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Chain (real Estate)
A chain, when used in reference to the process of buying or selling a house, is a sequence of linked house purchases, each of which is dependent on the preceding and succeeding purchase. The term is commonly used in the UK. It is an example of a vacancy chain. Each member of the chain is a house sale, which depends both upon the buyers receiving the money from selling their houses and on the sellers successfully buying the houses that they intend to move into. Where no chain exists, it is called a chain-free property but only 10% of property transactions in the United Kingdom have no chain. For example, in a four-household chain, A buys B's house, B uses the money from that sale to buy C's house, and C uses the money from that sale to buy D's house. (A chain can be circular. This example becomes circular if D buys A's house.) All sales in a chain close on the same day. On that day, all the households involved in the chain leave their former homes and move to their new homes. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vacancy Chain
A vacancy chain is a social structure through which resources are distributed to consumers. In a vacancy chain, a new resource unit that arrives into a population is taken by the first individual in line, who then leaves their old unit behind, this old unit is taken by a second individual, leaving their old unit behind, and so forth. Process Vacancy chains are started when an initial vacancy enters a population, such as when a new house is built, a new car is manufactured, or a new job is created. It can also begin when an existing unit is vacated by someone leaving the system under consideration, such as an employee retiring, or a home owner goes to a nursing home. Eventually a chain will come to an end, usually with a new entrant into the system or when the last unit in a chain is abandoned, merged, or destroyed. This can involve a new employee recruit or a housing unit on the market for the first time, or when a house in the chain is torn down, left empty, or the duties of a vac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chain-free Property
A chain-free property is a property that is being sold by a vendor (home seller) who does not need to purchase a new property after they sell. Only 10% of all property transactions in the United Kingdom are chain-free. Origins of the term The term ' property chain' is common in real estate, especially in the UK. The chain is the line of people buying and selling. For example, there might be a first-time buyer trying to purchase a small flat, another person waiting to move from the flat to a small house, another person waiting to move from the small house to a larger house, and so on. If one person drops out of the chain, the sellers are not able to continue with their moves and the chain collapses. Reasons for chain-free properties Chain-free properties are available for numerous reasons: * Homeowner reasons – the current homeowner has already a new home to move to, the seller is not buying a new home, emigration, selling on behalf of a deceased relative * Financial institut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Closing (real Estate)
The closing (also called the completion or settlement) is the final step in executing a real estate transaction. It is the last step in purchasing and financing a property. On the closing day, ownership of the property is transferred from the seller to the buyer. In most jurisdictions, ownership is officially transferred when a deed from the seller is delivered to the buyer. The closing process The closing process officially begins once the seller accepts, signs, and returns a purchase offer (also known as a purchase agreement). The closing date is set during the property negotiation phase and is usually several weeks after an offer is formally accepted. At a high level, the closing typically involves the following parties: the seller, the buyer, real estate agents, attorneys (depending on the state), the mortgage lender, and the settlement agency (also known as a title company). State and regional legislation can greatly impact the closing process so the closing process can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gazumping
Gazumping occurs when a seller (especially of property) accepts a verbal offer (a promise to purchase) on the property from one potential buyer, but then accepts a higher offer from someone else. It can also refer to the seller raising the asking price or asking for more money at the last minute, after previously verbally agreeing to a lower one. In either case, the original buyer is left in a bad situation, and either has to offer a higher price or lose the purchase. The term ''gazumping'' is most commonly used in the United Kingdom and Ireland, although similar practices can be found in some other jurisdictions. England and Wales With buoyant property prices in the British residential property market of the late 1980s, gazumping became commonplace in England and Wales, because a buyer's offer is not legally binding even after acceptance of the offer by the vendor. A contract for the sale of land must be in writing, a requirement of English law that dates back to the Statute o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gazundering
Gazumping occurs when a seller (especially of property) accepts a verbal offer (a promise to purchase) on the property from one potential buyer, but then accepts a higher offer from someone else. It can also refer to the seller raising the asking price or asking for more money at the last minute, after previously verbally agreeing to a lower one. In either case, the original buyer is left in a bad situation, and either has to offer a higher price or lose the purchase. The term ''gazumping'' is most commonly used in the United Kingdom and Ireland, although similar practices can be found in some other jurisdictions. England and Wales With buoyant property prices in the British residential property market of the late 1980s, gazumping became commonplace in England and Wales, because a buyer's offer is not legally binding even after acceptance of the offer by the vendor. A contract for the sale of land must be in writing, a requirement of English law that dates back to the Statute ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
First Time Buyer
A first-time buyer (FTB) is a term used in the British, Irish, Canada property markets, and in other countries, for a potential house buyer who has not previously owned a property. A first-time buyer is usually desirable to a seller as they do not have to sell a property, and as such will not involve a housing chain. There are many factors a first-time buyer may need to consider before purchasing their first property; how much initial cash they will need for stamp duty and any solicitors fees, and if they need to arrange a mortgage how much are they able to afford. In many countries such as United Kingdom, Canada and Australia home ownership is seen as a natural step in the life cycle and the natural form of property tenure. Canada and Australia have some of the most ownership rate in word (all above 65%) home ownership. Ireland has one of the highest proportions of owner-occupiers in the EU at around 80%. In the UK in the 1980s almost half of all mortgages were taken out ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Renting
Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership. An example of renting is equipment rental. Renting can be an example of the sharing economy. History Various types of rent are referenced in Roman law: rent (''canon'') under the long leasehold tenure of Emphyteusis; rent (''reditus'') of a farm; ground-rent (''solarium''); rent of state lands (''vectigal''); and the annual rent (''prensio'') payable for the ''jus superficiarum'' or right to the perpetual enjoyment of anything built on the surface of land. Reasons for renting There are many possible reasons for renting instead of buying, for example: *In many jurisdictions (including India, Spain, Australia, United Kingdom and the United States) rent paid in a trade or business is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Home Construction
Home construction or residential construction is the process of constructing a house, apartment building, or similar residential building generally referred to as a 'home' when giving consideration to the people who might now or someday reside there. Beginning with simple pre-historic shelters, home construction techniques have evolved to produce the vast multitude of living accommodations available today. Different levels of wealth and power have warranted various sizes, luxuries, and even defenses in a "home". Environmental considerations and cultural influences have created an immensely diverse collection of architectural styles, creating a wide array of possible structures for homes. The cost of housing and access to it is often controlled by the modern realty trade, which frequently has a certain level of market force speculation. The level of economic activity in the home-construction section is reported as housing starts, though this is contrarily denominated in terms o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nursing Home
A nursing home is a facility for the residential care of elderly or disabled people. Nursing homes may also be referred to as skilled nursing facility (SNF) or long-term care facilities. Often, these terms have slightly different meanings to indicate whether the institutions are public or private, and whether they provide mostly assisted living, or nursing care and emergency medical care. Nursing homes are used by people who do not need to be in a hospital, but cannot be cared for at home. The nursing home facility nurses have the responsibilities of caring for the patients' medical needs and also the responsibility of being in charge of other employees, depending on their ranks. Most nursing homes have nursing aides and skilled nurses on hand 24 hours a day. In the United States, while nearly 1 in 10 residents age 75 to 84 stays in a nursing home for five or more years, nearly 3 in 10 residents in that age group stay less than 100 days, the maximum duration covered by Medicare ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Estate Agent
An estate agent is a person or business that arranges the selling, renting, or management of properties and other buildings. An agent that specialises in renting is often called a letting or management agent. Estate agents are mainly engaged in the marketing of property available for sale, and a solicitor or licensed conveyancer is used to prepare the legal documents. In Scotland, however, many solicitors also act as estate agents, a practice that is rare in England and Wales. 'Estate agent' remains the current title for the person responsible for the management of one group of privately owned, all or mostly tenanted properties under one ownership. Alternative titles are factor, steward, or bailiff, depending on the era, region, and extent of the property concerned. Origin The term originally referred to a person responsible for managing a landed estate, while those engaged in the buying and selling of homes were "''House Agents''", and those selling land were "Land Agents ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
