TOP 10 REAL ESTATE TERMS YOU NEED TO KNOW

In everything we do in life, real estate has taken place in one way or the other, from the house we live in, to the ground or space we find ourselves, real estate is part of our lives. With that, here are 15 real estate terms you need to get familiar with.

REAL ESTATE : Real estate is property comprised of Lands and buildings on it as well as the natural resources of the land.

SHELL UNIT : This is a building structure which includes plastering, provision of all the windows, two main doors ( entrance & exit), plumbing, ceiling, painting and interlocking of surrounding space.

DUPLEX : A house made up of two dwelling units (ground & first floor) occupied by 2 different families, usually with an external staircase.

TERRACE : Row of identical or mirror image houses that share side walls.

FULLY DETACHED : Is a stand alone residential structure that does not share outside walls with another house or building.

MAISONETTE : An apartment on two floors occupied by 1 family.

BUNGALOW : Low house having only one storey or in some cases, upper rooms set in the roof.

CERTIFICATE OF OCCUPANCY : Is the certificate issued by a local government entity responsible for the use of land in the community where the property is located, stating that the structure on the property comply with the codes and regulations of that government entity.

DEED OF ASSIGNMENT : This is a title document presented to a client who has fully paid for and received his house, that shows ownership of his building and landed property withing a global CofO issued to the real estate company by the government entity.

CLOSING: This is a transfer of ownership of the property from the seller to the buyer, occurring according to the sales contract.

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