Home Buyers and Sellers Real Estate Glossary

Every single business has it’s vocabulary and residential real house is no exception. Draw Nash author of one thousand one Tricks for Buying and Offering a Home shares commonly used conditions with home buyers and sellers. house for sale halifax

1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.

1099: The statement of income reported to the IRS for an independent contractor.

A/I: A contract that is pending with legal professional and inspection contingencies.

Accompanied showings: Those showings where the listing agent must go along with a real estate agent and his or her clients when looking at a listing.

Addendum: A great addition to; a doc.

Adjustable rate mortgage (ARM): A type of home loan loan whose rate of interest is linked to an monetary index, which fluctuates with the market. Typical ARM times are one, three, five, and seven years. 

Agent: The accredited real real estate salesperson or broker who represents buyers or vendors.

Annual percentage rate (APR): The total costs (interest rate, closing costs, fees, and so on) that are part of a borrower’s loan, expressed as a portion rate of interest. The total costs are amortized over the term of the loan.

Application fees: Fees that mortgage companies charge customers at the time of written application for a loan; for example, fees for running credit information of borrowers, property evaluation fees, and lender-specific fees.

Appointments: Those times or time periods a realtor shows properties to clients.

Evaluation: A document of view of property value at a specific point in time.

Appraised price (AP): The price the thirdparty relocation company offers (under most contracts) the seller for his or her property. Generally, the typical of two or more impartial appraisals.

“As-is”: A deal or offer clause proclaiming that the vendor will not repair or right any problems with the property. Also used in listings and ads.

Assumable mortgage: One in that this buyer agrees to match the obligations of the existing loan agreement that the seller made out of the lender. When assuming a home loan, a buyer becomes personally liable for the payment of primary and interest. The first mortgagor should receive a written release from the legal responsibility when the buyer presumes the original mortgage.

Back again on market (BOM): The moment a property or record is located back on the market after being taken out of the market lately.

Back-up agent: A accredited agent who works with clients when their agent is unavailable.

Balloon home loan: A type of home loan that is generally paid over a short time of time, but is amortized over a longer period of time. The borrower typically pays a blend of main and interest. At the end of the loan term, the complete unpaid balance must be repaid.

Backup offer: When an offer is accepted contingent on the fall through or voiding of the accepted first offer over a property.

Expenses of sale: Transfers name to personal items in a transaction.

Board of REALTORS(R) (local): A interconnection of REALTORS(R) in a particular geographic area.

Broker: A situation accredited individual who acts as the agent for the seller or buyer.

Broker of record: The person registered with his or her point out licensing authority as the managing broker of a specific real estate sales office.

Broker’s market evaluation (BMA): The real property broker’s view of the expected final net deal price, determined after obtain of the property by the third-party company.

Broker’s tour: A preset time and day when real estate sales agents can view listings by multiple brokerages in the market.

Buyer: The purchaser of a property.

Buyer company: A real estate broker retained by the buyer who has a fiduciary duty to the customer.

Customer agent: The agent who shows the buyer’s property, negotiates the contract or offer for the purchaser, and works with the buyer to shut the deal.

Carrying costs: Cost suffered to maintain a house (taxes, interest, insurance, programs, and so on).

Final: The finish of a purchase process where deed is delivered, documents are agreed upon, and funds are spread.

CLUE (Comprehensive Loss Underwriting Exchange): The industry’s nationwide database that assigns individuals a risk score. IDEA also has an electric file of a properties insurance history. These documents are accessible by insurance companies nationally. These documents could impact the capability to sell property as they might contain information that the possible buyer might find objectionable, and occasionally not even insurable.