Know Your Real Estate Jargon

By Lucy Corry Real Estates Agents Authority

EVERY INDUSTRY is full of jargon and buzzwords that make no sense to anyone who’s not part of the club. Real estate is no different, which means it can be hard to get up to speed. Here’s a handy guide to some of the most common terms you’ll come across when buying or selling property.

Agency Agreement

If you are using a licensed real estate agent to sell your property, you’ll need to sign one of these agreements — it sets out what the agent will do and what they will be paid. Remember you can negotiate the conditions, such as who pays for marketing and how much the commission is. Make sure you get legal advice before you sign.

Beo Or Bbo

This stands for ‘Buyer Enquiry Over’ or ‘Buyer Budget Over’, which means the price listed on the advertisement indicates the minimum the seller will accept. The seller actually needs to give serious consideration to any offer over the BEO, so this figure needs to be selected carefully.

Deadline Sale Or Deadline Private Treaty

In this kind of sale, a property is marketed for a set period (with an advertised end date). The seller can choose to accept an offer at any stage during the listing period though it may be stated in the advertising that ‘no offer will be accepted prior’. Check the fine print.

Lim

This stands for Land Information Memorandum, which contains everything that the local council knows about the property, such as any issues with drainage and plumbing, erosion or permits. It will help you identify if any additions haven’t got the right consent. It will also record

IN THE LONG RUN IT PAYS TO GO WITH THE LOCALS

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