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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.
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.
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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.
Oct 25, 2018 · Real estate agent. A real estate agent is licensed to negotiate and coordinate the buying and selling of real estate transactions. Most real estate agents must work for a realtor or broker with additional training and certification. Real estate owned. Real estate owned (REO) refers to property owned by a bank, government agency, or other lender.
Nov 2, 2021 · Agreement of sale – This is the basic contract of sale and purchase between a willing seller buyer and it supersedes all previous verbal agreements. It is a legally binding document signed by both parties in which they agree on a purchase price, sale conditions and date of sale. Appraised Value - A property's fair market value which is ...
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.
Jul 21, 2021 · 100. What Does TBD Mean in Real Estate. TBD stands for to be determined. In real estate terms, this references a TBD loan approval. This is a type of approval where a buyer gets their income, assets, credit, and more examined in advance before identifying a property. TBD approvals are great for real estate agents because it shows the buyer is ...
