Small estate agency glossary
Every profession has its own jargon, as we well know! Some more than others, in fact. It may therefore happen that part of the conversation escapes you. If so, do not hesitate to ask a question. In property, the adviser is primarily there to listen; they will adapt their language...
Every profession has its own jargon, as we well know! Some more than others, in fact. It may therefore happen that part of the conversation escapes you. If so, do not hesitate to ask a question. In property, the adviser is primarily there to listen; they will adapt their language to ensure everything is clear. However, there are some technical terms you will need to master. A little preparation for acquiring a property, with all our encouragement! So here is our small estate agency glossary.
Property ABCs
CV
The problem with acronyms is that they can have several meanings. The primary meaning is the one known to the general public. When a profession creates another one with the same letters, this can lead to confusion. In this case, CV means that the property for sale is in the town centre.
DG
Once again, this acronym is likely to cause confusion as you will probably think of the Director General. It simply means the Deposit. This is the sum paid to the landlord in the context of a rental. It is repaid at the end of the lease if the property is in the same condition.
FAI
And no, this does not mean an Internet Service Provider. When this acronym appears on an advertisement, it means that Agency Fees Are Included. No need to get your calculator out.
FN
Another acronym, and no, it has nothing to do with a political party, it simply states that there will be notary fees.
Frequently Asked Questions
Beyond the acronyms, there are also recurring questions about the profession, here they are!
What is an exclusive mandate?
The exclusive mandate is the norm in the UK and the United States. With the professionalisation of the role of property adviser, France will certainly follow. This allows the vendor of a property to deal exclusively with one agency or adviser. The advantages are numerous; here is a brief summary of the exclusive mandate for you.
How long does a mandate last?
It is very simple; the duration of the mandate will depend on the circumstances. The adviser will make recommendations and, by mutual agreement with the vendor, it will be set out in the contract.
When do I pay the fees?
Only once the deed of sale has been signed at the notary’s office, not before. The Property Adviser will explain this to you. It is part of their role too!
Who do I pay these fees to?
In the case of simple mandates, you have approached several agencies. At first, the solution seemed simple but now you are wondering who you should pay. The fees should simply be paid to the agency that completed the sale of your property. Beware, there are other risks with simple mandates.
