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Nov 13, 2023 · You can explain to them that a commission is the amount charged by the real estate agents who lead the transaction. It is almost always paid by the seller. Generally 6% of the purchase price of the property, commissions are usually split between the buyer and seller agents and then between the agents and their brokers.
Below-grade: Any facility or part of a facility located underground or below the surface grade. Breach of Warranty: The failure of the seller of real property to pass title as either expressed or implied by law in the conveyancing document. Buffer: A strip of land. a transition established as between distinct land uses.
Simplifying Real Estate Vocabulary. Whether you are a seasoned investor, a real estate agent, or a consumer, understanding real estate terminology is crucial for making informed decisions. This dictionary is designed to assist you by breaking down complex terms into easy-to-understand definitions. No categories are overlooked, ensuring you have ...
- Adjustable-rate mortgage (ARM) With ARM loans, interest rates can change after an initial fixed rate period as they adjust based on the interest rate index the ARM is tied to (e.g., LIBOR, COFI, etc.).
- Appraisal. An appraisal is required to gather the estimated value of a piece of real estate. During the home sale, the mortgage lender sends out an appraiser to get a professional opinion of the value of the property.
- Appraisal contingency. An appraisal contingency is a clause that allows a buyer to dissolve a purchase agreement if a home’s appraised value is less than the sale price.
- As-is. A property marketed in “as is” condition usually indicates that the seller is unwilling to perform most if not all repairs. It could also mean that it is priced “as is”, which is typically lower than market pricing in the area.
Prospecting: The process of searching for and identifying potential clients, also known as leads, for your real estate business. Circle Prospecting: A strategy where agents target a specific geographic area or neighborhood to generate leads, often by cold calling or door knocking. Skiptrace: The process of locating a person’s contact ...
Welcome to our online real estate dictionary, where you’ll find over 1400 definitions of real estate terms and jargon. The go-to source for real estate agents, brokers, homeowners, home buyers, landlords, renters, property owners, landowners and mortgage providers. Since 2004, Real-Estate-Dictionary.com has been committed to providing a ...
Here’s a plain-language guide to familiar/unfamiliar real estate terms, also known as a real estate glossary. It comprises short definitions of all the technical real estate terms you will find on our website and otherwise. The terms are in alphabetical order to help you find what you are looking for easily. A.
