Local Key Terminology
Convenium (otherwise known as Convenue) is the Promise of Sale Contract
Convenue is also referred to as the preliminary agreement
Final Deed of Sale is the final legal binding document stating the new owners of the property etc...
Notary is a legal representative who is qualified and registered to perform certain legal work such as property
Lending Institution is a Bank that offers mortgages
Purchaser is / are the person/s who are buying the property
Vendor is / are the person/s who are selling the property
Notary Fees are any monies due to the legal representative for services carried out
Estate Agents Fees are brokerage fees due to the Estate Agent upon the completion of the sale of the property. These fees are largely borne by the vendor & a small percentage fee by the purchaser.
Searches is the legal checking procedure carried out by the Notary to ensure that there are no hypothecs out on the property and to establish the rightful owner of the property.
Movable Property this would refer to furniture & fixtures.
Immovable Property this is the structural building.
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