If you've listened to some of our previous episodes and wondered what the different real estate terms mentioned in them meant, use this episode as your dictionary. Whether you're just embarking on the home-selling process or have been into it for a while, it's important you know these 16 (+more) terms.
Loren, Cassidy, and Chris have compiled a list of the most commonly used real estate and home selling terms and explained them in detail for this episode. Starting with listing price, down payment, and the different kinds of fees, including escrow and mortgage fees, etc.
A few of the many terms to look out for:
- Listing price: The price that initially hits the market.
- Closing costs: The fees associated with buying or selling a house. These include your escrow fees, mortgage fees, appraisal, legal fees, association fees, and other commission fees.
- Commission: A fee paid to a real estate agent for their services.
- Escrow: The neutral third party in the transaction that hands over the grant deed to the new buyer and the money to the seller.
- Deed or grant deed: The piece of paper that shows who owns a home.
- Seller’s market: A term that we use to classify how hot the market is.
- Downpayment: The cash amount that the buyers are bringing to the table; the part that they're not getting a loan for.
- Counteroffer: It is a response to the offer written and this is typically generated by the seller.
- Earnest money: Your initial deposit.
- Appraisal: An estimate of the property's fair market value.
- Contingencies: A condition that has to be met before you get to the next part of the transaction.
- Due diligence: The timeframe in which the buyers have to go through all of the inspections.
- Rent back: A timeframe that the buyer agrees to let you stay in the property after it closes.
- + more!
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