Glossary · GB
Property Offer
A proposed price and set of terms submitted by a prospective buyer to purchase a property. In England, an accepted offer is generally not legally binding until contracts are exchanged.
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Around this term
Related terms.
Asking Price
The price at which a property is initially offered for sale by the seller. The final transaction price may be higher or lower.
Exchange of Contracts
The stage in an English property transaction when the buyer and seller formally exchange signed contracts, making the agreement legally binding subject to its terms.
Guide Price
An indication of the price a seller is seeking or expects to achieve for a property. It is not necessarily the final agreed sale price.
Additional Property Surcharge
An additional SDLT charge that can apply when an individual purchases an additional residential property, subject to the applicable rules and exemptions.
Adverse Possession
The legal process by which someone who has openly occupied land they do not own for a qualifying period may apply to become its registered owner. Colloquially 'squatter's rights'.
Amortisation
The gradual repayment of a loan's capital over its term through scheduled instalments, steadily reducing the outstanding balance.
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