by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Having a designated agent ensures that confidential client information remains separated. In this instance, one agent works with a broker, and one agent represents the...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A deed establishes that a person is the legal owner of a property. When a property is sold, the deed will be transferred to the new...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A contract is a formal agreement put in place during a real estate transaction. The contract begins when a buyer makes an offer, and both the buyer seller agree to move...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Contingencies are clauses built into the contract that allow a buyer to back out of the sale if specified conditions are not met. For example, a buyer could make their offer contingent upon the sale of their current home. In this example, a buyer could back out of the...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Comparables, or comps, are simply similar properties in the nearby area. Real estate agents will pull a list of comps for many reasons. These comps can be used to help a client understand what similar homes have sold for, and help a client understand that value of a...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Comparative market analysis, or CMA, is an analysis of similar homes sold in an area during a specified time period. The CMA will help to give a general valuation for a home. This price range is intended to be used as a general...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Closing costs are fees that must be paid prior to the sale of a home. Usually, the fees include insurance fees, legal costs, and escrow fees. The closing date will be listed on the purchase...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Closing is the final step in the real estate transaction. Depending on the type of sale, there will be paperwork that needs to be completed in order to formalize the sale. Cash purchases cut down on all of the paperwork, and streamline the process. A closing agent...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Banks charge fees for setting up a mortgage loan. During a traditional real estate purchase, a buyer must come up with a lump sum of money to finalize the sale. This money will be allocated to covering the cost of fees from a home appraisal, escrow costs, and legal...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Cash reserves are the money that is set aside to cover unexpected costs. If a roof or foundation of a home needed repairs, a cash reserve fund would be used to help cover the...
