#Real estate lingo listing full#
#Real estate lingo listing professional#

Usually, these are the rules and regulations placed on real property by a homeowner’s association (HOA), a neighborhood association, a developer, or a builder that sets forth any requirements and limitations of what a homeowner is allowed to do with the property. This agent is a fiduciary for the seller.īuyer and listing agent commissions are each a percentage of the contract price in each sale.Ĭovenants, conditions & restrictions (CC&Rs)

#Real estate lingo listing professional#

The listing agent, also known as the seller’s agent, is a licensed real estate professional whose job is to market the seller’s property, and to represent the seller’s best interest by negotiating on behalf of the seller to secure the best price and selling scenario as possible. It is most commonly used in a highly competitive area and/or circumstance, and used as an attempt to be first and win quickly.Ī buyer’s agent, also known as a selling agent, is a licensed real estate professional whose job is to locate a buyer’s next property, represent their interests by negotiating on behalf of that buyer to obtain the best price and purchasing scenario for that buyer as possible. When a buyer makes an offer on a property they haven’t seen, even when it was possible to see it, that offer is considered a “blind offer”.

There can only be one backup offer legally, as you cannot have a backup to the backup. A backup offer must still be negotiated and any monies, such as earnest money, submitted, to confirm it is the next offer in line. When a buyer is interested in purchasing a property that is already under contract with someone else, that buyer has an opportunity to submit a “backup offer”, in case the first transaction falls apart.

Or in the alternative, the seller should release the buyer from their obligation to purchase and refund the monies spent by the buyer, such as earnest money. It could also mean that it is priced “as is”, which is typically lower than market pricing in the area.įinally, “as is” is in the condition at the time the offer was written, and should something happen to the property from the time the offer was written to the closing time which alters that condition, then that property is no longer “as is”, as it was, and should be brought back to its original “as is” condition at the time of offer, at the cost of seller. Lenders want to ensure they are not “over paying” for a property.Ī property marketed in “as is” condition usually indicates that the seller is unwilling to perform most if not all repairs. This helps the lender decide if the property is worth the amount of the loan the potential buyer is seeking.Īn 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.Īn appraiser hired by the buyer’s lender evaluates the value of the home to ensure that the loan is secured by an appropriate home value. During the home sale, the mortgage lender sends out an appraiser to get a professional opinion of the value of the property. This loan type is less predictable than a traditional fixed rate mortgage, but it can potentially yield lower interest rates during certain periods.Īn appraisal is required to gather the estimated value of a piece of real estate. 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.). For example, if the landlord were to deposit security deposit funds into the same bank account that holds his rental income, they would be commingling funds. We’ve compiled an ever growing list of real estate terms you should know to help you better understand the process and plan your move.Ĭommingling is the act of mixing funds together, and conversion refers to the act of using funds for a purpose other than what they were originally intended for. Whether you’re buying or selling a home, we created this resource to help you learn the vocabulary.

#Real estate lingo listing full#

Real estate is full of jargon (“DOM”, “HOA”, “pre qual”, etc), and it can add layers of confusion to an already convoluted process.