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Jun 15, 2021 · 40 Common Real Estate Abbreviations and Acronyms. The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers. The real estate industry uses several unique acronyms and abbreviations.
- Terms of Service
The provision of credits in one instance does not entitle...
- Terms of Service
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.
The REALTOR.ca mortgage affordability calculator s can help you perform your own PITH test to estimate affordable mortgage payments. When taking out a mortgage, home buyers grant the bank a lien on the property. This gives the bank the right to seize your property in the event you don’t repay your mortgage.
Property Transfer Tax (PTT) A provincial tax applied to property transactions in certain regions, including British Columbia. BC PTT is 1% on the first $200,000, 2% between $200,000 and $2,000,000, 3% on the amount of the fair market value above $2,000,000, and 5% on the fair market value above $3,000,000.
Sep 13, 2024 · 7. Concessions. In a negotiation, one party might add some concessions to make a deal more attractive to the other party. If maintaining a high contract price is a priority for the seller, throwing in concessions may encourage the buyer to offer a higher deal price. Concessions generally have to have some monetary value.
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.
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2 days ago · The GRM formula is: GRM = Purchase Price or Value / Gross Rental Income. For example, if a property is purchased for $200,000 and the annual rent income is $24,000, the GRM would be: GRM = 200,000 / 24,000 = 8.3. This number can then be compared to similar properties in the area to see if the purchase price is fair.
