Lost in Property Jargon? The Secret Language of Estate Agents Explained

Lost in Property Jargon? The Secret Language of Estate Agents Explained

A plain-English guide from Dourish & Day Estate Agents

If you've ever browsed property listings and wondered what terms like "Sold STC", "Chain Free" or "Exchange of Contracts" actually mean, you're certainly not alone.

The property industry has its own language, and if you're buying or selling a home for the first time, it can sometimes feel like everyone else has been handed a dictionary that you somehow missed.

At Dourish & Day Estate Agents, we believe moving home shouldn't be confusing. That's why we've translated some of the most common estate agency terms into plain English—so you know exactly what they mean and why they matter.

"Guide Price"

A Guide Price is exactly what it sounds like—an indication of what the seller hopes to achieve.

It isn't always the final selling price. Depending on buyer demand, a property may sell for less, close to or even above the guide price.

Our experienced team will always explain the pricing strategy behind any property you're interested in, so you can make an informed decision when making an offer.

"Offers Over"

If you see Offers Over £300,000, it doesn't automatically mean offers below that figure won't be considered.

Instead, it suggests the seller is hoping to achieve at least that amount, particularly if demand is expected to be strong.

Every seller's circumstances are different, and factors such as your buying position, mortgage status and ability to move quickly can all influence negotiations.

"Sold STC" (Sold Subject to Contract)

This is one of the most misunderstood phrases in property.

Sold Subject to Contract (STC) means the seller has accepted an offer, but the legal work hasn't yet been completed.

The sale isn't legally binding until contracts are exchanged, which means there's still work to be done before the keys change hands.

At Dourish & Day, we continue supporting both buyers and sellers throughout this stage, helping keep transactions moving smoothly.

"Chain"

A property chain simply means that several house sales are linked together.

For example:

• Your buyer needs to sell their home.
• Their buyer also needs to sell.
• And so on.

The longer the chain, the more moving parts there are.

This is why proactive communication is so important—and why our sales progression team works closely with solicitors, buyers and sellers to keep everyone updated.

"Chain Free"

A Chain Free property isn't dependent on another sale or purchase.

This can make the buying process quicker and often more straightforward because there are fewer people involved.

However, every transaction is unique, so other factors can still affect timescales.

"Exchange of Contracts"

This is one of the biggest milestones in the moving process.

Once contracts have been exchanged:

• The sale becomes legally binding.
• Both parties are committed to the transaction.
• A completion date is agreed.

From this point onwards, everyone can begin preparing for moving day with confidence.

"Completion"

Completion is the day everyone looks forward to.

It's the day ownership officially transfers from the seller to the buyer.

Once the funds have been transferred by the solicitors, the keys can be released—and it's time to move into your new home.

It's one of the most rewarding moments for our team at Dourish & Day, as we get to help our clients celebrate the successful end of their moving journey.

"Freehold"

If you buy a Freehold property, you own both the building and the land it stands on.

Most detached, semi-detached and many terraced houses are freehold.

As the owner, you're generally responsible for maintaining the property and the land.

"Leasehold"

With a Leasehold property, you own the property itself for the length of the lease but not the land it's built on.

Leasehold homes often involve:

• Ground rent.
• Service charges.
• A lease with a fixed number of years remaining.

Our team will always ensure buyers understand these details before proceeding.

"Gazumping"

Nobody likes this one.

Gazumping occurs when a seller accepts a higher offer from another buyer after already agreeing a sale.

While it can happen before contracts are exchanged, it's relatively uncommon, and good communication between all parties helps reduce the risk.

"Gazundering"

The opposite of gazumping.

Gazundering happens when a buyer lowers their offer shortly before exchange of contracts.

This can place sellers in a difficult position, particularly if they're part of a property chain.

At Dourish & Day, we believe honest communication and realistic negotiations help minimise situations like this.

"Memorandum of Sale"

Once an offer has been accepted, a Memorandum of Sale is prepared.

This document confirms:

• The agreed purchase price.
• The buyer and seller's details.
• The solicitors acting for each party.
• Any special conditions agreed during negotiations.

It marks the official start of the legal process.

"Property Valuation"

Many people assume a valuation and a survey are the same thing—but they're very different.

A Property Valuation estimates what a property is worth in the current market.

This is based on factors such as location, condition, recent sales and buyer demand.

At Dourish & Day, our valuations are based on local knowledge and current market evidence, providing homeowners with realistic advice they can trust.

Why Understanding Property Jargon Matters

Buying or selling a home can feel overwhelming, particularly if it's your first move.

Understanding the language used throughout the process helps you make informed decisions and gives you confidence at every stage.

At Dourish & Day Estate Agents, we believe our role goes beyond simply marketing properties.

We're here to explain the process, answer your questions and provide honest, straightforward advice from your first viewing through to the day you collect your keys.

Whether you're a first-time buyer, upsizing, downsizing or selling your family home, our experienced team is here to help make your move as simple and stress-free as possible.

Because property doesn't have to be complicated when you have the right people by your side.