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What does circa mean in real estate?
Where did the word circa come from?
What are the different types of circa?
What is an example of a circa date?
What does circa mean in real estate? The meaning of circa in real estate signifies an estimate, an educated guess, or a rough assessment of a home’s specific feature. As we previously mentioned, circa does not describe a piece of precise and accurate information.
- 1 Post St, Fl 11, San Francisco, 94104
- Adjustable-rate mortgage (ARM) With ARM loans, interest rates can change after an initial fixed rate period as they adjust based on the interest rate index the ARM is tied to (e.g., LIBOR, COFI, etc.).
- Appraisal. An appraisal is required to gather the estimated value of a piece of real estate. During the home sale, the mortgage lender sends out an appraiser to get a professional opinion of the value of the property.
- Appraisal contingency. An appraisal contingency is a clause that allows a buyer to dissolve a purchase agreement if a home’s appraised value is less than the sale price.
- As-is. A property marketed in “as is” condition usually indicates that the seller is unwilling to perform most if not all repairs. It could also mean that it is priced “as is”, which is typically lower than market pricing in the area.
Nov 13, 2023 · Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients.
- Appraisal: An appraisal helps the lender to assess the actual worth of a home. This is important from the lender’s point of view to make sure that the loan amount requested by the borrower is accurate.
- Closing Cost: A lot of buyers are not aware of the closing cost. Closing here refers to the transfer of title from the seller to the buyer. As a buyer, your closing cost may comprise the following: brokerage, inspection fee, property taxes, property insurance, stamp duty, attorney fee, loan application fee, administrative charges, and prepayment charges.
- Down Payment: You are quite likely to be familiar with this term. A downpayment is what a buyer is expected to pay. Usually, down payment is a small percentage of the total amount of the property which you pay upfront.
- Escrow: In real estate terms, a third party responsible for holding funds is called an escrow. This is a contractual agreement between the buyer and seller to make sure that certain conditions are met before the money is released to the seller.
- What Does Contingent Mean in Real Estate. When the sale of a home is listed as contingent, it means that the seller has accepted an offer on the property, but there are still other steps, or contingencies, that must be met before the deal can go through.
- What Does Pending Mean in Real Estate. If you see a home with a pending status, this means that the seller has accepted an offer from a buyer, but the deal has not been finalized yet.
- What is a Short Sale in Real Estate. A short sale occurs when a financially distressed home is sold for a smaller amount than what is still owed on the mortgage.
- What is Wholesaling in Real Estate. A wholesaler finds sellers willing to sell their properties at a discount and then connects them with a cash buyer or real estate investor.
Feb 20, 2022 · It is filled with real estate terms to know as a buyer, seller, or real estate agent. Keep in mind some of these real estate definitions are obscure enough that your real estate agent might not even know how to handle them properly.
If you’re buying a home for the first time or are just beginning your investing career, you’ll likely encounter real estate terminology that you’ve never heard of before. We put together the following as a complete guide to real estate terms that will help get you up to speed in no time.
