Whether you're setting up your property for sale or are looking for property for rent, any process involved in real estate can be overwhelming and frustrating at times. The industry of real estate has been rapidly growing through the years and with each phase, there is a new product, service or subject that is formulated and added to the industry. With this, real estate jargon has been amassed in a large amount over the course of time. Here are some of the terms you ought to know before putting your house on auction property. |
Asking Price. This term pertains to the listed property price when you are buying a house for rent or sale. This price is not set and can still be negotiable and isn't yet considered as the final selling price for the property for rent or sale.
Listing. The term refers to the deal between a broker and the property owner that enables the broker to promote and manage the sale of the property. The term may also be used to pertain to the for-sale-house itself. However, a house or property for rent or sale by the owner without the employment of a broker or agent is not considered as a listing.
MLS, short for Multiple Listing Service. The term is a local agency that is tasked in collecting, complying and allocating data regarding properties that are listed for sale by the members comprising the agency, usually real estate agents. Membership is not open to the general public, though most apartments for sale or rent included in the list on the Multiple Listing Service will appear on their website in Multiple Listing Services locally. There are no services that cover the entire nation. You can list on the service with the use of a flat fee broker.
Realtor. Most novices in the field of real estate confuse Realtor to be the same with a real estate agent. However, a Realtor pertains to a broker or sales associate who is an affiliate of the National Associate of Realtors mainly based in Chicago. It is likely to have a license as a real estate practitioner, yet not be a member of Realtor.
Contingency. The term pertains to the provision of an arrangement from being entirely lawfully binding until a particular requirement is met. One instance would be a buyer's contractual right to acquire a dependable house for sale inspection process prior actually buying the bungalow or condominium.
Title Insurance. This term serves as a protection for the lender's or homeowner's interest in real estate property from different kinds of unexpected claims of property ownership or fraudulence. It is standard for the buyer to acquire the house or apartment for rent or sale to pay for the creditor's title insurance.
Closing costs. The word pertains to the whole bundle of additional costs that is required to be paid by the seller and buyer when the real estate property is officially sold. These expenses involve the broker's commission fees, mortgage fees, escrow or attorney's service fees, transfer faxes, title insurance policy and more. Closing charges are basically compensated by means of collateral.
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