9 Real Estate Terms That Everyone Should Know

Posted by Tom Crimmins Realty, Ltd. on Monday, November 27th, 2017 at 3:31pm.

Now, we know that there is a whole bunch of confusing terminology when it comes to real estate, but that's why Tom Crimmins Realty is here to help. We know it's frustrating when you don't quiet know the definiton of some words being used so here's a list of 9 important terminology that everyone should know. 

Buyers Agent & Listing Agent

 The buyers agent is the agent that is representing the individuals who are purchasing the home.The listing agent is the agent who is representing the home seller,which are the people who are selling their home. 

Appraisal

An appraisal is an evalutation on a house or property based on prior sales of similar houses and properties around it;the estimated market value on a property.

Broker

A real estate broker is a step above a real estate agent. A real estate broker usually works independantly. The broker helps negotiate between the seller and buyer.

Contract

A contract is a legally binding piece of paper between two or more parties. It's needed to understand the terms and circumstances of a sale. 

Contingencies

This is a detailed  contract that tries to provide all the possible contingencies.(incidents, possibilities, chances)

Listing Agreement/Contract

A listing agreement is a contract in which the owner of the hosue gives the real estate broker permission to act as the owners agent in the sale of their property. The listing agreement basically hires the broker to represent them. 

Closing costs 

When purchasing a home you'll be required to pay some fees such as a closing cost. Closing cost is estimated about 1-5% of the price the house was purchased for. 

Lease

A lease is a contract underlining that the tenant agrees to pay the property own aka the landlord payments monthly for a certain amount of years/months depending on the lease that was signed. 

Open House

An open house is usually a scheduled day and time that agents/owners open up their property to the public to attract potential buyers. Open houses usually occur during the weekends, so next time you're out for a walk look out for open house banners and balloons, it could be your new home! 

 

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