Real Estate Dictionary, Clearing Contingencies Edition
Every industry has their own language. There terms they throw around like everyone knows what they're talking about but no one outside the industry really does. In most cases it's okay. I don't need to know what inseams and darts are as long as my clothes fit. But in Real Estate, it's your money and your home we're talking about, so a little education can go a long way.
There are a LOT of Real Estate terms, so I'll break them down by category. Here are a few pre-house hunting terms to get you started.
Realtor (Pronouced Reel-tor)
According to the National Association of Realtors, "REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics."
In reality, a Realtor is someone who sells your home in record time, finds your dream home and solves problems you never knew existed!
First, a quick reminder of what a contingency is:
Contingent
A clause in an accepted contract that allows either party to break the contract if certain terms are not met. Contracts are most commonly contingent on inspections, appraisals, sale of another property and financing.
Inspection
Limited, non-invasive examination of the condition of a home. Generally an inspector will write up a report of his/her professional opinion of issues found and necessary repairs.
Appraisal
A licences appraiser's professional opinion of the market value of a property, based on comparables, conditions and your loan's requirements.
Survey
Terrestrial or three-dimensional position of points and the distances and angles between them. Clear as mud? Basically it's a technical way to find the exact boundaries of a property.
Buying or selling a home can be stressful but knowing a few terms can help make the process feel so much less intimidating. If ever you need to know more, just refer to my other Real Estate Dictionary posts. Or better yet, ask your friendly neighborhood Realtor!
There are a LOT of Real Estate terms, so I'll break them down by category. Here are a few pre-house hunting terms to get you started.
Realtor (Pronouced Reel-tor)
According to the National Association of Realtors, "REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics."
In reality, a Realtor is someone who sells your home in record time, finds your dream home and solves problems you never knew existed!
First, a quick reminder of what a contingency is:
Contingent
A clause in an accepted contract that allows either party to break the contract if certain terms are not met. Contracts are most commonly contingent on inspections, appraisals, sale of another property and financing.
Inspection
Limited, non-invasive examination of the condition of a home. Generally an inspector will write up a report of his/her professional opinion of issues found and necessary repairs.
Appraisal
A licences appraiser's professional opinion of the market value of a property, based on comparables, conditions and your loan's requirements.
Survey
Terrestrial or three-dimensional position of points and the distances and angles between them. Clear as mud? Basically it's a technical way to find the exact boundaries of a property.
Buying or selling a home can be stressful but knowing a few terms can help make the process feel so much less intimidating. If ever you need to know more, just refer to my other Real Estate Dictionary posts. Or better yet, ask your friendly neighborhood Realtor!
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