Just about every business has it’s lingo and residential real real estate is no exception. Symbol Nash author of one thousand one Techniques for Buying and Offering a Home shares commonly used conditions with home buyers and sellers. The Mahtani Group of Bergen County
1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.
1099: The statement of income reported to the IRS for an independent contractor.
A/I: A contract that is pending with legal professional and inspection contingencies.
Accompanied showings: Those showings where the listing agent must go along with a realtor and his or her clients when browsing a listing.
Addendum: A great addition to; a doc.
Adjustable rate mortgage (ARM): A type of home loan loan whose rate of interest is tied up to an economical index, which fluctuates with the market. Typical ARM durations are one, three, five, and seven years.
Agent: The accredited real real estate salesperson or broker who represents buyers or vendors.
Annual percentage rate (APR): The total costs (interest rate, closing costs, fees, and so on) that are part of a borrower’s loan, expressed as a portion rate of interest. The total costs are amortized over the term of the loan.
Application fees: Fees that mortgage companies charge customers at the time of written application for a loan; for example, fees for running credit studies of borrowers, property evaluation fees, and lender-specific fees.
Appointments: Those times or time periods a realtor shows properties to clients.
Assessment: A document of view of property value at a specific point in time.
Appraised price (AP): The price the thirdparty relocation company offers (under most contracts) the supplier for his or her property. Generally, the standard of two or more impartial appraisals.
“As-is”: A deal or offer clause saying that the vendor will not repair or appropriate any problems with the property. Also used in listings and ads.
Assumable mortgage: One in that this buyer agrees to accomplish the obligations of the existing loan agreement that the seller made out of the lender. When assuming a home loan, a buyer becomes personally liable for the payment of main and interest. The initial mortgagor should receive a written release from the responsibility when the buyer presumes the original mortgage.
Back again on market (BOM): The moment a property or real estate is put back on the market after being taken from the market just lately.
Back-up agent: A qualified agent who works with clients when their agent is unavailable.
Balloon home loan: A type of mortgage loan that is generally paid over a short while of time, but is amortized over a longer period of time. The borrower typically pays a combo of main and interest. At the end of the loan term, the complete unpaid balance must be repaid.
Backing up offer: When an offer is accepted contingent on the fall through or voiding of your accepted first offer on the property.
Expenses of sale: Transfers subject to personal items in a transaction.
Board of REALTORS(R) (local): A interconnection of REALTORS(R) in a certain geographic area.
Broker: A situation qualified individual who acts as the agent for the seller or buyer.
Broker of record: The person registered with his or her point out licensing authority as the managing broker of a specific real estate sales office.
Broker’s market research (BMA): The real real estate broker’s view of the expected final net sales price, determined after obtain of the property by the third-party company.
Broker’s tour: A preset time and day when real estate sales agents can view listings by multiple brokerages in the market.