Every business has its own terminology and residential real estate is no exception. Mark Nash is the author of “1001 Tips to Buy and Sell a Home”, a term commonly used by home buyers and sellers.
1031 Exchange or Starker Exchange: Delayed conversion of property eligible for tax purposes as a tax-deferred alternative.
1099: Income statement for independent contractor reported to IRS.
A / I: Pending agreement with attorney and inspector.
Along with offers: The listing agent must be with the agent and his clients when presenting the listing.
Adjustable Mortgage (ARM): A type of mortgage loan in which the interest rate is linked to the market by a volatile financial index. Typical ARM periods are one, three, five and seven years.
Agent: A real estate seller or broker who represents buyers or sellers.
Annual Percentage Rate (APR): The total expenses (interest rate, closing costs, fees, etc.) that are part of the borrower’s loan are expressed as a percentage of the interest rate. All expenses are forgiven over the life of the borrower.
Application Fee: The fee that mortgage companies charge buyers at the time of a written application for a loan; For example, fees for executing credit reports to borrowers, property valuation fees and fees to the lender.
Times: The times or periods when the agent submits real estate timeshare exit companies to clients.
Evaluation: An opinion paper on the value of a property at a given time.
Estimated Price (AP): The price that a third party resettlement firm will offer the seller (according to most contracts) for their property. Generally, an average of two or more independent reviews.
“Existing”: The seller does not repair or repair any problems with the property as per the terms of the contract or offer. Also used in menus and marketing materials.
Mortgage: A mortgage that the buyer agrees to fulfill the obligations of the current loan agreement entered into with the seller-lender wesley financial group reviews. When a mortgage is taken, the buyer is personally and personally responsible for paying the interest. The original buyer must obtain a written release of the original mortgage obligation when the mortgage is taken out.
Return to Market (BOM): When a property or inventory is recently returned to the market after being removed from the market.
Backup Agent: A licensed agent who works with clients when their agent is not available.
Mortgage: A type of mortgage is usually paid in a short period of time, but the loan is forgiven for a longer period. The borrower usually pays a combination of principal and interest. At the end of the term, the unpaid balance must be repaid in full.
Reserve Offer: When the offer is conditionally accepted on the foreclosure or invalidation of the first accepted offer on the property.
Bill of sale: Transfers title to personal property in the transaction.
Broker: A state-licensed person who acts as an agent for the seller or buyer timeshare compliance reviews.
Registry Broker: An individual is registered with his or her licensing authority as an administrative broker for a specific real estate sales office.
Broker Market Analysis (BMA): The opinion of a real estate broker on the final net selling price of a third party, which is determined after the acquisition of the property by a third party company.
Broker Tour: A predetermined time and day when real estate sales agents can see a list of the various brokers in the market.
Buyer: Property buyer.
Buyer’s Agency: A real estate broker appointed by the buyer and trusted by the buyer.
Buyer’s Agent: The buyer’s property presenting agent negotiates a contract or offer with the buyer and works with the buyer to close the contract.