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Nov 13, 2023 · A Realtor is a real estate agent who is a dues-paying member of the National Association of Realtors. NAR members are held to a high standard of professionalism and adhere to a strict code of ethics. Refinance. If a borrower takes out a new loan on the same property, it’s called a refinance.
Mar 20, 2023 · 26. Equity. A percentage of the home’s value owned by the homeowner. 27. Escalation clause. A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property.
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Get started with common real estate terminology every investor should know: Appraisal: The appraisal is an independent survey conducted by a lender to determine a property’s value, based on its condition and comparable listings. This process helps validate the agreed upon purchase price between a buyer and seller.
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A buyer’s agent is a real estate agent who represents the home buyer in a real estate transaction. They help buyers find suitable properties, negotiate the best terms, and guide them through the complex process of purchasing a home. A buyer’s agent advocates for their client’s interests throughout the transaction.
Appraisal: The estimation and opinion of value placed upon a piece of land based upon a factual analysis by a qualified professional; the process of estimation and the report itself. Appreciation. : An increase in the value of property caused by an improvement or the elimination of negative factors.
and customers may choose to consider in contracting for the lease or purchase of real estate. Since real estate licensees are prohibited from giving legal advice, clients and customers must be strongly encouraged to consult legal counsel before selecting any language for inclusion in a real estate contract. For further information, please see ...
Welcome to our online real estate dictionary, where you’ll find over 1400 definitions of real estate terms and jargon. The go-to source for real estate agents, brokers, homeowners, home buyers, landlords, renters, property owners, landowners and mortgage providers. Since 2004, Real-Estate-Dictionary.com has been committed to providing a ...
