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: 162 About Janene: Raised on the east coast, Janene moved to Colorado after falling in love with the area while here on...
View our latest blog posts in your RSS reader. Click here to access.
Real Estate of Winter Park emphasizes teamwork, customer service and a strong marketing campaign. By working together we help each other and our clients to create the best real estate experience for everyone!
Winter Park and Fraser are excited to have welcomed several new restau
"We have worked with several agents in the past, and Angela was far and away the most impressive. She was very responsive, she was an advocate for us throughout the process, and she has a deep understanding of the market. If you are considering buying or selling in Grand County, look no further!"