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Nov 13, 2023 · Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients.
- 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.
Estate - The degree, quantity, nature and extent of interest which a person has in real property. Estate in Reversion - The residue of an estate left for the grantor, to commence in possession after the termination of some particular estate granted by the grantor.
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Black’s Guide’s Glossary of Real Estate Terms provides a complete reference dictionary of terms and phrases used in the commercial real estate industry. These definitions have been endorsed by numerous industry organizations as the Market Standard for their respective regions.
Sep 13, 2024 · Real property is a common technical term for “real estate” that is transferred from owner to owner by written deeds. For many of us, it could mean a house or a condominium, but the definition...
As a real estate agent, it’s crucial to have a firm grasp on industry-specific terminology to effectively navigate the world of prospecting, lead generation, and marketing. This real estate dictionary will help you better understand the language used in the real estate business – and familiarize you with key concepts and strategies ...
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Sep 17, 2022 · If you plan to make a real estate transaction, whether buying or selling, you will come across real estate terminology and definitions that you are unfamiliar with. These are some of the most important real estate terms that buyers and sellers should be aware of.
