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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.
This includes specific definitions for when terms like ‘new instruction’, ‘under offer’, ‘sale/let agreed’, ‘sold/let subject to contract’ should be used, in order to provide consistency and improve standards across the industry.
Feb 13, 2013 · We have created start a glossary of property terms you can use to learn the lingo of estate agents. The following terms are language you can use with agents to show knowledge and ‘authority’ and to help you avoid getting ‘Binned’.
Jan 3, 2023 · Looking for real estate terms, abbreviations and jargon? Here’s the ultimate glossary of real estate terms and abbreviations updated in 2023 from the Real Estate Institute of Australia (REIA), Property Council of Australia, Australian Property Institute, realestate.com.au and more.
- Conventional mortgage. A conventional mortgage is a loan not guaranteed or insured by the federal government. These borrowers usually make larger down payments (at least 20%), don’t require mortgage insurance, and are at a lower risk of defaulting on their home loan payment.
- Convertible ARM. A convertible adjustable rate mortgage (ARM) allows buyers to take advantage of low interest rates by receiving a loan at a “teaser” loan interest rate.
- Cost of funds index (COFI) A cost of funds index is an average of the regional interest expenses acquired by financial institutions. It’s used to calculate variable rate loans.
- Deed. A housing deed is the legal document transferring a title from the seller to the buyer. It must be a written document and is sometimes referred to as the vehicle of the property interest transfer.
Vendor bids, caveats, LVI and LMI got you confused? From appraisal to unconditional, here’s your complete guide to real estate terms explained.
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Oct 6, 2021 · It could also refer to a real estate market cycle phase or period when commercial real estate markets are saturated with units as a result of overbuilding. Simply put, oversupply means that the property on the market is too much compared to the demand.
