Reference
Real estate glossary
From amortisation to zoning — every term explained in plain English.
40 terms
A
3 termsB
1 termC
10 terms- Cap rateAnnual net operating income divided by the property’s value, expressed as a percentage.
- ChainA series of connected property transactions that depend on each other.
- Closing costsFees and prepaid items due when a purchase completes, beyond the price and deposit.
- CommonholdA form of ownership in England and Wales in which flat owners own their units freehold and the common parts jointly.
- CompletionThe day a sale is finalised, money is transferred and the buyer gets the keys.
- Condo feesMonthly charges condominium owners pay to cover shared costs.
- ContingencyA condition in a contract that must be met for a sale to proceed.
- ConveyancingThe legal work of transferring ownership of property from seller to buyer.
- Co-op boardThe elected body of a cooperative building in the US that approves new owners.
- Council taxA local tax paid by residents of a property in Great Britain, based on its valuation band.
D
1 termE
5 terms- Earnest moneyA deposit that shows a buyer’s serious intent to purchase.
- EPCAn Energy Performance Certificate rating a building’s energy efficiency from A to G.
- EscrituraThe public deed of sale signed in Spain and Portugal before a notary.
- EscrowA neutral third party that holds money and documents until all conditions of a sale are met.
- Exchange of contractsThe point at which a sale becomes legally binding in England and Wales.
F
3 terms- Fair Housing ActUS federal law that prohibits discrimination in the sale, rental and financing of housing.
- FARE ActA New York City law, in force from 2025, that makes the party who hires a broker pay the broker’s fee.
- FreeholdOutright ownership of a property and the land it stands on, with no fixed end date.
G
2 termsH
1 termL
3 termsM
1 termN
3 terms- Net effective rentThe real monthly rent after discounts such as free months are averaged across the lease.
- NIE and NIF numbersTax identification numbers foreign buyers need in Spain (NIE) and Portugal (NIF).
- NotaryIn continental Europe, a public official who authenticates property deeds and ensures they are legally valid.
P
2 termsS
4 terms- Service chargeA leaseholder’s share of the cost of maintaining, insuring and managing a building.
- Share of freeholdA form of ownership in which flat owners jointly own the building’s freehold.
- Stamp Duty Land TaxThe tax paid on property purchases in England and Northern Ireland, charged in bands.
- Status certificateA document used in Ontario that discloses a condo corporation’s finances and legal affairs.