![]() ![]() ![]() Structural issues, cosmetic issues, abandonment issues – you name it. In basic terms, it essentially means that the property has issues. It’s a classic when it comes to talking up houses that are in need of some serious TLC. So without further ado, here are 7 commonly used phrases and their actual hidden meanings. So it’s only fair that you, the buyer, get a heads up before having to the navigate the minefield that is interpreting property advertisements. Having said that, when you come across a listing that highlights a property as being ‘a unique opportunity’ with ‘unlimited possibilities’, only to find a dilapidated ramshackle dump, the whole situation borders on the absurd. ![]() Basically, no matter how horrible a house might be, if it’s on the market, then it needs to be sold one way or another. As ridiculous as it might seem, there’s little that can be done about it, since as long as there are lemons to sell, agents will need to turn them into lemonade. Seeing the best in something is one thing, but completely fabricating favourable features that don’t exist is another. However, this sales tactic can often get out of hand and leave potential buyers wondering if the agent is even living in the same reality. The job of a real estate agent is to sell properties, so the most effective way of doing so is to ensure that potential buyers see a property in its best possible light. There’s no such thing as an unsalable property, only homes with ‘limitless potential’. Have questions about your home financing paperwork? Check out our glossary of frequently-used mortgage terms.When you work in real estate, you learn to see the world with rose tinted glasses. It’s customary for the buyer to pay for the lender’s title insurance policy. Title insurance: An insurance policy that protects a lender’s or owner’s interest in real property from assorted types of unexpected or fraudulent claims of ownership. Not all real estate agents are REALTORS®. REALTOR®: A real estate broker or sales associate who is a member of the National Association of REALTORS®. There is no MLS covering the whole country. Membership isn’t open to the general public, although selected MLS data may be sold to real estate listings web sites. An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Lock box: Locked key-holding device affixed to a for-sale home so real estate professionals can gain entry into the home after obtaining permission from the listing agent. Lo dues: Low homeowners association dues. A home being sold by the owner (FSBO) without a real estate agent isn’t a “listing.” The word “listing” is also used to refer to the for-sale home itself. Listing: An agreement between a real estate broker and a home owner that allows the broker to market and arrange for the sale of the owner’s home. Large E-2 plan: This is one of several floor plans available in a specific building. In-law pot’l: Potential for a separate apartment, subject to local zoning restrictions. Fixtures are a frequent subject of buyer and seller disputes. Fixtures include wall-to-wall carpeting, light fixtures, window coverings and landscaping. One example is a buyer’s contractual right to obtain a professional home inspection before purchasing the home.Įxpansion pot’l: Expansion potential mean that there’s extra space on the lot or the possibility of adding a room or even an upper level-subject to local zoning restrictions.įab pentrm: Fabulous pentroom, a room on top of the house-but under the roof-that has great views.įixture: Anything of value that is permanently attached to or a part of real property. Closing costs are generally paid through escrow.Ĭontingency: A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. These costs include the brokerage commission, mortgage-related fees, escrow or attorney’s settlement charges, transfer taxes, recording fees and title insurance. Closing costs : All of the miscellaneous expenses paid by the buyer and the seller when the real estate deal closes. ![]()
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