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20 Advanced Real Estate Terms & Concepts to Know. Now, let's get an idea on some of the advance terms used in the real estate industry. 1. ‘As Is’ clause. Let's learn about this real estate concept from both a seller's and a buyer's point of view. For sellers
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.
Apartment. A unit within a residential building. It may be a dwelling that is in a building owned by one owner and the occupants rent from that one owner or it can be an individually owned unit that is part of strata condominium development. Typically when used in Canadian real estate apartment is not owned by its occupant and a condo is.
- 41 Key Real Estate Terms That You Must Know
- Property Types and Features
- Legal Terms and Contracts
- Home Inspection and Appraisal Terms
- Closing Process and Terms
- Real Estate Agent Terminology
An appraisal helps the lender to assess the actual worth of a home. This is important from the lender’s point of view to make sure that the loan amount requested by the borrower is accurate. After...A lot of buyers are not aware of the closing cost. Closing here refers to the transfer of title from the seller to the buyer. As a buyer, your closing cost may comprise the following: brokerage, in...You are quite likely to be familiar with this term. A downpayment is what a buyer is expected to pay. Usually, down payment is a small percentage of the total amount of the property which you pay u...In real estate terms, a third party responsible for holding funds is called an escrow. This is a contractual agreement between the buyer and seller to make sure that certain conditions are met befo...A single-family home is a stand-alone residential building. Single-family homes don’t have shared walls and hence offer more privacy.Condos is a shortened version of condominiums. A condo refers to a flat and means an individually owned home in a residential complex which comprises other residential units.A townhouse is a tall narrow house which has a roof of its own and has adjoining homes on its side. Sometimes a townhouse will have a front yard and a backyard.As can be derived from the term, a multi-family property is where multiple families stay. A town house, ana apartment complex, etc., are examples of a multi-family property.During the process of buying a home, buyers and sellers sign a plethora of contracts/agreements. Purchase agreement is the last one of them, which documents the transfer of property from the seller...A real estate agreement will have multiple contingencies. A contingency in real estate terms means a clause in the agreement specifying an obligation. Only if the specified obligation is met, the c...A title insurance unequivocally proclaims that the ownership of a property belongs to a single individual and no one else has any claim on it. Before issuing a title insurance, the concerned author...A deed in real estate terms is a legal document, which is used to transfer the ownership of a property from the seller to the buyer. A deed needs to have the name of the property as well as the nam...The term refers to the inspection of a home with regard to its condition and safety. A buyer arranges for a home inspection before the final nod to ensure that the property is devoid of any damage.As a home ages, it may require various upkeep and maintenance work or repairs. It is mandatory to do repair works on your home at regular intervals to make sure that it remains in good condition fo...In real estate terms, market value indicates the value of a property at a specific time. Often it goes up with the passing of time, acquiring more and more value. But it is not entirely impossible...In real estate terms, comparables or simply ‘comps’ indicate properties which are comparable in a specific area. The method is used to assess the value of a property.When you initiate the process of buying a home, you reach an accord with the developer regarding the closing date, i.e., the date the developer hands over the property to you. In other words, the c...A settlement statement is a set of terms and conditions between two parties. It is commonly used for loan agreements and details all conditions, costs etc.All operating expenses or any kind of expenses are considered prorated expenses. Property taxes, for example, are considered as a prorated expense.A closing agent or an attorney is a professional who helps in closing a real estate deal. They primarily work for the buyer and ensures that a real estate transaction is going smooth.A self-explanatory term in real estate, a buyer’s agent is one who helps a buyer. A buyer’s agent can help the homebuyer to find the right property, save time and money, and help throughout the buy...Working with the seller, a seller’s agent’s job is to make the transaction process easier for the seller. A seller’s agent identifies the right buyer and helps in closing the deal smoothly.If a buyer’s agent works for the buyer, and a seller’s agent works for the seller, a dual agency works for both. It is up to the buyer or seller to decide whether they want to opt for a dual agency...A listing agent lists the home which is up for sale in the market and hence the name. He is also called the seller’s agent and acts on behalf of the seller.By now, you must have acquired a fair gra...Prospecting: The process of searching for and identifying potential clients, also known as leads, for your real estate business. Circle Prospecting: A strategy where agents target a specific geographic area or neighborhood to generate leads, often by cold calling or door knocking. Skiptrace: The process of locating a person’s contact ...
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.
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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 ...
