timothy c williams
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Home Purchasers and Sellers Real Estate Glossary
Every company has it's jargon and residential genuine estate is no exception. Mark Nash writer of 1001 Tips for exchanging A 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 an exchange that is tax-deferred.
1099: The statement of income reported to the IRS for an independent specialist.
A/I: an agreement that is pending with lawyer and inspection contingencies.
Accompanied showings: Those showings where the listing representative must accompany a representative and their clients when viewing an inventory.
Addendum: An addition to; a document.
Adjustable price mortgage (ARM): A type of home mortgage whoever rate of interest is tied to an economic index, which fluctuates aided by the market. Typical supply periods are one, three, five, and seven years.
Agent: The licensed real estate sales person or broker who represents purchasers or sellers.
Yearly percentage rate (APR): The costs that are totalinterest rate, closing costs, fees, and so on) that are component of a debtor's loan, indicated as a percentage rate of interest. The total costs are amortized over the term of the loan.
Application fees: Fees that mortgage organizations charge purchasers during the time of written application for a loan; for instance, fees for running credit history of borrowers, home appraisal fees, and lender-specific costs.
Appointments: Those times or cycles an agent shows properties to clients.
Appraisal: A document of opinion of home value at a specific point in time.
Appraised price (AP): the third-party relocation company provides (under most contracts) the seller for his or her property. Generally, the average of two or more independent appraisals.
"As-is": A contract or offer clause stating that the seller will not repair or correct any issues with the property. Also used in listings and marketing materials.
Assumable mortgage: One in which the customer agrees to match the obligations of the existing loan agreement that the seller created using the lender. When assuming home financing, a buyer becomes personally liable for the payment of interest and principal. The first mortgagor should receive a written release from the obligation once the buyer assumes the initial mortgage. Straight Back on market (BOM): When a property or listing is put back available on the market after being eliminated from the market recently.
Back-up agent: A licensed agent who works with clients whenever 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 pays a mix 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 on the fall through or voiding of an accepted first offer on a property.
Bill of sale: Transfers title to property that is personal a transaction.
Board of REALTORS® (local): a relationship of REALTORS® in a specific area that is geographic.
Broker: A state licensed individual whom functions once the agent for the seller or buyer.
Broker of record: The person registered with his / her state licensing authority as the managing broker of a particular estate that is real office.
Broker's market analysis (BMA): The true 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 available in the market.
Buyer: The purchaser of a property.
Buyer agency: a estate that is real retained by the customer who's got a fiduciary responsibility to the client.
Buyer agent: The agent whom shows the customer's property, negotiates the contract or offer for the customer, and works with the buyer to close the transaction.
Carrying costs: Cost incurred to keep home (taxes, interest, insurance, utilities, and so forth).
Closing: The end of a transaction process where the deed is delivered, papers are signed, and funds are dispersed.
CLUE (Comprehensive Loss Underwriting Exchange): The insurance 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 organizations nationally. These files could impact the capacity to sell home as they may contain information that a prospective buyer might find objectionable, plus in some cases maybe not even insurable.
Commission: The payment paid to the listing brokerage by the vendor for selling the house. A buyer may additionally be required to pay a commission to his / her representative.
Commission split: The percentage split of commission compen-sation between the estate that is real brokerage and the real estate sales agent or broker.
Competitive Market Analysis (CMA): The analysis used to offer market information to your seller and assist the real-estate broker in securing the listing.