Real Estate Jargon Explained
Whenever you are in the midst of a real estate transaction, always ask questions if you are not sure. I am going to highlight a few common terms that are used in a real estate transaction.
- Offer-this term is used when you plan to offer to purchase the property
- Multiple Offers-sellers have received more than 2 offers to purchase
- Highest and best-when sellers receive multiple offers, they usually set a deadline for all offers to be sent, and they want the buyers to provide the highest amount and best terms they are willing to offer
- Purchase agreement-once signed by all parties, is a legally binding contract for purchase of property
- Disclosures-sellers provide all details about improvements or defects about a property
- CMA-comparative market analysis provides a current market update about value of your home
- Listing agreement-legally binding contract for me to represent you on the sale of your home
- MLS-multiple listing service that contains all the information about real estate sales for past, present, and future
- Coming soon-property is not ready for showings, but will be available on date stated
- Contingent-refers to the purchase agreement accepted for the property but is contingent upon satisfaction of agreed upon terms, i.e., inspection, financing, sale of another property
- Showing-set time for me to bring you to a property to tour
- Closing-the day final contracts are signed, and the deal is considered closed
- Closing costs-what is expected payment on day of closing, these costs are different for buyers and sellers, but typically include lender fees, taxes, down payment, broker costs
- Listing agent-the property sellers real estate agent
Thanks for reading! Please contact me if you have any questions!
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