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Here are 15 real estate terms you need to know. Real Estate Agent. Professional who represents the seller (listing agent) or buyer (buyer’s agent) in a real estate transaction. Agents are ...
Jaime Uziel knows that as a real estate attorney his clients depend on him to interpret the legalese that's part of any real estate transaction. He's happy to do that, he says, but he also tries ...
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The second number is what the next bid needs to be in order to become the "high bidder", otherwise known as "the current man on". In between the numbers are "filler words" which are what the auctioneer says to tie the chant together making it smooth and rhythmic. Filler words serve as a thinking point for both the auctioneer and the bidders.
A listing contract (or listing agreement) is a contract between a real estate broker and an owner of real property granting the broker the authority to act as the owner's agent in the sale of the property. [1] If the broker is a member of the National Association of Realtors, the agreement must include all of the following terms:
Binder – In law, a binder (also known as an agreement for sale, earnest money contract, memorandum of sale, or contract to sell) is a short-form preliminary contract in which the purchaser agrees to buy and the seller agrees to sell certain real estate under stated terms and conditions, usually in the form of a purchase offer, and is ...
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g., in the case of conveyance, one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred ...
Examples are banks, mortgage companies, and loss mitigation companies. [3] [4] [5] The BPO is performed by a real estate professional who is acting on behalf of the financial institution. [1] Such a professional could be a real estate agent, a real estate broker, an appraiser, or other qualified person.