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| Agreement For Sale |
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A written contract between a vendor and a p
purchaser in which the purchaser agrees to
buy a particular property and the vendor agrees to sell on terms and conditions set forth therein.
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| Bona Fide |
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In good faith, without fraud.
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| Building Permission |
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Written permission from the relevant government
agency for the construction
or renovation of a building.
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| Capital Appreciation |
| The increase in value of a real estate asset
over time. |
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| Capital Improvement |
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Any structure erected as a permanent improvement
to real estate increasing the value and extending
its useful life.
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| Chattel |
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Personal property such as household fixtures.
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| Client |
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An individual who employs a broker.
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| Conveyance |
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The transfer of the certificate of title from
one individual to another.
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| Earnest Money |
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Down payment made by purchaser in evidence
of good faith prior to signing of agreement for
sale.
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| Easement |
| A right registered on title which may be exercised
by the public on, over or through the lands of
others. |
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| Equity |
| The value which an owner has in real estate after
taking into account the liens against it. |
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| Escrow |
| Funds held in escrow are funds held by a third
party without interest until some specific condition
is met when they are then handed over to a designated
party. |
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| Exclusive Listing |
| An agreement of employment of a broker to the
exclusion of all other brokers where the owner
retains the right to sell the property. |
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| Exclusive Right Of Sale Listing |
| An agreement of employment of a broker under
which the exclusive right to sell for a specified
period is granted to the broker. Any sale made
during this period whether by the owner or any
other broker results in the broker with this exclusive
right of sale listing, being paid a commission. |
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| Foreclosure |
| Forced sale of a property in the event of default
in payment of a debt for which the property has
been used as security. |
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| Intestate |
| A person who dies leaving no will or leaves one
which is invalid for some reason is said to have
died intestate. The person’s estate is distributed
under the prescribed law. |
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| Joint Tenancy |
| A type of ownership where two or more persons
own a property with undivided interest so that
upon the death of one party, his/her interest is
automatically transferred to the other parties. |
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| Lien |
| A legal right or claim upon a specific property
which attached to the property until the debt is
paid off. |
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| Listing |
| An employment contract between the client and
the broker giving the broker authorization to perform
specific services regarding the client’s
property. |
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| Market Value |
| The price that a property should fetch if exposed
for sale on the open market for a reasonable period
of time given a willing buyer and a willing seller
in a transaction which is not prejudiced or influenced
by any other factors. |
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| Mortgage Commitment |
| A written indication from a lending institution
that it will grant a mortgage loan of a specified
amount on a property with certain specified terms. |
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| Multiple Listing System |
| A system whereby an “exclusive right of
sale” listing is shared with other brokers
who are members of the Realtors Association of
Jamaica. |
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| Option |
| A right given in exchange for some consideration,
to purchase or to lease a property upon specified
terms within a specified time. If the right is
not exercised the person to whom the option has
been granted is not subject to liability for damages.
If the option is exercised the individual granting
the option must perform. |
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| Power Of Attorney |
| A written instrument duly signed and executed
by a person which authorizes an agent to act on
his/her behalf in a specified matter. |
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| Realtor |
| A coined word which may only be used by an active
member of a local real estate body affiliated with
the National Association of Real Estate Boards. |
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| Right Of Way |
| The right to pass over another’s land pursuant
to an easement or watercourse. |
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| Setback |
| The distance from an established line e.g. centre
of the access roadway within which no building
or part thereof may be erected. |
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| Subdivision |
| A parcel of land divided into lots for which
approval from the relevant authorities must be
obtained. |
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| Subletting |
| Leasing by one tenant to another. |
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| Survey |
| The process by which a parcel of land is measured
and its area ascertained. |
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| Tenancy In Common |
| A type of ownership where two or more owners
of a particular property can each will their portion
of the property to others. |
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| Testate |
| A person who dies leaving a valid will is said
to die testate. |
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| Title Search |
| An examination of public records to determine
ownership and encumbrances affecting a property. |
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| Valuation |
| Estimated value |
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| Zone |
| An area designated by the relevant authorities
for a specific use, subject to certain restrictions. |
