Glossary / FAQ (in preparation)
In real estate there are many areas and concepts and each player chooses what he likes best. We created this page so that you have no doubts and always know what we are talking about.
With the possible rigor in real estate:
Gross Area
It corresponds to the total surface of the fire, measured by the outer perimeter of the exterior walls and axes of the walls separating the dwellings, and includes private balconies, accessory spaces and the corresponding share in the building's common circulations (RGEU).
Private Gross Area
It corresponds to the total surface, measured by the exterior perimeter and axes of the walls or other separating elements of the building or fraction, and includes private balconies, basements and private attics with the same use as the building or fraction (CIMI).
Useful area
The sum of the areas of all compartments in the house, including vestibules, internal circulations, sanitary facilities, storage, other compartments with a similar function and cabinets in the walls, and measured by the interior perimeter of the walls that limit the fire (RGEU). In other words, the interior space that we have to live and furnish including the built-in wardrobes, not to mention the walls
Habitable Area
The sum of the areas of the housing compartments, with the exception of vestibules, interior circulations, sanitary installations, storage and other compartments with a similar function, and is measured by the interior perimeter of the walls that limit the fire, discounting spaces up to 30 cm, interior walls, partitions and ducts (RGEU).
To walk
Each of the floors above the ground floor.
Apartment
Designates the dwelling included in a property consisting of several dwellings.
Urban Lease
Contract by which the landlord undertakes to provide the tenant with the use of a property or fraction, through the payment of a consideration called rent.
Endorsement
When someone provides personal guarantees for the payment of a debt of a third party.
Comparative Market Analysis (ACM)
In a transaction, it is assumed that it is free and without any type of coercion. , in which the parties have had access to information. It is natural an owner to want to sell his property at the highest and best price and, on the other hand, a buyer (who must have purchasing power, that is, holder of capital _cc781905-5cde-3194 -bb3b-136bad5cf58d_próprio e, ou loan), intends to acquire said property, for the lowest possible price,_cc781905-5cde-3194-bb3bcf-1 prazos. Naturally, they are antagonistic wills, but they converge towards the same final objective: the transaction of the property.
ACM consists of comparing the property to be sold with properties being sold with similar characteristics, in the same zone and also with properties already transacted in the same zona, to assess the real price of the transaction, thus allowing to determine the value that the market holds, for and only for a data of the study.
Real Estate Appraisal
Real estate appraisal is always requested to obtain a loan. It consists of estimating a value of sale of a property/property, by an expert appraiser, valid value only for the date in that the study was carried out , after inspection of the property and other investigations and appropriate actions, taking into account the nature of the property and for what purpose.
It is therefore a document written and signed by the expert appraiser who uses two of the three methods for its preparation, methods these are the comparative market analysis, the income method and the cost method.
Guarantor
The person who will be responsible for the guarantees related to the payment of a third party debt, constituted in the form of a guarantee. It is up to the guarantor to pay the debt, if the debtor fails to do so.
Bonus
Support granted by the State for the purchase of housing, through interest payments.
security deposit
It is a special guarantee of obligations that consists of the deposit of money, securities, precious stones or metals, and can also be carried out by pledge, mortgage or bank guarantee.
Property Register
Document that identifies the imóvel, issued by the Tax Office and proves its registration in the matrix, identifies its location, composition, area, owner and taxable amount. Whenever it is necessary to make a registration at the Land Registry Office, the presentation of the land book updated by the Tax Office is requested.
Content Certificate
Document issued by the Land Registry Office that certifies all registrations made in relation to the property: location, composition, owners, encumbrances, transfers, etc.
Buy and sell
Contract through which ownership of a thing or another right is transferred, upon payment of a certain price.
Assignment of Contractual Position
In a reciprocal service agreement, either party may transfer its contractual position to a third party as long as the other party agrees.
Fixed Term Contract (Lease)
Contract in which the parties stipulated a term for the duration of urban leases.
Loan Agreement
Contract in which the agreement between the bank (lender) and its customer (borrower) regarding a loan is recorded and where all its conditions are specified (amount, terms, interest rates, etc.). It can take the form of a public deed or a private document.
Contract by Private Document
Document that regulates the purchase and sale of a property intended for housing, through a loan granted by an authorized banking institution. This modality replaces the public deed in the purchase using credit, dispensing with the intervention of the public notary.
Promise of Purchase and Sale Agreement
Obligatory agreement between those who promise to sell and those who promise to buy. It must contain all the identification elements of the parties (name, marital status, place of birth, taxpayer's tax number, residence) and also their respective spouses. It also indicates the property, the agreed purchase price, the deadline for signing the deed, penalties in case of non-compliance, among other aspects.
Condominium
A group of owners who, under a horizontal property regime, jointly manage an urban building.
Horizontal property
It is the act by which the building is constituted in a plurality of individualized legal entities, called autonomous fractions. It is also determined which common parts of the building are assigned to the whole. The constitution of horizontal property must be done through public deed.
Guarantor
Person who gives personal guarantees for the payment of a debt of a third party in the form of a guarantee. In the event of non-payment by the debtor, it is up to the guarantor to pay the loan and interest, to the person who granted it.
Autonomous Fraction
These are the different parts into which the building has been divided, through the horizontal property (can be houses, garages, shops, etc.). In other words, it is an individual description, with the fixing of the relative value of each fraction, expressed in % or percentage.
Driver's License
Document issued by the Municipality of the area where the property is located, which attests to the habitability of the property, after verifying the fulfillment of the legal conditions required for its issuance.
Real estate mediation
Activity carried out by mediation companies in order to obtain an interested party in the purchase and sale of real estate or in the constitution of any real rights over them.
Real Estate Agents
Companies that carry out the activity of mediation in a real estate business. It is up to the mediator to make every effort to attract a potential interested in the business proposed by the client. The activity can only be carried out by companies duly licensed by the Instituto da Construção e do Imobiliário, that is, with an AMI license.
Onus
Any charge or limitation that falls on ownership of an asset. For example, a mortgage, a usufruct or an easement.
Plant
It is the name given to the design of a construction made, in general, from the horizontal cut at a height of 1.5 m from the base. It is a diagram of the relationships between rooms, spaces, and other physical aspects at one level of a structure. In it, the measurements of the walls (length and thickness), doors, windows, the name of each room and its respective level must be detailed in scale.
Spread
Margin applied by the Bank on the reference (indexing) Euribor rate.
Rate
Fee is the financial requirement on a private or legal person to use certain fundamental services, or for the exercise of police power, imposed by the government or some political or governmental organization. It is one of the forms of tribute.
Effort rate
Ratio (in percentage) between one twelfth of the household's gross annual income and the monthly credit installment. (Ex. for an annual income of 6,000.00 Euros and a monthly installment of 250.00 Euros, the effort rate is 50%).
Referral Fee to
Interest rate used to index the contractual rate of a loan that will thus follow, under the conditions set out in the contract, the variations that the reference rate may suffer in the future.
Flat rate
Rate that remains throughout the life of the loan.
Indexed rate
Variable interest rate, composed of an index (reference rate) plus a spread (margin).
Variable Rate
Rate that varies over the life of the loan and that may or may not result from indexing the lending Institution's own rate.
Property Appraisal Value
Value attributed to the property by the expert hired by the Bank (expert registered with the Bank of Portugal), for which the mortgage will be constituted.
Abbreviations:
ACM - Shared market analysis
AL - Real estate appraisal
BP - Bank of Portugal
CIMI - Municipal Property Tax Code (CIMI)
CC - Civil Code
CPCV - Purchase and Sale Promise Agreement
CT - Certificate of content
CRP - Land Registry Certificate
RGEU - General Regulation of Urban Buildings
VPT - Presumed transaction value
FAQ
1st Q - An exclusive real estate agency contract, can the owner make the sale?
No. In an exclusive mediation contract, the contracted mediator has the right to promote the business object of the contact, during the respective period of validity of the contract.
2nd Q - When is the commission due?
A remuneração só é devida quando o negócio se concretizar e nas condições acordadas. In other words, when Boutique Imobiliária got interested in that business.
3º Q - Does Boutique Imobiliária share properties?
Yes, Boutique Imobiliária shares with all brokers with valid AMI licenses operating _cc7-781c bb3b-136bad5cf58d_on the market.
4º P - Does the customer who intend to visit a property have to pay to visit it?
No, the customer does not have to pay any amount
we will sign a visit form: The day in which the visit took place, as well as his opinion.
Note: This section is always in construction given that we go to meeting the doubts we are most asked.
