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Nov 13, 2023 · You can explain to them that a commission is the amount charged by the real estate agents who lead the transaction. It is almost always paid by the seller. Generally 6% of the purchase price of the property, commissions are usually split between the buyer and seller agents and then between the agents and their brokers.
real estate, usually extending the useful life and value of a property. (The replacement of a roof would be considered a capital improvement.) Capital Loss - A loss from the sale of an asset not in the usual course of business. Caveat Emptor - Let the buyer beware. The buyer must examine the goods or property and buy at the buyer’s own risk.
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Welcome to the Lexicon of Real Estate Terms. Navigating the world of real estate can be daunting, especially with the myriad of terminology that pervades the industry. Our Lexicon of Real Estate Terms is here to simplify your experience, providing you with more than 3,300 terms and definitions and 33,000 Quizes to help you feel comfortable ...
- Adjustable-rate mortgage (ARM) With ARM loans, interest rates can change after an initial fixed rate period as they adjust based on the interest rate index the ARM is tied to (e.g., LIBOR, COFI, etc.).
- Appraisal. An appraisal is required to gather the estimated value of a piece of real estate. During the home sale, the mortgage lender sends out an appraiser to get a professional opinion of the value of the property.
- Appraisal contingency. An appraisal contingency is a clause that allows a buyer to dissolve a purchase agreement if a home’s appraised value is less than the sale price.
- As-is. A property marketed in “as is” condition usually indicates that the seller is unwilling to perform most if not all repairs. It could also mean that it is priced “as is”, which is typically lower than market pricing in the area.
Buying a house can be an exciting, but complex process. So when you embark on your journey, one of your first stops should be familiarizing yourself with the lingo. We’ve curated helpful information from our Homebuyers’ Road Map and Tips for Buyers, to share with you some of the most important terminology a new buyer.
Below-grade: Any facility or part of a facility located underground or below the surface grade. Breach of Warranty: The failure of the seller of real property to pass title as either expressed or implied by law in the conveyancing document. Buffer: A strip of land. a transition established as between distinct land uses.
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Mar 20, 2023 · 26. Equity. A percentage of the home’s value owned by the homeowner. 27. Escalation clause. A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property.
