Ghana Real Estate Glossary Vol. 5

real estate terminologies

Jumia House, the platform that provides you knowledge and insight into the real estate industry in Ghana, picks off from last week’s glossary.

Absorption Rate


The rate at which rentable space is filled, divided into gross absorption and net absorption. Gross absorption is a measure of the total square feet leased over a specified period, with no consideration given to space vacated in the same geographic area during the same time period. Net absorption is equal to the amount occupied at the end of a period, minus the amount occupied at the beginning of a period. Net absorption does take into consideration the space vacated during the period.

Apartment (building)

A dwelling unit within a multifamily structure generally provided as rental housing. An apartment building is a structure with individual apartment units but a common entrance and hallway.  They may vary in size from small, 1-room efficiency to large, multiple room units. Apartment buildings may range from a 1-story, 4-unit building to a high-rise building with hundreds of units and retail and office space included.

Counter-offer 


A counter-offer is a new offer made by either the buyer or seller in response to a previous offer, which allows a person to decline on a previous offer while allowing negotiations to continue.  The original offerer now has three options to accept the new offer, or issue another offer or reject it.  Either way no binding contract is created until one party accepts the other’s offer.

Down Payment (Good Faith Deposit)

This is the amount of money a buyer pays upfront in order to purchase a property. This is an initial good faith deposit made by a prospective homebuyer showing an intention to purchase the property offered for sale. It is usually an up-front payment of a portion of the purchase price paid at the signing of the contract in the form of a certified check. The amount is typically 10% of the sales price.

Duplex Apartment

A duplex apartment consists of two dwelling units all under one roof, where the apartments have rooms on two floors or levels.

Exclusive Listing

This is a written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.

Gated Community

This is a fenced housing development, typically with a security guard.Usually requires visitors to stop at the entrance to the subdivision where a security guard telephones the owners before letting them pass through the gate.

Joint Tenancy

A form of ownership or taking title to property, which means each party, owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in its entirety.

Lease

A written agreement between the property owner and a tenant that stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time.

Credit:

http://www.realestateabc.com

http://worklife.columbia.edu/

http://www.allbusiness.com/

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