Say What

Say What

As promised in my previous blog here are a few more Real Estate terms you are likely to hear come out of your Realtors mouth.

Days on market (DOM): The number of days a property has been on the market. 

Disclosures: Federal, state, county, and local requirements of disclosure that the seller provides and the buyer acknowledges.

Down payment: The amount of cash put toward a purchase by the borrower.

Drive-by: When a buyer or seller agent or broker drives by a property listing or potential listing.

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.

Exclusions: Fixtures or personal property that are excluded from the contract or offer to purchase.

Expired (listing): A property listing that has expired per the terms of the listing agreement.

Floor duty or time: That a time, usually assigned, when a real estate sales agent answers telephones, e-mails, or walk-in requests for information on property.

For sale by owner (FSBO): A property that is for sale by the owner of the property.

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.

Inclusions: Fixtures or personal property that are included in a contract or offer to purchase.

List date: Actual date the property was listed with the current broker.

List price: The price of a property through a listing agreement.

Listing: Brokers written agreement to represent a seller and their property. Agents refer to their inventory of agreements with sellers as listings.

Listing agent: The real estate sales agent that is representing the sellers and their property, through a listing agreement.

Listing agreement: A document that establishes the real estate agent’s agreement with the sellers to represent their property in the market.

Listing appointment: The time when a real estate sales agent meets with potential clients selling a property to secure a listing agreement.

Listing exclusion: A clause included in the listing agreement when the seller (transferee) lists his or her property with a broker.

Loan: An amount of money that is lent to a borrower who agrees to repay the amount plus interest.

Lockbox: A tool that allows secure storage of property keys on the premises for agent use. A combo uses a rotating dial to gain access with a combination; a Supra® (electronic lockbox or ELB) features a keypad.

Author: Janene Johnson
Phone: 970-531-2284
Dated: February 6th 2019
Views: 249
About Janene: Raised on the east coast, Janene moved to Colorado after falling in love with the area while here on...