SECTIONAL TITLE HOUSE: A unit or section within a complex or development that is owned separately although it is on common property.

FULL TITLE HOUSE: Free-standing house that is, along with the land, wholly owned by an individual or business.

BODY CORPORATE: A collective name for some or all the owners of units within a complex or development. They serve as legal representatives and enforce complex rules.

RATES: Monthly fees paid to the body corporate or municipality for the services related to your property, i.e. garbage collection, sewage disposal, etc.

ESTATE AGENT: A person who represents a property owner in terms of rentals and sales of the property of the seller, in exchange for commission.

PRIVATE SALE: The direct sale of a property by the owner rather than through an estate agent.

TRANSFER COSTS: Costs involved in the transferring of a property from one owner to another.

BOND ATTORNEY: An attorney of home loans appointed by the bank, and who facilitates the issuing of home loans

TRANSFERRING ATTORNEY: An attorney involved in the transfer of the deed of a property.

VARIABLE INTEREST HOME LOAN: A home loan that is tailored to your risk profile. Depending on the terms, it has a flexible term of up to 20 -30 years and allows homeowners to settle their debt early or borrow further.

FIXED INTEREST HOME LOAN: This is a home loan in which the interest rate is fixed and does not fluctuate during the period of the loan.

ANNUAL ESCALATING LOAN: A home loan that involves annual increases in instalments as your salary increases or the interest rate increases.

DEPOSIT: A percentage of the overall value of a property to be paid when the bond is approved. This is usually 10% of the asking price.

THE PUBLIC SECTOR HOUSING FINANCE SYSTEM: The public sector housing finance system in Zimbabwe is predominantly through the central government budgetary allocation. The National Housing Fund is providing affordable loans, issued at 15% interest rate, repayable over 25 years to low-income households. This rate is way below the prevailing market rates, which are over 200%.