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Nov 13, 2023 · Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients. Even if you know every one of the 136 real estate terms on this list and how to use them, your clients expect you to be their interpreter.
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.
Apr 11, 2024 · The fee typically comes out of the proceeds from that sale, though you can negotiate the amount with your agent. The average listing fee is 2.74% of the final sale price. Listing fees are usually half of the total real estate commission included in a sale (typically 5–6%), with the other half going to the buyer's agent.
Feb 20, 2022 · About the author: The above Real Estate information on the real estate terms buyers and sellers should know was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-625-0191.
- Conventional mortgage. A conventional mortgage is a loan not guaranteed or insured by the federal government. These borrowers usually make larger down payments (at least 20%), don’t require mortgage insurance, and are at a lower risk of defaulting on their home loan payment.
- Convertible ARM. A convertible adjustable rate mortgage (ARM) allows buyers to take advantage of low interest rates by receiving a loan at a “teaser” loan interest rate.
- Cost of funds index (COFI) A cost of funds index is an average of the regional interest expenses acquired by financial institutions. It’s used to calculate variable rate loans.
- Deed. A housing deed is the legal document transferring a title from the seller to the buyer. It must be a written document and is sometimes referred to as the vehicle of the property interest transfer.
Take a look at the glossary of real estate terms below for brief, clear definitions on each of these topics that will help you make more educated decisions and correctly answer any real estate questions for your clients in 2021.Table of Contents: General Real Estate Terms; Financial Real Estate Terms; Listing Real Estate Terms; Other Real ...
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Having a comprehensive grasp on the language of real estate sets great real estate agents apart from their peers. This guide will define the terms and concepts you need to know while helping you establish yourself as the go-to real estate authority in your market. Adjustable-Rate Mortgage. Amortization. Amount of Money.
