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- A buyer whose purchase agreement includes a contingency that allows the seller to continue to market the home to other prospective buyers. For instance, a buyer may agree to buy the home only if they can sell their own home first. That buyer can be bumped if a better offer comes along.
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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.
PUD: Planned unit development is a real estate development where individual properties share a governing HOA, amenities, and spaces. REO: Real estate owned is property that has been foreclosed on and is now available to buy from the lender. TIC: Tenancy in Common is a form of property ownership where multiple individuals have an undivided ...
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.
Sep 17, 2022 · Lien. A property lien is an unpaid debt on real estate. It is a legal notice that denotes legal action taken by a lender to recover a debt. It can result from unpaid taxes, a court judgment, or unpaid bills and, if left unattended, can delay the home buying process.
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.
An open house is an event where real estate agents open a listed property to the public, allowing potential buyers to tour the home and ask questions. Open houses offer a casual way to showcase the property and create interest among prospective buyers.
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.
