Planning on purchasing a home soon? Here are some real estate legalese terms to familiarise yourself with:
Abatement - A reduction in the sale price of a property which usually occurs as the result of the discovery of a flaw which decreases the property’s value from the price originally agreed upon.
Bond assurance – Also known as home loan insurance, it is taken out on the life of the borrower to cover the amount owing on the home loan in the event of death or disability.
Deed of sale - A formal document and a record of the transfer of ownership of property from one person to another, outlining the terms of the agreement.
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