Foreclosure: What is it; and Should You Consider Purchasing a Foreclosed Property in Ghana?
- 8 October, 2020
- Industry Trends
Foreclosure is a term you will normally hear in association with mortgages. A foreclosure, in Ghana, can mean good or…
If you are new to the real estate industry you can get confused with all the real estate terminology. Having an understanding of the meaning of each real estate term makes interacting with agents and developers a progressive one. Here are some of the commonly used terminology in real estate in Ghana.
A licensed real estate professional who typically represents the seller of a property. A broker’s duties may include: determining market values, advertising properties for sale, showing properties to prospective buyers, and advising clients with regard to offers and related matters.
An eviction is a landlord’s action that interferes with the tenant’s use or possession of the property. Eviction may be actual or constructive.
Actual eviction is the physicl expulsion of a person from land or rented property. Constructive eviction is the type that involves no physical or legal eviction, but actions taken by the landlord to frustrate a tenant’s enjoyment of the premises.
This is an acronym which stand for the Ghana Real Estate Developers Association (GREDA). GREDA has over 150 members and comprises developers in the private sector. Key among their objectives is to protect the interests of private real estate developers as well as finding solutions for affordable housing.
A real estate owner who rents or leases land or a building to another party, known as a tenant. The landlord will often provide the necessary maintenance or repairs during the rental period, while the tenant is responsible for the cleanliness and general upkeep of the property.
An offer is made to purchase a property at a specific price. Once an offer is accepted, then a contract of sale is issued by the seller’s attorney.
A scheduled period of time in which a house or other dwelling is designated to be open for viewing for potential buyers. An open house can also refer to the real estate property itself. In either case, it applies to dwellings that are for sale by the owner. Open houses will often be held to advertise a newly developed community.
A sublet is when the owner of an apartment or the main leaseholder decides to rent the apartment to a sub-tenant. This is form is not uncommon in Ghana, especially in Accra where many first-time job seekers and low-income earning individuals would find this option very prudent.
The area measured in square feet of a certain property. Square footage can be measured in different ways and is usually considered approximate. Condominium apartments have specific laws that determine the way in which the apartment is measured and usually more accurately reflect the actual square footage within a property.
An examination of public records to determine and confirm a property’s legal ownership, and find out what claims are on the property. A title search is usually performed by a title company or an attorney, who researches the vested owner, the liens or other judgments on the property, the loans on the property and the property taxes due.