The home buying and listing steps are confusing enough to start with. Real estate lingo can make it more confusing, especially if it is your first time purchasing a property. In this article you will find guidance on popular real estate lingo. This will help you better comprehend the real estate process.
Popular Real Estate Lingo
CMA
A CMA is a report that evaluates your real estate to similar properties that sold within the last few months in the same town. It usually produces a target price given the current economy.
MLS
MLS stands for Multiple Listing Service. This is a place where members of the MLS enter homes for sale. States normally have separate MLS databases, and some areas can have more than one. Non-member of MLS are not given permission to log in to the database but can receive information through authorized parties.
Tax Assessments
Assessments are the valuation placed on properties by a public tax assessor and used to estimate real estate property taxes. Assessed amounts have no relation to the selling price of a home.
Walk-Thru
Walk-thrus usually occur just prior to closing. It allows the buyer to preview a home and to check that the condition has not altered from the last time they visited it.
Contract Terms
Contingency
A contingency is a condition that must happen for an individual to proceed with a home sale or purchase. For example, the ability to move forward may be based upon the sale of their current real estate. Other common contingencies are for performance of an inspection and successful receipt of financing commitment.
Earnest Deposits
Earnest deposits refers to deposits given by a buyer with a agreement to purchase real estate. It states that a buyer is committed. Deposits are almost always held by a listing agency on behalf of an owner and credited to a buyer at settlement.
Real Estate Closing
A closing takes place when paperwork is signed, money is exchanged, and real estate legally transfers from the existing owner to a new owner. Purchase agreements normally indicate a closing date and location.
More Real Estate Lingo
This article provides guidance on popular real estate lingo and includes only some basic terms. For more comprehensive real estate information and advice, contact Sonny Solomon at 561-247-1047 or sonny@sonnysolomon.com.
