estate company.

 

Freehold

Estate in Fee Simple, A freehold property has a definite ownership and is not subject to a lease.

 

General Listings

An appointed real estate agent’s company can quote or sell your property. General low level of marketing and feedback. No one person is totally responsible for managing your sale.

 

Leasehold

Sometimes land is subject to lease. The owner of the land leases to the tenant for a fixed rental sum for a fixed period.

 

LIM

Land Information Memorandum (LIM give details of the land and the improvements. The information is collated by the local authority and contains such things as Rates, Permits and Code of Compliance Certificates

 

Marketing Fees

Money paid by the seller that goes directly to fund marketing

 

Marketing Programme

A promotional package put together to give a property exposure to the market. It may include advertisements to be used, a calendar of dates for advertisements; open days, flyer samples etc.

 

No Price

Usually call Auction, Tender, or Marketing by negotiation

 

Sole Agency

One salesperson and their agency is appointed by the seller and is responsible for managing the marketing and sale of the home. All enquiries and negotiation must be conducted through the sole agency company. Auctions and Tender are also forms of sole agency. Detailed marketing programmes and buyer feedback are provided by vendors.

 

TENDER

A form of marketing without a price. Buyers are asked to submit their best offer on the date the tender closes and can make conditional offers.

 

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