What Does It Mean

What Does It Mean

Contingency, Days on market, Curb appeal… Real Estate has a language all its own. Don’t worry, over my next few blogs I will have you up to speed with a list of common terms you’re likely to encounter.


Agent
: The licensed real estate salesperson or broker who represents buyers or sellers.

Appraisal: A document of opinion of property value at a specific point in time.


“As-is”
: A contract or offer clause stating that the seller will not repair or correct any problems with the property. Also used in listings and marketing materials.


Back on market (BOM)
: When a property or listing is placed back on the market after being removed from the market recently.


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


Back-up offer
: When an offer is accepted contingent on the fall through or voiding of an accepted first offer on a property.


Board of REALTORS® (local)
: An association of REALTORS® in a specific geographic area.


Broker
: A state licensed individual who acts as the agent for the seller or buyer.


Broker’s market analysis (BMA)
: The real estate broker’s opinion of the expected final net sale price, determined after acquisition of the property by the third-party company.


Broker’s price opinion (BPO)
: The real estate broker’s opinion of the expected final net sale price, determined prior to the acquisition of the property.


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


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.


Commission split
: The percentage split of commission compensation between the real estate sales brokerage and the real estate sales agent or broker.


Competitive market analysis (CMA)
: The analysis used to provide market information to the seller and assist the real estate broker in securing the listing.


Condominium declarations: 
A document that legally establishes a condominium.


Condominium right of first refusal
: A person or an association that has the first opportunity to purchase condominium real estate when it becomes available or the right to meet any other offer.


Contingency
: A provision in a contract requiring certain acts to be completed before the contract is binding.


Contract of sale
: An agreement between the third-party relocation company and the seller (transferee) whereby the third-party company purchases property owned by the seller.


Counteroffer
: The response to an offer or a bid by the seller or buyer after the original offer or bid.


Curb appeal
: The visual impact a property projects from the street.


Stay tuned for more great Real Estate lingo!Image title


Janene Johnson Headshot
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Phone: 970-531-2284
Dated: January 10th 2019
Views: 198
About Janene: Raised on the east coast, Janene moved to Colorado after falling in love with the area while here on...

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