Glossary of Home Buyers and Real Estate Sellers

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.

Front elevation of Home, with lawn

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.

 

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