Glossary
KYC
Know Your Customer — the identity + source-of-funds verification required before brokerages may transact.
Around this term
Adjacent entries.
Exclusivity period
A pre-exchange window during which the seller cannot solicit other offers; sometimes paired with an exclusivity fee.
Freehold
Outright ownership of the land and any buildings on it, in perpetuity.
Guide price
An indicative range published to invite offers; not binding on the seller.
Leasehold
Ownership of a property for a finite term granted by a freeholder, typically with a ground rent.
Mortgage in principle
A lender's indicative confirmation of how much they would lend; not a binding offer.
NOI
Net Operating Income — gross rental income less operating expenses; the numerator in a property cap-rate calculation.
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