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Real Estate Terminology and Definitions You Should Know

Real Estate Terminology and Definitions You Should Know PhotoWhen it comes to dealing with real estate matters such as selling a house, you have a lot more to know other than pricing and staging. The moment you come face to face with a real estate broker, you should be well prepared in the terms he will be using.

Ready for your lessons? Here are some terminologies you might need to know.

Papers and documents

Affidavit of title – this is a written statement that property sellers make under oath. It is to prove that they own the property and that there have been no problems and defects in the property title.

CMA (competitive market analysis) – a document often prepared by the agent or broker for the seller. It contains the price comparison of properties similar to what the seller owns. These cognate properties are those that are recently sold. The similarities may be in terms of amenities and style, location or both.

Closing statement – a document wherein all the real estate cash transactions are written in a detailed manner. It is a document that usually contains all the credits, cash received, cash paid and all other charges.

Terms about the property

BOM (back on market) – used to describe a property or listing that is placed in the market right after it has been removed temporarily.

DOM (days on market) – refers to the number of days that a particular property has been on the market and in a for sale status.

Curb appeal – the impact that a house or property can give to the viewers visually. This is also a description given to head-turner houses or those that can easily catch the attention of others.

Terms that involve cash

Depreciation – refers to the loss of value of a certain property. The loss of value is usually caused by functional or physical deterioration.

Appraisal – refers to the actual market value of the property in the market. The one who determines this is called an appraiser. The process of knowing the market value of a property is by comparing it to the recent sales of similar properties.

Escrow account – also called as a trust account. This is established by the broker and is used for keeping funds like earnest money for the advantage of the seller.

Commission split – the percentage of the commission that is split or divided between the broker or sales agent and the sales brokerage.

Other terminologies

Bidding war – used to describe a situation wherein two or more buyers battle for one property. The battle or competition is done through a bidding process wherein all participants give a higher offer that the others.

Buyer’s market – is a condition of the market wherein the supply of properties is higher than the demand. This is also referred to a market condition when the price of a certain kind of property is at the lowest.

Knowing these terms in advance is not to impress the real estate agent. More to that, it is to save you from being tricked especially that scams are common nowadays.

  • http://www.jagerfoods.com Nick

    Very insightful. When we were driving around looking at houses with a Realtor they kept referring to certain houses as “the bomb”. It sounded funny but now I know bomb was actually BOM. Here I thought they were trying to be hip when in fact I was just plain ignorant.