Both selling and buying a house can be difficult territory to navigate if you don’t know the meaning of the most-used real estate terms. Below, Foxtrot Realty, the leaders in luxury real estate in Green Valley Ranch, CO, defines the common terms that you should know when looking for a new place to live.
Real Estate Glossary
A home that is active means that it’s on the market and accepting offers. There may already be other offers on the table, but the seller has not accepted one yet, so a buyer can make a proposal.
This is a professionally given determination of value. Before agreeing to loan money to the buyer for the property, many mortgage companies require an appraisal from a licensed appraiser.
When a transaction is closed, the title passes from the seller to the buyer. This is when the seller is paid for the real estate property.
real estateA contingent offer is one where the seller has accepted an offer from the buyer, but the sale is subject to other criteria from either the seller or buyer before the contract can become legally binding.
The term escrow means that a neutral third party, not the buyer or seller, is holding the money for the purchase in a secure place for later use.
This is a written document that shows promise to purchase real estate property. An offer includes the price the buyer is willing to pay. This transaction does not become a contract until the seller accepts the offer from the buyer.
A real estate transaction is pending when the seller has accepted an offer from the buyer, and all the contingencies have been met. A house is marked as pending during the escrow period and will stay that way until closing.
Priced to Sell
This means that there is not much room for negotiations with the sellers in regards to the house price. Realtors who say this on their listing have already done what they believe is a price reduction to save time, so there is no need for going back and forth negotiating with a potential buyer.
Real Estate Broker
A broker is a company or individual that’s licensed to act as an agent for the buyer to negotiate purchases, sales, and leases of a real estate property. Many real estate agents work under a broker.
Whether you’re looking at condos, townhouses, or houses for sale, the professional agents at Foxtrot Realty can help you with your property search by navigating you through the real estate listings that best suit your needs.
Lake Bishop – Broker Owner
#1 Selling agent in Green Valley Ranch
Certified Military Residential Specialist
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