Real Estate Terms

Real estate business has become very common in Pakistan in these days. Properties are gaining value more and more by passing time. It is said for Pakistan that “it is the place where everyone ready to buy everything in spite of their poor condition”. So, now we have to realize particular real estate terms to get profit in the business of property. They are few in numbers but more profitable for buyers in mean time.

As it is
This term is very common in newly built and in old houses in all over the Pakistan. In Islamabad mostly people interested to buy in newly built houses. Most of the sectors of Islamabad contain hugged price houses. In out strikes of Islamabad the people get low price houses as compare to main Islamabad areas or sectors. “As it is “condition is prompted by the builder.it means that the building needs some type of construction work. Incomplete houses have been sold on as is condition to buyers. Most important thing is to watch out wiring, wood work, and sanitary fitting work most importantly. These three items can make a house and destroy a house also. Incomplete or unfinished basements and overall work is requiring a lot of money. Find latest Islamabad houses for sale at best prices.

Buy and Seller Market
These are general terms for the nature of the current market in Pakistan and other countries that reflects inventory. A “Buyer’s” market suggests there are many more houses in the market of houses for buyers, so, it is giving more power to potential buyers. A “seller’s” market has the opposite reaction than buyer’s market.

Bidding War and closing costs
If a property in the market has a set “offer date”, they may be styling for a bidding war. The property is sometimes listed at a lower price than market value due to many reasons for example for creating a lot of buzz and interest for buyer. Hopefully it results in multiple buyers competing for the same house, causing the price up. Be aware; getting caught up in a bidding war can reason spending more money than you budgeted. It can be additional cost on your pocket till the final sale of your home. Closing costs are very important to know. These are the costs that may be more heavy than normal. More money should in loop for additional costs. The bidder can include lawyer fee, transfer fee and other taxes in the final sale price.

Firm Offer
Firm offer is mostly much liked by the buyers in Pakistan. Firm offer is an offer that made without any condition. Many property dealers and domestic buyers prefer such houses that free of limits and conditions. It is advised that all buyers should accept firm offers at first hand.

Fixture
The people in Pakistan are mostly interested in buying some furnished houses. Furnished houses are called houses with fixtures. Fixture means a house with some fixed items like curtains, lights, cupboards and other wood work items. These all items come with the property.

Escrow
It means that all money from the buyer to the dealer or seller will be kept by a third person like a lawyer, or company whiles the purchase or sale of the property.