Home Buyers and Sellers Real Estate Glossary
Every business has it’s jargon and residential estate that is real no exclusion. Mark Nash writer of 1001 Tips for Buying and Selling a true home shares commonly used terms with home buyers and sellers.
1031 exchange or Starker trade: 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 an independent specialist.
A/I: a contract that is pending with lawyer and inspection contingencies.
Accompanied showings: Those showings where the listing representative must accompany an agent and his / her consumers whenever viewing a list.
Addendum: An addition to; a document.
Adjustable rate mortgage (ARM): a kind of home mortgage whose interest rate is tied to an economic index, which fluctuates because of the market. Typical ARM periods are one, three, five, and seven years.
Agent: The licensed real estate salesperson or broker who represents purchasers or sellers.
Yearly percentage rate (APR): The costs that are totalrate of interest, closing costs, fees, and so on) that are part of a debtor’s loan, expressed as a percentage rate of interest. The total costs are amortized over the expression of the loan.
Application fees: Fees that mortgage organizations charge purchasers at the time of written application for that loan; for example, fees for running credit reports of borrowers, home appraisal fees, and fees that are lender-specific.
Appointments: those right times or time periods an agent shows properties to clients.
Appraisal: A document of opinion of property value at a point that is specific time.
Appraised price (AP): the third-party relocation company offers (under most contracts) the seller for their property. Generally, the average of two or even more appraisals that are independent.
“As-is”: A contract or offer clause stating that the vendor will not fix or correct any issues with the property. Also utilized in listings and marketing materials.
Assumable mortgage: One in which the customer agrees to fulfill the obligations of the existing loan agreement that the seller made out of the lender. When assuming a mortgage, a buyer becomes personally liable for the payment of principal and interest. The initial mortgagor should receive a written release from the obligation once the buyer assumes the mortgage that is original. Back on market (BOM): When a property or listing is put back in the marketplace after being eliminated from the market recently.
Back-up agent: a agent that is licensed works with clients when their agent is unavailable.
Balloon mortgage: a form of mortgage that is normally paid over a short period of time, but is amortized over a longer period of time. The borrower typically will pay a combination 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 in the fall through or voiding of an accepted offer that is first a property.
Bill of sale: Transfers title to property that is personal a transaction.
Board of REALTORS® (local): a relationship of REALTORS® in a certain area that is geographic.
Broker: a continuing state licensed individual whom functions due to the fact agent for the seller or buyer.
Broker of record: anyone registered with his or her state licensing authority as the managing broker of a certain real estate sales office.
Broker’s market analysis (BMA): The actual estate broker’s opinion of the expected final net sale price, determined after acquisition of the property by the third-party business.
Broker’s tour: A preset time and day when genuine property sales agents can view listings by multiple brokerages on the market.
Buyer: The buyer of home.
Buyer agency: a real property broker retained by the customer that has a fiduciary duty to the client.
Buyer agent: The agent who shows the buyer’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 a house (taxes, interest, insurance, utilities, and so forth).
Closing: The end of a transaction process where in actuality the deed is delivered, documents are signed, and funds are dispersed.
CLUE (Comprehensive Loss Underwriting Exchange): The insurance coverage industry’s national database that assigns individuals a risk score. CLUE also has a file that is electronic of properties insurance history. These files are accessible by insurance businesses nationally. These files could impact the capacity to sell property as they could contain information that a buyer that is prospective find objectionable, as well as in some cases not even insurable.
Commission: The compensation paid to the listing brokerage by the vendor for selling the house. A buyer may be required to pay a commission to his or her representative.
Commission split: The percentage split of commission compen-sation between your real estate sales brokerage and the real estate sales agent or broker.
Competitive Market Analysis (CMA): The analysis utilized to provide market information to your seller and help the real estate broker in securing the listing.