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!