Home Buyers and Sellers Real Estate Glossary

Just about every business has it’s vocabulary and residential real house is no exception. Tag Nash author of one thousand one Techniques for Buying and Advertising a Home shares commonly used conditions with home buyers and sellers. business lawyer montreal

1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.

1099: The statement of income reported to the IRS for an independent contractor. 

A/I: A contract that is pending with legal professional and inspection contingencies.

Accompanied showings: Those showings where the listing agent must go with a realtor and his or her clients when browsing a listing.

Addendum: A great addition to; a file.

Adjustable rate mortgage (ARM): A type of home loan loan whose interest is attached to an economical index, which fluctuates with the market. Typical ARM times are one, three, five, and seven years.

Agent: The accredited real property salesperson or broker who represents buyers or vendors.

Annual percentage rate (APR): The total costs (interest rate, closing costs, fees, and so on) that are part of a borrower’s loan, expressed as a portion rate of interest. The total costs are amortized over the term of the loan.

Application fees: Fees that mortgage companies charge purchasers at the time of written application for a loan; for example, fees for running credit information of borrowers, property evaluation fees, and lender-specific fees.

Appointments: Those times or time periods a real estate agent shows properties to clients.

Assessment: A document of judgment of property value at a specific point in time.

Appraised price (AP): The price the thirdparty relocation company offers (under most contracts) the merchant for his or her property. Generally, the regular of two or more 3rd party appraisals.

“As-is”: A agreement or offer clause proclaiming that the vendor will not repair or right any problems with the property. Also used in listings and ads.

Assumable mortgage: One in that the buyer agrees to satisfy the obligations of the existing loan agreement that the seller constructed with the lender. When assuming a home loan, a buyer becomes personally liable for the payment of primary and interest. The first mortgagor should receive a written release from the responsibility when the buyer considers the original mortgage.

Back again on market (BOM): When ever a property or list is put back on the market after being taken off the market lately.

Back-up agent: A accredited agent who works with clients when their agent is unavailable.

Balloon home loan: A type of home loan that is generally paid over a short time of time, but is amortized over a longer period of time. The borrower typically pays a combo of primary and interest. At the end of the loan term, the complete unpaid balance must be repaid.

Backing up offer: When an offer is accepted contingent on the fall through or voiding of your accepted first offer over a property.

Invoice of sale: Transfers name to personal items in a transaction.

Board of REALTORS(R) (local): A interconnection of REALTORS(R) in a particular geographic area.

Broker: A situation qualified individual who acts as the agent for the seller or buyer.

Broker of record: The person registered with his or her point out licensing authority as the managing broker of a specific real estate sales office.

Broker’s market research (BMA): The real property broker’s view of the expected final net sales price, determined after purchase of the property by the third-party company.