The real estate terminology found here is often critical to understanding for a transaction to go off smoothly. In fact, many of the real estate terms on the list are often misunderstood. Keep in mind some of these real estate definitions are obscure enough that your real estate agent might not even know how to handle them properly. It is filled with real estate terms to know as a buyer, seller, or real estate agent. You might want to consider it a real estate terminology sheet. These are the glossary of real estate terms that come up in most sales. To make things a little easier, we’ve put together a list of standard real estate terms – and not-so-common words – that you can reference as you move forward with your purchase or sale. Whether you are buying or selling, if you plan to make a real estate transaction, you will run into real estate terminology and definitions you are unfamiliar with. Realtor Upton MA | Real Estate Agent Upton MassachusettsĢK Shares Real Estate Terms You Need to Know.Realtor Westborough MA | Top Real Estate Agent Westborough Mass.Realtor Southborough MA | Real Estate Agents Southborough Mass.Realtors Shrewsbury Mass | Real Estate Guide Shrewsbury.Realtor Northbridge MA | Real Estate Agents Northbridge.Realtor Millbury MA | Top Real Estate Agent Millbury Mass.Realtors Milford MA | Real Estate Agents Milford.Realtor Mendon MA | Real Estate Agents Mendon Mass.Realtors Grafton MA | Real Estate Agents Grafton Mass.Realtor Hopedale MA | Real Estate Agents Hopedale Mass.Realtor Medway MA | Top Real Estate Agent Medway Mass.Realtor Franklin MA | Top Real Estate Agent Franklin Mass.Realtor Bellingham MA | Top Real Estate Agent Bellingham.Realtor Hopkinton MA | Real Estate Agents Hopkinton.Realtor Holliston MA | Real Estate Holliston Massachusetts.Realtor Framingham MA | Real Estate Framingham Mass.Realtor Ashland MA | Real Estate Agent Ashland Mass.Middlesex County, MA: Real Estate Information.Massachusetts Title 5 Septic System Law.Massachusetts Smoke & Carbon Monoxide Detector Laws.How to Interview a Realtor | Real Estate Interview Questions.What Title Insurance is Including Owner’s and Lender’s Policy.Homestead Act in Massachusetts: What You Need to Know.Home Buying Closing Costs in Massachusetts Explained.This article lists definitions on frequently used real estate lingo in NH and covers only some introductory terms. Purchase agreements typically note a closing date and location. ClosingĪ closing is when documentation is completed, funds are exchanged, and a home legally changes hands from one person to another. Deposits are almost always retained by a listing broker for a seller and given back to a buyer at closing. Earnest MoneyĮarnest money applies to deposits submitted by a buyer with a contract to purchase a home. Other common contingencies are for completion of an inspection and receipt of a home loan commitment. For instance, the purchase could be conditioned upon the sale of their existing home. Agreement Items ContingencyĪ contingency is something required for a party to move forward with a home sale or purchase. It allows a buyer to preview a home and to verify that the condition has not changed from the last time the buyer viewed it. Walk-thrus typically take place immediately before settlement. Assessed valuation has no bearing on the market value of a home. Assessed ValueĪssessments are the value assigned to properties by a public tax assessor and used to levy property taxes. The general public is not granted login permission to this information but can obtain access through allowed parties. Different areas usually have separate MLS networks, and some regions can have multiple ones. This is a system where members of the MLS enter homes for sale. MLS refers to the Multiple Listing Service. It traditionally provides a price range given the existing economy. Frequently Used Real Estate Lingo In NH CMAĪ CMA is a report that evaluates your home to homes with similar features that sold recently in the same neighborhood. This will help clarify the buying and selling process. In this article you will find definitions on frequently used real estate lingo in NH. Real estate lingo can complicate it further, particularly if it is your first time purchasing a home. The home buying and selling process is complicated enough to start with.
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