#Real estate lingo decode full#
A thorough Realtor® will study these differences and present a full picture to a buyer.Īccording to the National Association of Realtors®, this is a “federally registered collective membership mark which identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.” Not all real estate agents are Realtors ®.Īctive With Contract – This means the buyer has a contract pending to purchase the property but since the sale may or may not go through to closing, back up offers are encouraged.įor Sale By Owner – Owners sometimes opt for a direct sale without a broker because by avoiding a broker commission, the sale can carry a cheaper price. (A CDOM may be 4 days while the ADOM is 154.) If a property is taken off the market for 60 days before it’s relisted, then ADOM goes back down to zero. ADOM, or Accumulated Days on Market, also accounts for whether a listing was withdrawn or expired before being placed back on the market.
CDOM, or Current Days on Market, is the time between when the home is listed and the present day. And this gets broken down even further with CDOM and ADOM. There is no MLS covering the entire country.ĭays on Market – This number describes how long a home for sale has been on the market.
Realtors use it to gather details about listings you may be interested in buying. Multiple Listing Service – This is a private database that collects information from homes on the market. Have questions about your home financing paperwork? Check out our glossary of frequently-used mortgage terms.744 N Manasota Key Rd, a listing on Manasota Key. It’s customary for the buyer to pay for the lender’s title insurance policy. Title insurance: An insurance policy that protects a lender’s or owner’s interest in real property from assorted types of unexpected or fraudulent claims of ownership. Not all real estate agents are REALTORS®. REALTOR®: A real estate broker or sales associate who is a member of the National Association of REALTORS®. There is no MLS covering the whole country.
Membership isn’t open to the general public, although selected MLS data may be sold to real estate listings web sites. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Lock box: Locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent. Lo dues: Low homeowners association dues. A home being sold by the owner (FSBO) without a real estate agent isn’t a “listing.” The word “listing” is also used to refer to the for-sale home itself. Listing: An agreement between a real estate broker and a home owner that allows the broker to market and arrange for the sale of the owner’s home. Large E-2 plan: This is one of several floor plans available in a specific building. In-law pot’l: Potential for a separate apartment, subject to local zoning restrictions. Fixtures are a frequent subject of buyer and seller disputes. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. One example is a buyer’s contractual right to obtain a professional home inspection before purchasing the home.Įxpansion pot’l: Expansion potential mean that there’s extra space on the lot or the possibility of adding a room or even an upper level-subject to local zoning restrictions.įab pentrm: Fabulous pentroom, a room on top of the house-but under the roof-that has great views.įixture: Anything of value that is permanently attached to or a part of real property. Closing costs are generally paid through escrow.Ĭontingency: A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. These costs include the brokerage commission, mortgage-related fees, escrow or attorney’s settlement charges, transfer taxes, recording fees and title insurance. Closing costs : All of the miscellaneous expenses paid by the buyer and the seller when the real estate deal closes.
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