- :Appraisal: A document of opinion of the property value at a specific point in time. 1
- Back-up Offer: The seller accepts an offer contingent on the first buyer canceling or failing to complete the original contract. 1
- Buyer’s Agent: The agent shows the buyer the 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: At closing, the buyer and seller pay closing costs, which include the fees associated with completing a real estate transaction.
- DOM: Days on Market. In real estate terms, DOM stands for Days on Market. It tracks the number of days a property remains listed for sale before it goes under contract.
- Dual Agency: Simultaneously representing both principals (buyers and sellers).
- Due Diligence: During a home inspection, a home inspector examines your home for defects, including the HVAC system, electrical, plumbing, attic, flooring, foundation, and more.
- Earnest Money Deposit: After the offer is accepted, the buyer provides an earnest money deposit to escrow as a sign of good faith.
- Home Inspection: During a home inspection, a home inspector examines your home for defects, including the HVAC system, electrical, plumbing, attic, flooring, foundation, and more. 1
- Listing Agent: The agent representing the home seller during a real estate transaction. 1
- List Price: In a listing agreement, the seller and the real estate agent agree on the price of the property. Typically, this price is used to market the home to potential buyers.
- Market Value: In a competitive and open market, a property achieves its highest price when all conditions for a fair sale are in place. Additionally, the buyer and seller act prudently and knowledgeably, assuming no undue stimulus affects the price.
- Multiple Listing Service (MLS): In real estate markets, member brokers use the Multiple Listing Service (MLS) to compile and share available properties for sale.
- Preapproval: A higher level of buyer/borrower prequalification completed by a mortgage lender. Some preapprovals have conditions that the borrower must meet. 1
- Prequalification: First, the mortgage company tells a buyer, in advance of the formal mortgage application, how much money the borrower can borrow. However, some prequalifications have conditions that the borrower must meet.1
- REALTOR: Specifically, members of the NATIONAL ASSOCIATION OF REALTORS use this registered trademark exclusively.
- Relevant Properties, aka Comparative Market Analysis: First, real estate sales agents and brokers study active, pending, and sold comparable properties. Then, they use this data to estimate a competitive listing price for a property.
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
