{"id":9414,"date":"2018-06-14T11:11:35","date_gmt":"2018-06-14T18:11:35","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9414"},"modified":"2018-06-07T08:29:20","modified_gmt":"2018-06-07T15:29:20","slug":"a-complete-glossary-of-home-selling-terms","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/a-complete-glossary-of-home-selling-terms\/","title":{"rendered":"A Complete Glossary of Home Selling Terms"},"content":{"rendered":"<p style=\"text-align: justify;\">To help prepare you for the home selling process, we\u2019ve created a complete glossary of real estate terms.<\/p>\n<p style=\"text-align: justify;\">What\u2019s the CMA of your home and does the buyer have a plan for paying the closing costs? Does that sound like a lot of mumbo-jumbo? If it does, then it\u2019s time that you get up to date on the latest real estate lingo.<\/p>\n<p style=\"text-align: justify;\">When selling a home, it\u2019s impossible to avoid real estate terminology. Everyone uses it from your real estate agent to your bank loan manager and the home seller. If you don\u2019t know what they\u2019re saying, you could put yourself at risk of a bad deal or an unfortunate misunderstanding that can cause endless trouble for closing the deal.<\/p>\n<p style=\"text-align: justify;\">To help prepare you for the home selling process, we\u2019ve created a complete glossary of real estate terms.<\/p>\n<p style=\"text-align: justify;\">Appraisal \u2014 This is an estimate of the property\u2019s worth\/value. To determine the value of your home, you\u2019ll need a real estate appraisal with expertise in your geographic area.<\/p>\n<p style=\"text-align: justify;\">Appreciation \u2014 Over time, your house should gain in value due to increased marketing demand and inflation. The increased value of your home from when you purchased it is considered its appreciation in value. Depreciation refers to a decrease in value.<\/p>\n<p style=\"text-align: justify;\">Assessed Value \u2014 This is the dollar value that a public tax assessor assigns to your home for the purpose of city\/state taxes. This value is separate from a home appraisal value or market value.<\/p>\n<p style=\"text-align: justify;\">Assumption of Mortgage \u2014 When the purchaser takes over your mortgage obligating, making them personally liable for payment of an existing mortgage.<\/p>\n<p style=\"text-align: justify;\">Closing Costs \u2014 These refer to miscellaneous expenses (typically paid by the buyer) to close the deal. Expenses can include mortgage fees, recording fees, title insurance, transfer taxes, credit check fees, commissions, inspection fees, appraisal fees, and more.<\/p>\n<p style=\"text-align: justify;\">CMA : CMA stands for Comparative Market Analysis, also referred to as \u201ccomps.\u201d This report looks at similar homes in your area that were sold or are currently on the market and can help you determine an accurate value for your home.<\/p>\n<p style=\"text-align: justify;\">Common Area \u2014 When selling a home, you should also mention facilities and space that are included perks. For a condominium, this real estate lingo can refer to a shared pool, parking, laundry, or courtyard. In a house, it can refer to managed homeowners areas.<\/p>\n<p style=\"text-align: justify;\">Counteroffer \u2014 If you reject the initial home offer made by the buyer, you can make a revised offer that is more desirable.<\/p>\n<p style=\"text-align: justify;\">Deed \u2014 The deed is a written document that transfers the title of your property from one owner to another.<\/p>\n<p style=\"text-align: justify;\">Earnest Money Deposit \u2014 You\u2019ll receive this payment from the buyer as an offer that indicates serious interest in your property. It is counted toward the down payment and is refundable.<\/p>\n<p style=\"text-align: justify;\">Equity \u2014 This is the difference between your home\u2019s fair market value and the value of your unpaid mortgage.<\/p>\n<p style=\"text-align: justify;\">Escrow \u2014Refers to an account set up by the lender, which holds funds from the buyer pending completion of sale.<\/p>\n<p style=\"text-align: justify;\">Mortgage \u2014 A lien of claim against your property that the buyer gives to the lender as security for the money borrowed. When selling, you\u2019ll need to ensure that you can make back your mortgage note.<\/p>\n<p style=\"text-align: justify;\">Multiple Listing Service (MLS) \u2014 When selling your home, an MLS is an organization that collects and distributes home sale information to popular listing sites.<\/p>\n<p style=\"text-align: justify;\">Principal \u2014 The amount of money you borrowed to buy your home that you must pay back with interest.<\/p>\n<p style=\"text-align: justify;\">Real Estate Agent \u2014 A professional with a real estate license who has passed a test as required by the state.<\/p>\n<p style=\"text-align: justify;\">Realtor \u2014 This is a real estate agent who is also a member of the National Association of Realtors, meaning they uphold certain standards and codes of ethics.<\/p>\n<p style=\"text-align: justify;\">Real Estate Broker \u2014 A real estate agent that has additional education, has passed the state broker\u2019s exam, and meets minimum transaction requirements.<\/p>\n<p style=\"text-align: justify;\">Sales Agreement \u2014 Also referred to as an agreement of sale, contract of purchase, or purchase agreement. This is the contract in which the seller agrees to sell and the buyer agrees to buy under specific terms and conditions.<\/p>\n<p style=\"text-align: justify;\">Title \u2014 The title is a document that refers to your right of ownership and thus your ability to sell.<\/p>\n<p style=\"text-align: justify;\">Selling your home should never be confusing. Work with real estate professionals who can make the process as easy as possible and help you understand all the real estate terminology that you need to know. Contact us today to get the help you need and deserve.<\/p>\n<p><a href=\"https:\/\/www.coldwellbanker.com\/blog\/a-complete-glossary-of-home-selling-terms\/\" target=\"_blank\" rel=\"noopener\">A Complete Glossary of Home Selling Terms<\/a> by Sharon Lee | Coldwell Banker Blue Matter<\/p>\n","protected":false},"excerpt":{"rendered":"<p>To help prepare you for the home selling process, we\u2019ve created a complete glossary of real estate terms. What\u2019s the CMA of your home and does the buyer have a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/a-complete-glossary-of-home-selling-terms\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-9414","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A Complete Glossary of Home Selling Terms &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/a-complete-glossary-of-home-selling-terms\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"A Complete Glossary of Home Selling Terms &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"To help prepare you for the home selling process, we\u2019ve created a complete glossary of real estate terms. 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