- Appraisal – A document of opinion of the property value at a specific point in time. 1
- Back-up Offer – When an offer is accepted contingent on the first buyer falling through or the voiding of 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 end of a transaction where the deed is delivered, documents are signed, and funds are dispersed. 1
- Closing Costs – The fees paid at the closing of a real estate transaction. 1
- Contingency – A provision in a contract requiring certain acts to be completed before the contract is binding. 1
- DOM – Days on Market. 1
- Dual Agency – The representation of both principals (buyers and sellers) simultaneously. 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
- ESCROW – A bond, deed, or other document kept in the custody of a third party and taking effect only when a specified condition has been fulfilled.2
- 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 in terms of money that a property will bring in a competitive and open market under all conditions requisite to a fair sale. The buyer and seller act prudently, knowledgeably, and assuming the price is not affected by undue stimulus. 1
- 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 can be used only by its members. 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
