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For those new to buying and selling real estate, the language can often add layers of confusion.
Here are six terms that you should know before starting the process.
Buyer’s Realtor/Selling Realtor
There are usually two realtors involved in a transaction. Buyer’s agent who represents you and the listing agent who represents the seller.
Multiple Listing Service (MLS)
A database that is used to access property information.
A pre-approved mortgage is also referred to as a pre-approval. This would be a written approval from a lender that it will loan you a certain amount of money for the purchase of real estate, for a certain term and at a certain interest rate.
An offer is a conditional proposal made by a buyer or seller to buy or sell an asset, which becomes legally enforceable if accepted.
A condition is a term in a contract that has an expiration attached to it. Without the condition being removed before the expiration, the contract falls apart.
It is common in real estate to put conditions such as the buyer needs to obtain adequate financing, or the buyer doing a home inspection before they buy. However, a condition could be anything.
A closing is the final step in the real estate transaction. The closing date is set during the negotiation phase, and is usually several weeks after the offer is formally accepted. On the closing date, the ownership of the property is transferred to the buyer.
These are terms that are important to know as it helps make the real estate language easier to understand.
If you have any real estate inquiries or if there is a term that you want to know exactly what it means, please reach out as I would love to help.