When navigating the world of real estate, you’re going to come across all kinds of terminology that you may not be familiar with. Whether it’s your first time buying, or just for conversation sake, there are lots of interesting terms used by real estate professionals you should know.
Knowing what your realtor is talking about when they use common real estate terms will make the process smoother, and will also ensure communication is much easier. So we have highlighted a few of the common ones used in Nigeria to make your real estate journey easier and delightful.
TENEMENT HOUSE: A tenement house aka “face me, I face you” refers to a house built with rooms facing each other. The common features of a tenement house are: The same number of rooms on the left and right, common kitchen and rest room for all tenants, and 2 or more entrances.
SELF-CONTAIN APARTMENT: A self-contain apartment is an apartment that comprises of 1 bedroom, 1 living room, 1 kitchen, 1 toilet and 1 bathroom.
DEED OF ASSIGNMENT: Deed of Assignment is the transactional document drawn up by a real estate attorney between the current title holder for a particular property and the new buyer.
INSPECTION: This is the process of going to look thoroughly at the property that is about to be acquired to see the loops. The inspector will go through every nook and cranny, and review things like the plumbing, electrical, foundation, walls, heating, and appliances.
TITLES: This is the official government given document allotted to a particular property.
COMMERCIAL PROPERTY: This is a property purposed for commercial use.
LAND VALUE: This is simply the value placed on a piece of land as to what it is worth.
LANDLORD: This is the owner of a particular property.
REALTOR: A realtor is a person who is knowledgeable in real estate ethics and codes and who has undergone training and is certified to operate in the real estate business.
EVICTION: This is simply the action of expelling someone from a property.
OFF MARKET: This means that a piece of property has been sold without the knowledge of the public even when it was still been advertised. This usually happens when a property is not listed.
SALES CLOSE: This means that a property is not sold out yet, but it has stopped selling till when it will be reopened for sale, reasons for closure is best known to the seller.
SOLD-OUT: This simply means a property is completely sold out. None left nor remaining.