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!
Author:Janene Johnson Phone: 970-531-2284 Dated: January 10th 2019 Views: 434 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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