Glossary / Abbreviations

To help you understand the some of the terminology and 'jargon' that may be used when purchasing a property, we have complied this listing.

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highest and best use - The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability.

Holding Deposit - An initial sum of monies provided to register interest in and to bind the sale of a property before the agree full amount of the deposit is paid.

holding period - The term of ownership of an investment.

Home Equity Line of Credit (LOC) - A mortgage that allows the borrower to withdraw multiple advances from the loan up to a contractual percentage of the borrower’s equity within a property that has the mortgage held against it.

htg - heating

hws - hot water service