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Home Purchasers and Sellers Real Estate Glossary
practice areas
Every business has it's jargon and residential estate that is real no exception. Mark Nash author of 1001 Tips for investing A  home shares commonly used terms with home buyers and sellers.
practice areas
1031 exchange or Starker change: 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: an agreement that is pending with inspection and attorney contingencies.

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

Addendum: An addition to; a document.

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

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

Yearly percentage rate (APR): The costs that are totalinterest, closing costs, fees, and so on) that are part of a debtor's loan, indicated as a percentage price of interest. The costs that are total amortized over the term of the loan.

Application fees: Fees that mortgage organizations charge purchasers during the  time of written application for financing; for instance, fees for running credit history of borrowers, property appraisal fees, and lender-specific costs.

Appointments: Those times or cycles 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 relocation that is third-party offers (under most contracts) the seller for his or her property. Generally, the average of two or maybe more independent appraisals.

"As-is": A contract or offer clause stating that the seller will not fix or correct any difficulties  with the property. Also utilized in listings and marketing materials.

Assumable home loan: One in which the buyer agrees to fulfill  the responsibilities 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 original mortgagor should receive a written release from the obligation whenever buyer assumes the original mortgage.  Back on market (BOM): When a listing or property is placed back in the marketplace after being eliminated from the market recently.

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

Balloon mortgage: a form  of mortgage that is usually paid over a short period of  time, but is amortized over a longer time of time. The debtor typically will pay a mixture  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 individual property in a transaction.

Board of REALTORS® (local): an association of REALTORS® in a certain geographic area.

Broker: a continuing state licensed individual whom functions once the agent for the seller or buyer.

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

Broker's market analysis (BMA): The actual estate broker's opinion of the expected final web sale price, determined after acquisition of the property 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 in the  market.

Buyer: The buyer of a property.

Buyer agency: a genuine estate broker retained by the client who's got a fiduciary responsibility to the customer.

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

Carrying costs: Cost incurred to steadfastly keep up a property (taxes, interest, insurance, utilities, and so on).

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

CLUE (Comprehensive Loss Exchange that is underwriting) The insurance coverage 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 companies nationally. These files could impact the capability  to sell home as they may contain information that a prospective buyer might find objectionable, and  in some cases perhaps not even insurable.

Commission: The settlement paid to the listing brokerage by the seller for selling the home. A buyer may be needed  to spend a commission to his / her representative.

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

Competitive Market Analysis (CMA): The analysis utilized to provide market information to the seller and assist the property broker in securing the listing.

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