When you are dealing with property or real estate, it is important to understand one of the basics of terminology. Who is the vendor when selling a house, and whether the vendor is the buyer or the seller.
So who is the vendor in a house sale? Vendor in real estate refers to the name of the seller of the real estate. This does not mean that they are owners or full owners. A person may have a mortgage, which means that the bank owns most or all of the property, but with their permission, he can still sell it. Through the sale of people who transfer property, especially real estate, "seller" is more commonly used to sell individuals. He is the vendor who negotiates the sale and becomes the recipient of the consideration, even though the ownership comes from another source, not from the vendor.
All real estate sales have two parties to the contract, the buyer and seller, also called the purchaser and the vendor. The "purchaser" is the person who buys the ownership or interest in the property from the vendor (seller). The vendor is the "person" who sells the property. The purchaser is the "person" who buys the real estate. In each case, the "person" can be an individual, a partnership, a trust, or a company. In addition, "person" can be more than one person. This means that when the property is jointly owned, there may be multiple vendors disposing of the property. But again, if there is more than one purchaser buying the property, there may also be more than one buyer.
Another way to describe the purchaser or buyer of property or immovable property is the vendee. Therefore, the term vendee is the opposite of vendor. This is similar to the lessor and lessee when talking about leased property.
* Awaiting vendor
If you hear the expression "awaiting vendor," all of this means that the person is waiting for information or a response from the vendor or seller of the property. It may be that the real estate agent is waiting for the vendor to agree or disagree with the offer made by the purchaser. This may also mean that the vendor’s lawyer is waiting for the vendor to sign the contract.
* Vendor solicitor
The vendor’s lawyer is the property transfer company acting on behalf of the seller. The purchaser’s lawyer will contact the vendor’s lawyer and agree to the terms of the sales contract. They will also raise questions on behalf of the purchaser and the purchaser’s lender to ensure that they obtain good ownership of the property after completion.
* Vendor mortgage
A vendor mortgage (also called a vendor take-back mortgage) is when the vendor lends money to the purchaser instead of the bank to purchase the property. Vendor mortgages make it possible for buyers who cannot obtain traditional loans to purchase real estate. If purchasers borrow from vendor, they still need to find a deposit. Unless the vendor provides a 100% supplier mortgage. There are also vendor-sponsored deposits, which means that the seller only provides deposits for the purchaser. In this case, the buyer will need to borrow the balance of the purchase price. But not all mortgage lenders are satisfied with vendor-funded deposits.
* Vendor motivation
Keep in mind that vendors have financial and emotional interests in their homes, and the reasons for selling will vary. The biggest question is what is the reason for this sale. Real estate transactions are both tight and expensive. Selling is not something that vendor can easily enter. If they need to sell houses quickly, they may choose a shorter settlement time and a lower price. At the same time, others may actually want longer settlements.
Finally, in order to help you remember who is the vendor when selling a house, just think of a "vending machine", which is a machine that sells or "vends" drinks or sweets. But in real estate sales, the vendor is the name given to the seller of the real estate. Who if you like to "sell" property to the buyer.
So next time you ask the question "who is the vendor in a house sale", if you always think of vending machines (that is, vending machines), this should help you remember.