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DefinitionA tenant is a person or persons (can be a company or organisation) who is entitled to occupy a property under the terms and conditions of a tenancy agreement Examplemy tenants pay their rent on time
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DefinitionA loan taken out for the purpose of buying a property, the property itself is the security that the loan will be paid back. ExampleI want a mortgage before i can buy this property
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DefinitionThe costs of providing the various services and maintaining the common parts of a property or building. They are paid for by each tenant by means of the service charge. Under terms of your deeds, you have committed to pay a certain proportion of the running costs of the property, flat or building. ExampleThe service charges for properties in Lagos, Nigeria are very high
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DefinitionThe best price for a property in the market. The selling price may be higher or lower than the market value depending on the negotiation between the owner and the buyer. ExampleThat is the market value for the property
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DefinitionThe monthly fee paid by the owners of condominiums, townhouses, and other commonly owned properties with the purpose of covering the cost of repair and maintenance of common areas within the property or estate. Different from service charge ExampleThe landlord has paid maintenance fee for the property
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DefinitionThe process of determining the value of a property conducted by a registered real estate agent or an independent expert. ExampleI have just been given a valuation for my property.
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DefinitionInstrument that proves legal ownership of land or building. ExampleI have not gotten my title from the government yet.
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DefinitionContract signed by landlord and tenant with stated all the terms and conditions of rent of a property. ExampleMy tenancy agreement was prepared by my lawyer
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DefinitionPartial transfer of a tenant's right in a rental property to a third party. ExampleI am subletting my room to my friend
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DefinitionThe company/individual which is registered with the Board of Valuers, Surveyors, Appraisers and Estate Agency. ExampleYou have to be a registered estate agent to practice real estate in Nigeria
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DefinitionA property of particular interest to investors ExampleThere are a number of prime properties in Nigeria
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DefinitionThe most sought after location. ExampleI want to buy a property in a prime location.
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DefinitionA piece of land that has been marked, or measured, for an individual house or flat to be built, or an individual property unit within a wider new property development. Examplei want to buy 1 or 2 plots of land
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DefinitionA luxurious apartment on the top floor of a condominium, apartment building or hotel. ExampleThere is a penthouse on that storey building
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DefinitionContract price to purchase from a buyer to seller. ExampleI gave the royal family am offer price for the property
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DefinitionA furnished, self-contained apartment with provided daily amenities for short-term stay. ExampleThere are lots of Serviced Apartments in Dubai, UAE and Ikoyi, Lagos, Nigeria
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DefinitionA property that is joined to another house on one side. ExampleI need a Semi-Detached duplex to rent
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DefinitionIs where the owner of a property grants the right of exclusive possession over his land to another for a duration in excess of three years in return for payment of rental. ExampleI want to lease my property to that oil company
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DefinitionAn architect's drawing of the layout of a property showing the dimensions and spatial relationships between rooms, entrances, etc. ExampleI want a floor plan from a world class architect
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DefinitionAn apartment spread over two floors. ExampleWhat is the difference between a detached duplex and a semi-detached duplex?
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DefinitionA stand-alone property, separated from other properties. ExampleI want to buy that Detached Duplex
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DefinitionThe listed price of a property, which may not be the selling price depending on the owner?s willingness to negotiate. Examplewhat is the property owners Asking price?
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DefinitionEstimate and opinion of value; a conclusion resulting from analysis of facts ExampleI have done an appraisal on the Lekki-Epe axis
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DefinitionFees that are charged to the vendor/landlord upon successful closing of transactions and signing of Sale and Purchase Agreement / Tenancy Agreement. ExampleI will still have to pay my Agency Fee even after paying the rent price.
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DefinitionPurchased space in newspaper, magazine or other medium used to attract public attention to a commodity for sale or lease. Examplepropertiesng.com is advertising on some other media
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Definition?Real Estate 2.0? refers to a second generation real estate concept that facilitates communication, secure information sharing and collaboration on the World Wide Web. It is more of a revolution in how business is conducted in the real estate industry through the incorporation of modern information technology much like... the popular web 2.0. Real Estate is one of the oldest businesses in the history of the world. It is an excellent way of investment for the nearer or further future; both ways have proven to be profitable anyway. It is a big industry with a lot success stories and tetra bytes of unorganized information. Market crashes is rarely or never reach to ground zero no matter how hard the bubble burst, there is always an appreciation in value. The simple fact is ?Shelter is a basic ExampleReal Estate 2.0 just like web 2.0
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DefinitionCertificate Of Occupancy, its a document in form of a certificate that comfirms proof of ownership of a property. ExampleMy C of O is has not been issued by the state government.
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