Annuity
A loan instalment containing both the repayment and interest in one amount. This amount is fixed for the entire agreed term of the loan, only the repayment to interest ratio changes fluidly. At the start, the amount mostly consists of interest, but the ratio changes in favour of repayments over time and at the end of the repayment period, the majority of the amount is the repayment, the remainder interest. LEXXUS works with experienced mortgage brokers who will arrange easy financing for your property. More here.
Tenement Building
A building containing multiple residential or non-residential units used by clients for housing, in return for which tenants pay the owner rent. You can find the services we provide owners renting flats or houses here.
Developer
A person/company that buys land on which it builds a construction project intended for subsequent sale. You can view our current range of new development projects for sale here.
Energy Label
This is a building designation that expresses its energy demands. You can read more about the issue of energy performance certificates/energy labels here.
Exclusive Mandate
An exclusive mandate is understood to mean co-operation with one real estate agency.
Home staging
The preparation of a house or flat for professional presentation for the purpose of the property’s sale or rent, making it more interesting to the widest possible group of interested parties through such preparations.
Skeleton Structure
The rough structure of a property without aesthetic finishes—put simply: foundations, connections to services, load-bearing walls, dividing walls, and roof.
Mortgage Broker
A mortgage broker is a company licensed by banks to broker the sale of mortgage products. Its main benefit is the time and money it saves the client—it is able to offer different products from various banks as standard and choose the most suitable product for the client/property. LEXXUS works with experienced professionals in this area. You can find more information about financial services here.
Security Account
A security current account provides increased safety when buying or selling property, for both the buyer and the seller.
Land Registry Office
An office administering all data about properties and their owners.
Deposit
A returnable or non-returnable advance that a client pays to the property owner on signing a rental agreement. It primarily serves as a guarantee in the event of damage to the property’s fittings and fixtures by the tenant or for the collection of unpaid rent. You can find our current range of rental properties here.
Occupation Approval
An official procedure performed before the use of a building that has just been completed. If a building cannot be built based solely on a report to the building control authority, an occupation approval certificate from the relevant building control authority is required.
Title Deed
A title deed or extract from the land register is a list of properties in a cadastral area owned by a specific owner or co-owners and serves to confirm such ownership.
Mezzanine
A floor between the ground floor and the first floor, also sometimes called the raised ground floor.
Maisonette
A flat that is on more than one floor.
Acquisition Title
An acquisition title is understood to be a document that proves ownership of a property—e.g. a purchase contract. We provide comprehensive legal services for the sale of properties—you can learn more about our services here.
Non-Exclusive Mandate
A non-exclusive mandate is understood to mean co-operation between a property owner and more than one real estate agency.
New Building
A property just completed or built in the last few years can be regarded as a new building. You can view our current range of new buildings for sale here.
Notarial Escrow
Notarial escrow is used for the safe deposit of funds for the purchase of a property. A benefit of notarial escrow is that the seller does not bear the risk that it will not get its money for the property and, the buyer does not risk handing over the purchase price before registration of ownership rights to the property in the land register.
Lot
A lot is piece of land that has a designated position, size, boundaries, and its own lot number entered in the land register. You can find our current range of land on offer here.
Reservation Contract
A reservation contract is a document that is signed by the buyer and the property owner. A reservation contract defines the basic parameters of the future transaction and the time for which the owner cannot offer the property to other interested parties, until the buyer and owner conclude a purchase contract, or agreement on a future purchase contract. LEXXUS provides its clients with comprehensive legal services—you can find more information about our services here.
Residential Market
The market in properties for housing. In most cases it applies to a specific location (Prague, the Czech Republic, etc.). You can find current reports on the Prague residential market here.
Agreement on a Future Purchase Contract
This is a standard type of contract that is mostly concluded for the purchase of properties that are still under construction, or in the event of a completed building that the buyer wants to finance with a mortgage loan, but is still unable to produce a purchase contract for the bank. We provide legal services as a matter of course; you can learn more about our services here.
Easement
An easement restricts the property owner in favour of another person. Easements are entered on the ownership deed in the land register.
Collateral
This is a property to which a lien entered in the land register applies. The creditor (usually a bank) has a registered lien on the property in case the buyer does not repay the loan in full and on time. The amount of collateral depends on the price of the property and the amount of the mortgage provided. You can find more information about financing options for purchasing property here.
Lien Contract
An agreement between the creditor (a bank) and the buyer of a property to establish a lien on a property and enter it in the land register. LEXXUS works with professional mortgage brokers who will be happy to help you arrange finance—more information here.
Agency Contract
A contract between a real estate agency and property owner based on which the real estate agency provides its services—i.e. primarily searches for a suitable client to purchase or rent a specific property. You can learn more about our services here.
