Search results
Nov 13, 2023 · A Realtor is a real estate agent who is a dues-paying member of the National Association of Realtors. NAR members are held to a high standard of professionalism and adhere to a strict code of ethics. Refinance. If a borrower takes out a new loan on the same property, it’s called a refinance.
- 7 day notice. Notice period required by the banks before exchange of contracts on a repossessed property.
- Best and final. When a property has more than one interested party, and negotiations are going back and forth with both parties increasing, a situation may occur where sealed bids are offered.
- BMV. Below market value (don’t use this! They may not know what it means)
- Broker. Mortgage broker who offers finance.
Jun 15, 2021 · 40 Common Real Estate Abbreviations and Acronyms. Written by MasterClass. Last updated: Jun 15, 2021 • 7 min read. The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
- (64)
- Note: Letters of the alphabet without a relevant term are not listed.
- Adjustable-rate mortgage (ARM): A mortgage loan with an interest rate that can change throughout the loan’s lifetime.
- Agent: A real estate professional that is legally licensed to buy and sell property on behalf of their clients. An agent cannot operate independently, they must work under a licensed broker.
- Amortization: The process of gradually reducing mortgage loan debt over time by establishing scheduled monthly payments. The interest payment of an amortized loan will decrease as time goes on, while the principal payment will increase.
the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms and conditions set forth therein. Air Rights - Rights in real property to use the space above the surface of the land. Alienation - A transferring of property to another; the transfer of property and possession of lands, or other things, from one person to ...
- 225KB
- 26
Sep 13, 2024 · 7. Concessions. In a negotiation, one party might add some concessions to make a deal more attractive to the other party. If maintaining a high contract price is a priority for the seller, throwing in concessions may encourage the buyer to offer a higher deal price. Concessions generally have to have some monetary value.
People also ask
What is real property & how does it work?
What does real property mean?
What is a real estate abbreviation?
What is real estate jargon?
If you buy a home worth $250,000 for $240,000, you gain what is known as instant equity, because there is a $10,000 difference between the value and the cost. When you sell a home you bought for $250,000 for $260,000, you’ll get to keep the equity in the home after the close, once all the expenses are paid.
