Tom Crimmins Realty Blog - Word of the Day

Real Estate Word of the Day: Pre-Approval

Real Estate Word of the Day: Pre-Approval

A pre-approval is essentially a lender's conditional commitment to provide you with a mortgage loan of a specified amount based on your financial situation and creditworthiness. It's different from pre-qualification, which is a more informal assessment of your finances.

To obtain a pre-approval, you'll need to submit an application to a mortgage lender or broker, such as our preferred lender Think Mortgage. They'll review your income, assets, credit history, and other financial information to determine how much they're willing to lend you.

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Real Estate Word of the Day: Multiple Listing Service

Real Estate Word of the Day: Multiple Listing Service

Multiple Listing Service, often abbreviated as MLS, is a comprehensive database system utilized by real estate professionals to share information about properties available for sale or rent. It serves as a centralized hub where agents and brokers can access detailed listings of properties across a particular region.

Imagine an MLS as a vast network connecting real estate professionals, enabling them to collaborate and streamline the process of buying and selling properties. When a seller decides to list their property with a real estate agent, pertinent details such as the property's location, size, features, and asking price are entered into the MLS database.

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Real Estate Word of the Day: Homeowner's Association

Real Estate Word of the Day: Homeowner's Association

A homeowner's association is an organization within a residential community that establishes and enforces rules and regulations to maintain property values and quality of life for its residents. These communities can range from single-family homes and townhouses to condominiums and planned developments.

HOAs set forth rules and guidelines governing various aspects of community living, including architectural standards, landscaping requirements, noise regulations, and pet policies. These rules help maintain a cohesive and visually appealing neighborhood aesthetic.

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Real Estate Word of the Day: "As Is"

Real Estate Word of the Day: "As Is"

When it comes to buying or selling real estate, the term "as is" often appears, but what does it really mean? In simple terms, selling a property "as is" means that the seller is offering it in its current condition, without making any repairs or improvements, and without any warranties or guarantees regarding its condition. Essentially, the buyer accepts the property with all its faults, defects, and issues, if any, without the seller being obligated to address them.

For sellers, listing a property "as is" can offer certain advantages. It provides transparency about the property's condition upfront, which can save time and hassle during negotiations. Sellers are not required to invest additional time or money…

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Real Estate Word of the Day: Under Contract

Real Estate Word of the Day: Under Contract

When a buyer identifies a property they're interested in, the first step is to make an offer. Once the seller accepts the offer, the property transitions into the under contract phase. This period is often a time of anticipation and optimism for both parties involved. Being under contract essentially means that both the buyer and seller have agreed on the terms and conditions outlined in the purchase agreement. This agreement typically includes details such as the purchase price, closing date, and any contingencies that must be met for the sale to proceed smoothly. 

Contingencies, often included in the contract, are conditions that must be satisfied for the sale to move forward. Common contingencies…

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Real Estate Word of the Day: Inspection

Real Estate Word of the Day: Inspection

A home inspection is a thorough examination of a property's condition, typically conducted by a licensed and qualified home inspector. The primary objective is to provide a comprehensive assessment of the property's structural integrity, safety, and overall condition.

This process involves a detailed examination of various components, including:

• Structural Components - Inspectors evaluate the foundation, walls, roof, and other structural elements to ensure they are sound and free from defects.
• Mechanical Systems - This encompasses the inspection of heating, ventilation, and air conditioning (HVAC) systems, plumbing, and electrical systems to guarantee they function correctly.
• Interior and Exterior…

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Real Estate Word of the Day: Will

Real Estate Word of the Day: Will

A will is a legal document that outlines your wishes regarding the distribution of your assets and the care of your dependents after your passing. While many associate wills primarily with financial assets, they play an equally pivotal role in the realm of real estate.

Real estate is a substantial component of many individuals' estates, encompassing homes, lands, and commercial properties. It is crucial to address these assets explicitly in your will to avoid complications and disputes among heirs.

Key Components of Wills

• Clearly stipulate how you wish your real estate holdings to be distributed. Specify who will inherit each property, taking into account the unique circumstances of your beneficiaries.
• …

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Real Estate Word of the Day: Days on Market

Real Estate Word of the Day: Days on Market

In real estate, the phrase Days on Market (DOM) is a key indicator that represents the number of days a property has been listed for sale before going under contract. It's a vital metric for both buyers and sellers as it reflects the property's appeal and the efficiency of the real estate market in a specific area..

The Importance of Days on Market

• Property Desirability: A shorter DOM generally suggests higher demand for a property, indicating that it is attractive to potential buyers. Conversely, a prolonged DOM may raise concerns about the property's appeal or pricing strategy, prompting buyers to investigate further.
• Market Conditions: DOM can be a reflection of the overall health of the real…

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Real Estate Word of the Day: Trust

Real Estate Word of the Day: Trust

A trust is a legal arrangement that involves the transfer of assets from one party to another for the benefit of a third party. The key players in a trust are the settlor (the one who establishes the trust), the trustee (the individual or entity responsible for managing the trust), and the beneficiary (the party for whom the trust is created). Now, you might be wondering, "What does this have to do with real estate?" Well, the intertwining of trusts and real estate is more common than you might think. Let's explore the ways in which trusts can be leveraged in the real estate arena.

Trusts offer a strategic avenue for passing on real estate assets to heirs seamlessly. By placing properties in a trust, individuals…

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Real Estate Word of the Day: Offer to Purchase

Real Estate Word of the Day: Offer to Purchase

An Offer to Purchase is a formal, written proposal from a potential homebuyer to a seller. It outlines the terms and conditions under which the buyer is willing to purchase the property. This document is not a one-size-fits-all contract but rather a flexible instrument that can be tailored to suit the unique aspects of each real estate transaction.

Components of an Offer to Purchase

• Purchase Price: The financial cornerstone of the offer, specifying the amount the buyer is willing to pay for the property.
• Deposit: A demonstration of the buyer's commitment, the deposit is a sum of money that accompanies the offer. If the offer is accepted, this deposit is typically held in escrow until closing.
…

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