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Terms your real estate agent may use Part 2

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By : frank jeffries    99 or more times read
The Real Estate market, whether it’s Chicago Real Estate, Manchester Real Estate or Makati Real Estate Market, have terms. A first time seller or buyer in this market should learn said terms; so here’s a glossary of real estate terms:

Broker of record: The individual registered with his or her state licensing authority as the managing broker of a specific assets marketing office.

Broker’s market analysis (BMA): The real estate broker’s idea of the assumed final net sale value, distinguished subsequent to acquisition of the property by the third-party group.

Broker’s tour: A preset day and time when asset sales representatives can check listings by multiple agencies available.

Buyer: The purchaser of an asset.

Buyer agency: A real estate agent kept by the person who has a fiduciary responsibility to the buyer who will buy.

Buyer agent: The agent who shows the buyer’s asset, transacts the contract or proposal for the buyer who will buy, and works with the the person who buys to close the transaction.

Carrying costs: Cost incurred to preserved an asset (taxes, interest, insurance, utilities, and so on).

Closing: The finish line of a deal procedure where the title is handed over, documents are marked, and money is released.

CLUE (Comprehensive Loss Underwriting Exchange): The assurance industry’s national base that gives individuals a risk score. CLUE has as well an electronic file of a properties warranty history. These files are accessible by insurance offices nationally. These folders can impact the skill to market property as they may contain data that a prospective buyer might find objectionable, and in other instances not even allowed to be ensured.

Commission: The reward given to the listing brokerage list by the person who sells for marketing the asset. A person who will buy can also be ordered to give a percentage part to his or her agent.

Commission split: The percentage split of compensation-commission between the property market brokerage and the asset sales agent or broker.

Competitive Market Analysis (CMA): The study used to render market information to the person who sells and aids the real estate agent in preparing the catalogue.

Condominium association: A group of all owners in a condominium.

Condominium budget: A financial analyses and report of a condominium association’s costs and savings.

Condominium by-laws: Regulations amended by the group utilized in administration of the condo property.

Condominium declarations: A paper that legitimately establishes a condominium.

Condominium right of first refusal: An individual or an association that has the first opportunity to purchase condominium real estate when it becomes available or the right to see another proposal.

Condominium rules and regulation: Regulations of a condo group to which owners agree to abide.

Contingency: A provision in an agreement needing specific acts to be completed prior to the contract should also be followed.

Continue to show: Refers to when a property is under agreement with contingencies, yet the seller asks that the property continue to be presented to prospective buyers til emergencies are given out.

Contract for deed: A sales contract in which the buyer possesses the asset but the seller holds deed until the loan is paid. Also known as an installment sale contract.

Conventional mortgage: A classification of mortgage that has given limitations placed on it to intersect secondary sales regulations. Mortgage agencies, savings, and banks and borrowed amount underwrite stereotypical mortgages.

Cooperating commission: A commission given to the buyer’s representative agent for bringing a buyer to the marketing agency’s catalogue.

Cooperative (Co-op): Where the shareholders of the corporation are the inhabitants of the real estate. Each partner has the right to rent a certain unit. The difference between a co-op and a condominium is in a co-op, one owns shares in a corporation; in a condo one owns the unit fee simple.

Counteroffer: The reply to a proposal or a bid by the seller or the person who buys subsequent to the initial proposal or bid.

Credit report: Involves all of the record for a borrower’s credit accounts, unpaid debts, and payment timelines on old or present loans.

Credit score: A score assigned to a borrower’s balance report reliant on information included therein.

Curb appeal: The visual impact an asset presents from the road.

Days on market: The number of days an asset stayed on the listing.

Decree: A decision of the court that gives the agreements and rights of the parties.

Disclosures: Local, federal, state, county necessities of exposure that the the one who sells provides and the one who buys accepts.

Divorce: The legitimate disjoining of a wife and husband impacted by a court order that totally liquefies the matrimonial relationship.

DOM: Days on market.

Down payment: The sum of cash put toward a purchase by the person who borrows.

Drive-by: When a person who buys or seller representative or broker drives by a real estate listing or potential catalogue.

Dual agent: A government-licensed individual who represents the person who sells and the buyer in one deal.
Jeffries has worked with several Rent Makati properties. He can also aid you to Rent Apartment Makati and more.

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