- Appraisal – A document of opinion of the property value at a specific point in time. 1
- Back-up Offer – When an offer is accepted, it is contingent on the first buyer falling through or voiding the accepted first offer on a property. 1
- Buyer’s Agent – The agent shows the buyer’s property, negotiates the contract or offer for the buyer, and works with the buyer to close the transaction. 1
- Closing -The transaction ends when the parties deliver the deed, sign documents, and disperse funds. 1
- Closing Costs – The fees paid at the closing of a real estate transaction. 1
- Contingency – A contract provision requires certain acts to be completed before it becomes binding.. 1
- DOM – Days on Market. 1
- Dual Agency – Simultaneously representing both principals (buyers and sellers). 1
- Due Diligence – The process of gathering information about the condition and legal status of assets to be sold. 1
- Earnest Money Deposit – The money given to escrow when the offer is accepted as a sign of the buyer’s good faith. 1
- Home Inspection – A home inspector examines your home for defects: HVAC system, electrical, plumbing, attic, flooring, foundation, etc. 1
- Listing Agent – The agent representing the home seller during a real estate transaction. 1
- List Price – The price of a property through a listing agreement. 1
- Market Value – The highest price a property will bring in a competitive and open market, provided all conditions for a fair sale are met. Additionally, the buyer and seller act prudently and knowledgeably, assuming no undue stimulus affects the price.
- Multiple Listing Service (MLS) – A service that compiles available properties for sale by member brokers. 1
- Preapproval – A higher level of buyer/borrower prequalification completed by a mortgage lender. Some preapprovals have conditions the borrower must meet. 1
- Prequalification – The mortgage company tells a buyer in advance of the formal mortgage application how much money the borrower can afford to borrow. Some prequalifications have conditions that the borrower must meet. 1
- REALTOR – A registered trademark of the NATIONAL ASSOCIATION OF REALTORS that its members can use only. 1
- Relevant Properties, aka Comparative Market Analysis – A study done by real estate sales agents and brokers using active, pending, and sold comparable properties to estimate a listing price for a property. 1
Sources: REALTOR Magazine | Real Estate Glossary (https://magazine.realtor/tool-kit/rookie/article/2020/02/real-estate-glossary)1
Dictionary.com (https://www.dictionary.com/)2
