Addenda (Addendum): An attachment to the Purchase & Sale Agreement.
Agency: The relationship that a real estate agent has with a client.
Buyer Broker: An agent who represents the buyer in a transaction.
Comparable Market Anaylsis (CMA): An opinion of a home’s value.
Comps: Properties used as” comparables” on a CMA.
Disclosure: Written communication regarding agency, property condition, etc.
Down Payment: Initial investment on a home loan.
Earnest Money Deposit: A good faith deposit provided as consideration when a buyer offers a contract to a seller.
FHA: A type of loan, government insured financing.
Key box: MLS electronic key which allows agents access to listed properties.
List (Listing): When a seller signs an agreement with a broker to market their property.
Listing Agent: Agent who takes a listing on behalf of the broker.
Lock-box: Another term for a key box.
Lock-in: A agreement to secure the interest rate at today’s rate, as in "to lock-in the rate".
Multiple Listing Service (MLS): An organization that distributes information on properties listed by MLS member brokers.
Property Profile: An informational/fact sheet about a property on the market.
Purchase and Sale Agreement: A contract between a buyer and a seller to purchase real property.
Transaction: A listing sold or the sale of real property.
VA: A government-guaranteed loan available to military veterans.
Today's fast-changing real estate market can be tough, whether you are an experienced buyer or not. Let's break the process down into comfortable steps...