The jargon, translated.
Every term you’ll meet in a fast property sale, in plain English — with country-specific terms flagged.
- Cash buyerAll countries
- A person or company that purchases property with funds they already hold — no mortgage, no lender approval, which is why cash sales cannot fall through on financing.
- As-is saleAll countries
- A sale where the buyer takes the property in its current condition — no repairs, cleaning or clearing required from the seller. Condition affects the price, not the possibility of the sale.
- Proof of fundsAll countries
- Evidence (bank statement or solicitor/attorney confirmation) that a buyer actually holds the money to complete. The single most important document to request before trusting any cash buyer.
- EquityAll countries
- The difference between what your property is worth and what you owe on it. In a distressed sale, the goal is converting remaining equity to cash before fees, arrears and legal processes consume it.
- ArrearsAll countries
- Missed payments owed on a mortgage or other secured debt. Arrears are repaid from sale proceeds at completion — selling before enforcement is how sellers protect their remaining equity.
- ForeclosureUnited States
- The legal process by which a lender repossesses and sells a property after missed mortgage payments. Until the process completes, the owner can still sell — a fast cash sale is a common way to stop it.
- ClosingUS & Canada
- The final step of a property sale, when documents are signed, funds transfer and ownership changes. Cash closings commonly take 7–21 days versus 30–60+ with mortgage financing.
- Power of saleCanada (esp. Ontario)
- A faster alternative to foreclosure where the lender sells the property directly after default. As with foreclosure, owners can usually sell themselves before the process completes.
- RepossessionUnited Kingdom
- The UK equivalent of foreclosure: the lender takes possession after missed payments. A completed cash sale before the possession hearing repays the debt and protects the seller’s credit and equity.
- CompletionUnited Kingdom
- The UK term for the final day of a sale — contracts have been exchanged, money moves, keys change hands. Cash completions can happen in 7–28 days.
- Chain / chain-freeUnited Kingdom
- A chain is a line of linked purchases where each sale depends on another completing. Chains are the top reason UK sales collapse; a cash buyer is chain-free by definition.
- SettlementAustralia
- The Australian term for the final stage of a sale, when the balance is paid and title transfers — typically 30–90 days on the open market, but negotiable to a few weeks with a cash buyer.
- Mortgagee saleAustralia
- A sale forced by the lender (mortgagee) after default. Selling before it reaches this stage usually nets the owner considerably more than the forced-sale outcome.
- ProbateAll countries (names vary)
- The legal process of administering a deceased person’s estate. A sale generally completes only after probate is granted, but offers and paperwork can be agreed in advance to complete immediately after.
- Vacant possessionUK / AU / CA
- Selling a property empty of occupants and belongings. Cash buyers frequently waive this — buying with tenants in place or contents left behind.
- TitleAll countries
- The legal record of who owns a property. Title issues (disputes, liens, missing owners) stall open-market sales but are routine work for experienced cash buyers.