Jargon

Don’t know your Abstract Title from your Deeds of Sale? Then use our jargon buster for a simple explanation of all the weird and wonderful phrases affecting your nest.

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Equity
The difference between the amount you owe on your mortgage and the current value of your property.
Excess
The amount you pay before your building or contents insurance policy kicks in to cover any claim you might make. The cost of the insurance cover can be affected by the level of the excess.
Exchange of contracts
The point at which signed contracts are physically exchanged, legally committing the buyer and seller to the purchase and sale of a property at the agreed price.