FTB, portal, chain - do these acronyms and words sound a little alien to you? There are a number of terms used in the real estate industry that can be confusing at times. Here are some that we think you should know.
It is often assumed that sites such as Private Property and Property24 are online estate agents. This isn’t the case, and sites like these are actually classified as portals. A portal is used by estate agents and individuals to increase the number of people who can see their listing. When you list your home with Simply Online, it will also be shared to the following portals:
FTB or first-time buyer
An FTB or first-time buyer is someone who hasn’t previously owned a property. This means they don’t have a property to sell, and will therefore be at the end of the chain in your sales process. Therefore, first-time buyers are popular, as the lack of an ongoing chain reduces the time and potential complications of your sale.
The term chain refers to how many people are involved in your purchase. You may be buying from one person, who is buying from another, who is buying from another. This creates a chain, and everyone involved must be ready to buy or sell for your sale to go through successfully.
Offer To Purchase
The offer to purchase contract is a legal document that contains all of the details of the sale, including the amount offered by the prospective buyer. It’s important that you read through it carefully, as there are several clauses and stipulations included that you don’t want to miss. If you agree to the offer, then you will sign the document. At this stage, it becomes a legally binding agreement.
Some buyers may not be reliant on a bond in order to purchase a property. These buyers are often referred to as cash buyers. They already have the financial side covered, making them more popular than someone who needs bond approval for a sale to go through.