Glossary

Sweden

Lånelöfte (loan promise): The bank preliminary indication of how much you can borrow. Time-limited and conditional on the home being accepted as security.
Kontantinsats (down payment): The part of the price you pay with your own money, since the mortgage may not cover the whole purchase price.
Bolånetak (loan-to-value cap): The maximum share of the home market value that may be borrowed against the home as security.
Amorteringskrav (amortisation requirement): The statutory requirement for how much of the mortgage you must repay each year, depending on loan-to-value.
Bostadsrätt (tenant-ownership): A share in a housing association giving you the right to live in a specific apartment. The association owns the building.
Äganderätt (freehold ownership): You own the property with building and land, register title, and are responsible for all maintenance yourself.
Lagfart (title registration): The registration at Lantmäteriet that you own the property. The application is made within three months of the purchase.
Stämpelskatt (stamp duty): Tax paid on title registration and on registering new deeds of pledge. For private individuals the title duty is 1.5 per cent.
Pantbrev (deed of pledge): Evidence of a mortgage registered on the property, used by the bank as security. Existing deeds transfer with the property.
Handpenning (deposit): Part of the price paid shortly after signing the contract, normally ten per cent.
Undersökningsplikt (duty of inspection): The buyer duty to investigate the home. Defects you should have discovered cannot normally be claimed afterwards.
Dolt fel (hidden defect): A defect that could not be discovered in a careful investigation and that the home could not be expected to have.
Överlåtelsebesiktning (transfer survey): A visual review of the house ahead of a purchase. It does not open up constructions and is not a guarantee.
Energideklaration (energy performance certificate): A document on the building energy use. Buildings offered for sale must have one.
Taxeringsvärde (assessed value): The tax authority value of the property, used as the basis for the property fee.
Kommunal fastighetsavgift (municipal property fee): 0.75 per cent of the assessed value for completed houses, up to an index-linked cap.
Tomträtt (land lease): The right to use land owned by the municipality, against a ground rent reviewed at intervals.
Andelstal (share ratio): The apartment share in the association, governing how much of the costs you pay through the fee.
Servitut (easement): A right for one property to use something on another, for example a road or a well.
Förhandsavtal (pre-agreement): An agreement to buy a bostadsrätt not yet built, signed long before move-in.
Köpekontrakt (purchase contract): The written agreement that makes the purchase binding once both parties have signed.
Köpebrev (deed of sale): The document signed at handover as a receipt that the full price has been paid.

Denmark

Udbetaling (down payment): The part of the price you pay with your own money, normally at least 5 per cent.
Realkreditlån (mortgage-credit loan): A loan from a mortgage-credit institution funded by bonds, up to 80 per cent of the value.
Tilstandsrapport (condition report): A visual building report on the house's condition under the home inspection scheme.
Ejerskifteforsikring (change-of-ownership insurance): Insurance for the buyer against hidden defects, where the seller pays half the premium.
Købsaftale (purchase agreement): The written purchase agreement between buyer and seller.
Fortrydelsesret (right of withdrawal): The buyer's right to withdraw from a home purchase within six business days against 1 per cent of the price.
Skøde (deed): The document that transfers ownership and is registered.
Andelsbolig (cooperative share): A share in a housing cooperative giving the right to live in a flat.
Ejerlejlighed (owner-occupied flat): A flat that is its own property with a share in the owners' association.
Grundskyld (land tax): Municipal tax on the value of the land.
Ejendomsværdiskat (property value tax): State tax on the value of the home.
Køberrådgiver (buyer's adviser): The buyer's own adviser, often a lawyer, who reviews the purchase.

Norway

Finansieringsbevis (financing certificate): The bank's confirmation of how much you can borrow, shown when you bid.
Egenkapital (equity): The part of the price you pay yourself, at least 10 per cent.
Salgsoppgave (sales prospectus): The agent's description of the home with all material information.
Tilstandsrapport (condition report): A building report on the home's condition with condition grades.
Akseptfrist (acceptance deadline): The time the seller has to accept your bid; the bid binds you until then.
Dokumentavgift (document duty): A 2.5 per cent duty on buying real property.
Borettslag (housing cooperative): An association in which you buy a share with the right to live there.
Fellesgjeld (shared debt): The cooperative's loan, divided among the shares.
Eierseksjon (owner section): An owned flat or unit within an owners' association.
Overtakelse (handover): The day you take over the home and receive the keys.
Skjøte (deed): The document that transfers ownership and is registered.

Finland

Asunto-osakeyhtiö (housing company): A company that owns the building; shareholders hold shares giving the right to a flat.
Velaton hinta (debt-free price): Sales price plus the flat's share of the company's loans.
Lainaosuus (loan share): The flat's share of the housing company's loans.
Vastike (company charge): Monthly charge to the housing company for running costs and loans.
Isännöitsijäntodistus (manager's certificate): The manager's certificate on the company's finances, loans and repairs.
Käsiraha (deposit): A deposit paid when an offer is accepted.
Kaupanvahvistaja (public purchase witness): An official who confirms real estate purchases.
Lainhuuto (title registration): Registration of ownership of real estate.
Varainsiirtovero (transfer tax): A tax the buyer pays when buying a home.
Kuntotarkastus (condition inspection): A building inspection of a house's condition.

United Kingdom

Subject to contract: An accepted offer that does not yet bind either party.
Exchange of contracts: When contracts are swapped, the deposit is paid and the purchase becomes binding.
Completion: When the balance is paid and you receive the keys.
Conveyancing: The legal work of transferring ownership.
Gazumping: When the seller accepts a higher offer after accepting yours.
Stamp Duty Land Tax (SDLT): Tax on buying property in England and Northern Ireland.
Freehold: Ownership of building and land with no time limit.
Leasehold: A time-limited right to a home under a lease.
Service charge: A charge for running and maintaining common parts.
Council tax: A local tax on homes based on valuation bands.
Home Report: Scotland's seller pack with a survey, energy report and questionnaire.
Missives: The exchange of letters in Scotland that makes the purchase binding.

United States

Pre-approval: A lender's preliminary decision on how much you can borrow, after checking income and credit.
Earnest money: A deposit placed in escrow when the offer is accepted.
Contingency: A condition in the contract that lets you withdraw if it is not met.
Escrow: A neutral party holding funds and documents until closing; also the account for tax and insurance.
Closing: When the purchase completes, funds are paid and the deed is recorded.
PMI (private mortgage insurance): Insurance protecting the lender when the down payment is under 20 per cent.
Title insurance: Insurance against defects in title.
HOA (homeowners association): An association managing common areas and rules in a community.
Special assessment: An extra charge from the association for major costs.
Homestead exemption: A state property tax relief for your own home.
Closing Disclosure: Final loan terms and costs, at least three business days before closing.
Deed: The document transferring ownership, recorded with the county.