Terms To Know
LISTING AGREEMENT A contract between the seller and the brokerage, which outlines the terms and conditions of the agent's services to sell the property EQUITY The difference between the current market value of the property and the outstanding mortgage balance APPRAISAL An estimate of the value of the property performed by a licensed appraiser to determine its fair market value HOME INSPECTION A detailed examination of the property by a licensed home inspector to identify any potential issues that could affect the sale or value of the property CONTINGENCY A condition that must be met in order for the sale to proceed, such as the buyer obtaining financing or the completion of a satisfactory home inspection OFFER A proposal to buy a property, including the price and terms of the sale
CLOSING COSTS Fees associated with the sale of the property, including title search, transfer taxes, attorney fees, and other expenses
DISCLOSURE The seller's obligation to disclose any known defects or issues with the property that could affect its value or safety TITLE The legal right to own and sell the property, which is conveyed to the buyer at closing DEED The legal document that transfers ownership of the property from the seller to the buyer
UNDER CONTRACT A stage in the sale process where the seller has accepted an offer, but the sale has not yet been finalized
CLOSING The final step in a real estate transaction where the buyer pays for the property and the seller transfers ownership
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