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22 Feb 2017
8982 867d


douglas k poulin
Every business has it's jargon and residential real estate is no exclusion. Mark Nash author of 1001 Tips for Buying and Selling a true  home shares commonly used terms with home buyers and sellers.
douglas k poulin
1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.

1099: The statement of earnings reported to the IRS for a contractor that is independent.

A/I: a contract that is pending with inspection and attorney contingencies.

Accompanied showings: Those showings where the listing representative must accompany an agent and his / her consumers whenever viewing a listing.

Addendum: An addition to; a document.

Adjustable price mortgage (ARM): A type  of home mortgage whoever rate of interest is tied to an index that is economic which fluctuates utilizing  the market. Typical supply periods are one, three, five, and seven years.

Agent: The licensed estate that is real or broker who represents buyers or sellers.

Yearly percentage rate (APR): The total costs (interest, closing costs, fees, and so on) that are part of a borrower's loan, expressed as a percentage price of interest. The total costs are amortized over the expression of the mortgage.

Application fees: Fees that home loan businesses charge buyers during the  time of written application for that loan; for instance, fees for running credit reports of borrowers, property assessment fees, and lender-specific charges.

Appointments: Those times or schedules an agent shows properties to clients.

Appraisal: A document of viewpoint of property value at a point that is specific time.

Appraised price (AP):  the relocation that is third-party offers (under most contracts) the seller for their property. Generally, the average of two or even more independent appraisals.

"As-is": A contract or offer clause stating that the vendor will not repair or correct any issues  with the property. Also used in listings and marketing materials.

Assumable home loan: One in that your customer agrees to match  the responsibilities of the existing loan agreement that the seller made with the lender. When assuming a home loan, a buyer becomes personally liable for the payment of principal and interest. The initial mortgagor should receive a written release from the obligation if the buyer assumes the initial mortgage. Right Back on market (BOM): When a property or listing is placed back in the marketplace after being eliminated from the market recently.

Back-up agent: a agent that is licensed works with clients whenever their agent is unavailable.

Balloon mortgage: a kind  of mortgage that is generally paid over a period that is short of, but is amortized over a longer period of time. The borrower typically will pay a mix  of major and interest. The entire unpaid balance must be repaid at the end of the loan term.

Back-up offer: When an offer is accepted contingent on  the fall through or voiding of an accepted first offer on a property.

Bill of sale: Transfers title to individual home in a transaction.

Board of REALTORS® (local): a relationship of REALTORS® in a specific area that is geographic.

Broker: A state licensed individual whom acts as the agent for the seller or buyer.

Broker of record: The person registered with his or  her state certification authority as the handling broker of a certain estate that is real office.

Broker's market analysis (BMA): The real estate broker's opinion of the expected final web sale price, determined after acquisition of the home by the third-party business.

Broker's tour: A preset some time day when estate that is real agents can view listings by multiple brokerages available in the  market.

Buyer: The purchaser of a house.

Buyer agency: a estate that is real retained by the client who has a fiduciary responsibility to the buyer.

Buyer agent: The agent whom shows the client's property, negotiates the contract or offer for the buyer, and works with the buyer to close the transaction.

Carrying costs: Cost incurred to steadfastly keep up home (taxes, interest, insurance, utilities, and so forth).

Closing: the final end of a transaction process in which  the deed is delivered, papers are signed, and funds are dispersed.

CLUE (Comprehensive Loss Exchange that is underwriting) The insurance industry's national database that assigns individuals a danger rating. CLUE also has a file that is electronic of properties insurance history. These files are accessible by insurance organizations nationally. These files could impact the ability  to sell property as they might include information that a buyer that is prospective find objectionable, plus  in some cases  not even insurable.

Commission: The settlement paid to the listing brokerage by the vendor for selling the home. A buyer may be required to also pay a commission to his / her representative.

Commission split: The percentage split of commission compen-sation between the estate that is real brokerage and the real estate sales agent or broker.

Competitive Market Analysis (CMA): The analysis used to offer market information to your seller and assist the estate that is real in securing the listing.



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