When selling a home, clear understanding between the seller
and the buyer is key towards facilitating smooth negotiations. But what if
there are terms used that seem vague? Here are some of the common selling terms
that you should learn ad understand if you're off to selling your house.
Acceptance: This means that both parties have agreed to the
terms of an offer beginning at the time when seller signs his name to the
buyers offer. It creates a contact to which the seller cannot withdraw without
facing lawsuits. In case the buyer withdraws, his earnest money is forfeited.
Appraisal: In real estate, this term is used to refer to the
process of determining the amount of a certain property like a house, a condo,
or an estate. The value of a property is usually required by lenders to
determine whether they will grant or turn down a borrower.
Appreciation: The instance when a property accumulates value
over time due to economic factors. This does not apply to increase in value due
to improvements.
Closing Costs: The costs involved in settling a property
sale except its real price.
Common Area: Facilities or amenities shared by residents of
condominiums, apartments, or cooperative houses. They may include laundry
rooms, recreation facilities, courtyards, and parking areas.
Counteroffer: In real estate, it is making another offer to
void the initial offer made by the other party. For instance, a $1 million
offer by the buyer will become void should the seller wanted $1.2 million for
his property.
Depreciation: Opposite appreciation, it is the instance when
a property reduces value over time due to external economic conditions but also
includes natural wear and tear, age of property, and damages.
Disclosure: Revelation of facts previously unknown such
material defects, stigmas, or legal claims affecting a property. Different
states may impose differences in disclosure laws on real estate.
Earnest money deposit: Abbreviated as EMD. It is partial
payment signifying intent or commitment to the purchase of the property. Both
parties usually agree to settle remaining amount on closing date.
Fixture: Features attached to a house like wall carpets,
lightings, or built-in appliances. Depending on the terms of the property sale,
these fixtures may or may not become properties of the new home owner.
Title: Document, usually a deed or certificate showing a
person's legal ownership of a property.
walk-through: Final inspection of the house to search for
other problems before change of ownership takes effect.
These are just some of the most common home-selling
terminologies that you might encounter when selling your home or when you're
buying your new space. Regardless of which side you're in, local real estate
agents are ready to explain vague terms for you.
Desare is an experienced realtor and Military Relocation
Professional servicing the counties of Palm Beach, Broward, and Miami-Dade.
With a team of 90 real estate agents under her, your chase for your dream house
will be an easy and flawless one, assuring you to obtain all the professional
assistance they can give. For more details about her services, hop on to
http://www.skyelouisrealty.com.
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