REAL ESTATE GLOSSARY’S TERMS

For the acquisition of your land in Cameroon, here are some real estate’s terms:

1.Guarantee:

Commitment made by a third party to guarantee the payment of a real estate loan in the event of default by the borrower, or the payment of rent in place of the tenant in title.

2.Recorverable Expenses:

These are all the expenses incurred by the lessor that he can be pay back by his tenant. Recoverable expenses are distinct from the main rent. They concern the expenses related to the current maintenance of the property, the equipment mentioned in the contract, as well as minor repairs and certain taxes.

3.Conciliation:

Refers to an amicable dispute resolution practice assisted by a third party, before any legal proceedings.

4.Rental Investment:

The rental investment consists in buying a real estate property to rent it. In this context, the investment does not only concern the rental of a house or an apartment. In rental investment, it is also possible to invest in a building of report, a commercial premise, a parking lot or even offices.

5.Taxable Income:

Total annual net income that will be used as a basis for calculating tax.

6.Visit:

The fact of going to a dwelling, allotment to evaluate it before deciding its renting or its purchase.

7.Private deed :

Deed signed between two contractors without the intervention of a notary. A rental contract, a promise to sell or a reservation contract can be established under private signature.

8.Damage Insurance :

Compulsory insurance scheme subscribed before the opening of the building site by any person acting in the capacity of owner, seller or agent of the owner of the work and which guarantees the repair of the damage falling under the decennial responsibility of the builders

9.Pre-contract :

Act signed between two or more persons before the signature of the final contract. It can be signed either under private signature or before a notary. In the case of a sale of real estate, it can take the form of a unilateral promise to sell or a preliminary sales agreement (also called a synallagmatic promise to sell). On the other hand, when it is a sale of a building to be built (forward sale or sale on plan), it is called a preliminary contract or a reservation contract.

10.- White / Gray: :

“In white”: construction launched without prior sale or lease to a user. “In gray”: project whose construction will be launched only after lease or sale of all or part of it to a user.