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2013-05-31 10:02:42
A guide for interpreting real estate jargon

   Have you ever found yourself speaking with a real estate agent and wondering what language they were speaking? If so, you are definitely not alone! Like every industry, the real estate world has very unique jargon that is often very difficult to understand. So to help soften the language barrier, we have created a small reference sheet of words and terms commonly used by real estate agents. If you would like to see anything in particular added to this list, please let us know!

Balloon Mortgage: A short-term fixed rate loan that requires the borrower to make smaller incremental payments throughout the life of the loan and then one large payment at the end of the loan.

Bill of Sale: A document of proof that shows that a property has been transferred from one party to another.

Broker: A licensed real estate professional who represents the seller of a property. Brokers typically list and advertise a home for sale, show the home to potential buyers, help clients determine the value of their home and give advice as to whether or not they should accept an offer on their home.

Closing: This term refers to the meeting where the final documents are signed and the home is transferred over to the buying party in exchange for the payment.

Closing Costs: There are two categories for closing costs; non-recurring closing costs and pre-paid items. Non-recurring closing costs will only need to be paid once and include expenses such as obtaining a loan. Pre-paid items are expenses that will reoccur many times such as property taxes and homeowner's insurance.

Contingency: A condition that must be fulfilled before a contract is legally binding.

Earnest Money: A deposit made by a potential home buyer to show that they are serious about buying a home.

Equity: The difference between a property's current market value and the amount that the owner still owes on the home's mortgage. In other words it is the amount of money that a person would receive if they were to sell their home and pay the mortgage in full.

Escrow: Something of value (money, deed, bond, etc.) that is deposited with a third party to hold and then deliver once the fulfillment of a condition has been made.

Pre-qualification: This term refers to the initial verbal or written opinion given by a loan officer as to whether or not an individual is able to qualify for a loan. This is a good indicator whether or not a person will be able to receive a loan once official inquiries about debt, income, savings and credit have been made.

Real Estate Agent: An individual affiliated directly or indirectly with the National Association of Realtors that is licensed to negotiate and transact real estate sales.

Title: A document showing legal ownership of a property.

 
Thank you again for visiting our blog! If there is a particular topic you would like to see us add in future posts, please let us know!


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