MAYER REALTY GROUP
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REAL ESTATE TERMS
Closing Final stage of the real estate transaction where ownership is transferred, and funds and keys are exchanged. Purchase + Sale Agreement A thorough evaluation of the property's current condition to identify any necessary repairs. Seller Concessions Negotiated agreements in real estate transactions where the seller agrees to cover some or all of the buyer's closing costs or other expenses. These concessions are often used as incentives to encourage buyers to purchase the property. Offer Deadline A specified date and time set by the seller to receive offers from potential buyers. It provides a timeframe for interested parties to submit their offers for consideration.
Highest & Best Refers to the most favorable offer a seller can obtain for a property, considering both price and terms. It involves evaluating multiple offers to select the one that maximizes the seller's benefit.
Special Assessment
A fee levied by a condo association or HOA to finance specific property improvements or services. It is typically mandatory and can be a one-
time or ongoing charge. Assessed Value
The value assigned to a property by the local
government for tax purposes. This value is determined based on various factors and may not necessarily reflect the market value.
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