Zerodip

 

If you're searching for a property in Zerodip, you'll see lots of terms used on the property details page and other pages. They help you know how much the property will cost and how long you can expect to live there.

 

  • Arrears

This means late or unpaid rent. Rental arrears are classified as "priority debts," which means you could lose your home if you don't pay. Do not lose track of or ignore when your rent is due.

  • Break Clause

If you have this in your tenancy agreement, this means you can end your fixed-term tenancy early. The landlord also reserves the right to activate this clause. There is a condition: any party that chooses to activate the break clause must give the other a notice of one month.

  • Building Inspection

Property surveyors conduct assessments like this one to determine a property's condition. After this evaluation is carried out, a report is drafted, highlighting potential issues with defects that threaten the structural integrity of the building.

  • Buyer Survey

This survey report shows the buyer the condition of the property. It highlights any defects and other major issues of concern.

  • Buy to Let

This is a rental investment where you buy a property and rent it out. It is an investment strategy where one buys a property, usually with a mortgage, and rents it out. IT allows landlords to generate rental income from their property.

Consider multiple factors before deciding to rent. Some factors you can consider include location, potential ROI, and the responsibilities that come with being a landlord.

  • Chain

This is the situation when the sale of one home and the purchase of another are happening at the same time. This means one may affect the other.

  • Check Out

This is the process of inspecting a property when a tenant's tenure has elapsed. The estate agent or property manager conducts this evaluation by checking the inventory of the property. He checks the condition of the property and its contents against the original ones contained in the inventory.

Make sure to be available when the inventory is being checked to ensure there is a fair process.

  • Completion Date

This is the date when the buyer gets the keys to his home from the developer. It is also when the buying process for a property is completed and the buyer receives the keys to the home from the seller.

  • Content Insurance

This provides insurance coverage against accidental damage or theft within a rented property. Things that can be insured under this plan include furniture and appliances. Although the landlord may have already insured the building, the tenant is insuring its contents.

  • Contract

This legal document covers the full terms of the transfer of ownership of a property. An exchange of contracts takes place between both parties to make the transfer official.

  • Conveyancer

This is a solicitor, or a licenced conveyancer, who manages the legal side of the buying or selling of a house. 

  • Conveyancing

Conveyancing refers to the activities performed by the conveyancer during the transfer of ownership of a home.

  • Deed of Covenant

This is a legally binding document that is part of the conveyancing process. This document sets out the terms and conditions, as well as the obligations between the two parties involved in the process.

  • Deposit

This is a payment made to your landlord at the start of your tenancy. It is usually the equivalent of five weeks of rent and is meant to secure the landlord against any damage you cause to his property during your tenancy.

  • Exchange of Contracts

This is when the conveyancers of the buyer and the seller exchange legally binding documents. 

  • Fixed-Term Tenancy

This means a tenancy has specific start and end dates. Both the landlord and tenant are committed to a tenancy for a predetermined and fixed period of time. It is either renewed or terminated at the end of the tenancy.

  • Freehold

This is a type of home ownership where the house and the land it is built on are owned by the freeholder.

  • Furnished Property

This means a property has essential furnishings. If your property is furnished, it means that it has all the essential furnishings that a tenant would need to live comfortably.

  • Ground Rent

On land with a Certificate of Occupancy or Right of Ownership, the government assesses and collects ground rent, which is a property tax that a property owner must pay within a certain time frame. It is only collected when that land was granted for use by the state government

  • Guarantor

This is someone who stands surety for you on your tenancy. This means that if you do not pay your rental payments, that person guarantees to pay them.

  • Guide Price

An indication of a seller’s minimum expectation at auction is given as a “Guide Price” or a range of “Guide Prices." This is not necessarily the figure a property will sell for and is subject to change prior to the auction.

  • Indemnity Insurance

This insurance covers the cost of compensating clients for loss or damage resulting from negligent services or advice provided by a business or an individual. 

  • Inventory

This is a check of all the contents of a rental property before the tenancy begins. There are regular checks to make sure the contents are working properly. At the end of the tenure, a final inventory is taken before the landlord returns the tenant's deposit.

  • Leasehold

This is a type of home ownership where the house is owned by the leaseholder and the land on which it is built is owned by a freeholder. The leaseholder has the right to live on the land for up to 999 years.

  • Letting Agent

This is the estate agent, who works as the middleman between the landlord and the tenant. He is often the primary point of contact for the tenant.

  • Managing Agent

This person works on behalf of the landlord to collect rent and manage other affairs related to the property.

  • Mortgage

This is a loan taken to finance the purchase of a property. The borrower pays a monthly payment to the bank to cover the cost of the mortgage. This monthly payment is a percentage of the original amount borrowed plus the interest on it.

  • Notice Period

This is a period between either party informing the other of their intent to terminate the tenancy and the end of the tenancy.

  • PCY

This is the measure of the rate at which you pay your rent to the landlord. It means “per calendar year,” meaning that every calendar year, you are expected to pay rent to your landlord to avoid running into arrears and ultimately eviction.

  • Property Ombudsman or Public Complaints Commission

This is an agency that provides independent services to resolve disagreements between buyers or renters, on the one hand, and letting or sales agents, on the other.

  • References

This is a vetting process where the landlord hears from your previous landlord or employers about your character. This will help your potential landlord assess whether or not to rent to you.

  • Reserve Price

Each auction property will be subject to a “reserve price," below which the property cannot be sold at auction. Normally, the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “GuidePrice."

  • Service Charge

This is a fee that leaseholders must pay in exchange for using the land on which their house is located. This charge is paid to the freeholder, also known as the landlord.

  • Short-Let

A short-let is a kind of tenancy in Nigeria where a tenant can only stay in an apartment for no more than 6 months. Under this kind of tenancy, a landlord retains the right to repossess the property at the end of the letting term. 

  • Stamp Duty

This is a tax that must be paid on rented or leased properties. The fees are graduated depending on the length of the tenancy. The order of graduation is as follows: 0.78% for tenancies within a tenure range of 1–7 years; 3% for those lasting 7–21 years; and 6% for those above 21 years.

  • Survey

This is a check for any structural faults in a building. A qualified building will carry out this duty.

  • Tenancy Agreement

This is the signed agreement between a tenant and the landlord, agreeing to the beginning of the tenancy. It outlines the rights of the landlord and the tenant.

  • Tenure

This is the duration for which an occupancy lasts. In home ownership, tenure type means how the homeowner owns the property; is it freehold, meaning they own it outright? Is it a leasehold, meaning they can own it for up to 999 years?

  • Under Offer

A house is "under offer" when a seller has accepted an offer from a buyer. 

  • Unfurnished

This is a house that did not have any furnishings prior to a tenant moving in. As a tenant, you have to handle the furnishing.

  • Valuation

Estate agents perform this evaluation to ascertain the home's value or potential sales price.

  • Zerodip

This is a platform where you can browse through thousands of available properties and speak with sales and letting agents.

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