Real Estate Dictionary, Owners and Seller's 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 barometric pressure and dew points are as long as the weather is comfortable. 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 terms specific to home owners and sellers.
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!
Exclusive Right to Sell
A contractual agreement between a seller and an agent under which the listing agent acts as the legally recognized representative of the sellers and the sellers agree to pay a commission to the listing agent's agency.
Staging
The act of preparing a home for showing. The goal of staging is to make a home the most appealing to the widest variety of buyers, therefore making it sell quickly and for the highest amount of money. In vacant homes this can be done by renting furnishings, or in an occupied home it can be as simple as decluttering and rearranging furniture to improve flow.
Home Equity Line of Credit (HELOC)
A line of credit secured by your home that gives you a revolving line of credit to use for expenses or to conslidate debt.
Buying and selling your 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 terms specific to home owners and sellers.
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!
Exclusive Right to Sell
A contractual agreement between a seller and an agent under which the listing agent acts as the legally recognized representative of the sellers and the sellers agree to pay a commission to the listing agent's agency.
Staging
The act of preparing a home for showing. The goal of staging is to make a home the most appealing to the widest variety of buyers, therefore making it sell quickly and for the highest amount of money. In vacant homes this can be done by renting furnishings, or in an occupied home it can be as simple as decluttering and rearranging furniture to improve flow.
Home Equity Line of Credit (HELOC)
A line of credit secured by your home that gives you a revolving line of credit to use for expenses or to conslidate debt.
Buying and selling your 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!
Comments
Post a Comment