The home buying and listing process is confusing enough already. Real estate phrases can make it further confusing, especially if it is your first time buying a property. Below are an overview of common real estate phrases in Bennington. This will help you better comprehend the home buying and selling process.
Common Real Estate Phrases In Bennington
A CMA is a report that compares your home to homes with similar features that sold within the last six months in the same neighborhood. It usually produces a price range based on the current market conditions.
Multiple Listing Service
MLS refers to the Multiple Listing Service. This is a database where real estate brokers submit homes for sale. Different regions commonly have different MLS networks, and some areas can have multiple ones. Non-real estate agents are not granted login permission to the database but can receive access from permitted parties.
Assessments are the value assigned to homes by a public tax assessor and for the purpose of calculating property taxes. Assessed valuation has no bearing on the selling price of a home.
Walk-thrus typically take place immediately prior to closing. It permits a buyer to preview a home and to ensure that the condition has not changed from the previous time the buyer visited it.
Purchase and Sale Items
A contingency is something necessary for a party to move forward with a property sale or purchase. For example, the purchase could be conditioned upon the sale of their old real estate. Other common contingencies are for satisfactory inspection and successful receipt of a loan commitment.
Earnest deposits refers to funds submitted by a buyer as part of a contract to purchase real estate. It shows that a buyer is committed. Deposits are usually retained by a listing agent for an owner and returned to a buyer at closing.
Real Estate Closing
A closing takes place when documentation is completed, money is exchanged, and a property legally transfers from the seller to the buyer. P&S agreements must indicate a closing date and place.
Additional Details on Real Estate Phrases
This blog lists an overview of common real estate phrases in Bennington and covers only the most common terms. For more comprehensive real estate information and advice, contact our office at 802-447-3210 and speak with any of our Realtors.