Glossary

Chains – This occurs when a series of events are dependent on a single transaction. When one link breaks down, all further activities are adversely affected.

Conveyance – This term describes all the legal and administrative work involved in transferring the ownership of a property from one owner to another. The process starts after an offer has been made and accepted.

Gazump – This occurs when the seller accepts an offer from an interested party and backs out on the agreement when a higher offer from another buyer is received.

Mortgage – Another term for a property loan made from a bank. The collateral used is normally the property being purchased. The loan is secured on that property and is to be paid over an agreed time frame.

Solicitor – A professional who is trained in the practice of law and business. He acts and takes legal steps on your behalf. In real estate, he ensures that the transfer of ownership of a property from one to another is done smoothly.

Survey – A process by which a piece of property is thoroughly evaluated or examined to verify the soundness and general condition of a structure, and report its faults.