Skip to main content

Tag: National Association of Realtors

5 real estate terms both buyers and sellers should know

If you regularly follow our blog, then you know that we’ve been going through a list of common real estate terms, five at a time!  There are so many real estate terms that surface during the buying and selling processes…it’s enough to make your head spin!  (This is one of the reasons why it pays to employ the services of a licensed Realtor– read more about that in our previous post on the topic!)  We thought we’d take a few terms at a time and give simple explanations for each, courtesy of National Association of Realtors (NAR) Real Estate Glossary.  For the full list of the terms and definitions, click here!  For the first five terms that we covered, click here!Fixture: Personal property that has become part of the property through permanent attachment.Gift letter: A letter to a lender stating that a gift of cash has been made to the buyer(s) and that the person gifting the cash to the buyer is not expecting the gift to be repaid. The exact wording of the gift letter should be requested of the lender.Good faith estimate: Under the Real Estate Settlement Procedures Act, within three days of an application submission, lenders are required to provide in writing to potential borrowers a good faith estimate of closing costs.Gross closed commission income: The total amount of commission income a real estate sales agent or broker receives from closed transactions.Gross sale price: The sale price before any concessions.Ready to take that next step and make a move?  Let the experts from Cami Jones Collaborative help you!  We’re with you every step of the way.  (And no, we won’t test you on these terms!) #JPA

5 (more) real estate terms you should know

 If you regularly follow our blog, then you know that we’ve been going through a list of common real estate terms, five at a time!  There are so many real estate terms that surface during the buying and selling processes…it’s enough to make your head spin!  (This is one of the reasons why it pays to employ the services of a licensed Realtor– read more about that in our previous post on the topic!)  We thought we’d take a few terms at a time and give simple explanations for each, courtesy of National Association of Realtors (NAR) Real Estate Glossary.  For the full list of the terms and definitions, click here!  For the first five terms that we covered, click here!Down payment: The amount of cash put toward a purchase by the borrower.Dual agent: A state-licensed individual who represents both the seller and the buyer in a single transaction.Earnest money deposit: The money given to the seller at the time the offer is made as a sign of the buyer’s good faith.Escrow account for real estate taxes and insurance: An account into which borrowers pay monthly prorations for real estate taxes and property insurance.Exclusions: Fixtures or personal property that are excluded from the contract or offer to purchase.

5 (more) real estate terms you should understand

 There are so many real estate terms that surface during the buying and selling processes…it’s enough to make your head spin!  (This is one of the reasons why it pays to employ the services of a licensed Realtor– read more about that in our previous post on the topic!)  We thought we’d take a few terms at a time (starting with “A” of course) and give simple explanations for each, courtesy of National Association of Realtors (NAR) Real Estate Glossary.  For the full list of the terms and definitions, click here!  For the first five terms that we covered in our last post, click here!Commission: The compensation paid to the listing brokerage by the seller for selling the property. A buyer agency agreement may require the buyer to pay a commission to his or her agent.Contingency: A provision in a contract requiring certain acts to be completed before the contract is binding.Conventional mortgage: A type of mortgage that has certain limitations placed on it to meet secondary market guidelines. Mortgage companies, banks, and savings and loans underwrite conventional mortgages.Counteroffer: The response to an offer or a bid by the seller or buyer after the original offer or bid.DOM: Days on market.  The number of days a property has been on the market.

5 real estate terms you should understand

There are so many real estate terms that surface during the buying and selling processes…it’s enough to make your head spin!  (This is one of the reasons why it pays to employ the services of a licensed Realtor– read more about that in our previous post on the topic!)  We thought we’d take a few terms at a time (starting with “A” of course) and give simple explanations for each, courtesy of National Association of Realtors (NAR) Real Estate Glossary.  For the full list of the terms and definitions, click here!Adjustable rate mortgage (ARM): A type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market. Typical ARM periods are one, three, five, and seven years.Application fees: Fees that mortgage companies charge buyers at the time of written application for a loan; for example, fees for running credit reports of borrowers, property appraisal fees, and lender-specific fees.Back-up offer: When an offer is accepted contingent on the fall through or voiding of an accepted first offer on a property.Buyer agent: The agent who shows the buyer’s property, negotiates the contract or offer for the buyer, and works with the buyer to close the transaction.Closing: The end of a transaction process where the deed is delivered, documents are signed, and funds are dispersed.