The home purchasing and listing process is elaborate enough already. Real estate lingo can make it more complicated, especially if you are a first time buyer. In this article you will find definitions on common real estate lingo in Needham MA. This will help you better comprehend the buying and selling process.
Common Real Estate Lingo In Needham MA
A CMA is a document that evaluates your home to closely matching properties that recently sold in the same town. It typically generates a target price given the current economy.
MLS stands for Multiple Listing Service. This is a system where members of the MLS submit listings. Different areas generally have individual MLS systems, and some areas can have multiple ones. Non-member of MLS are not granted login permission to this listings but can receive information from allowed parties.
Assessments are the valuation calculated for homes by a local tax assessor and used to estimate real estate property taxes. Assessed value has no relation to the selling price of a property.
Walk-thrus traditionally take place shortly before settlement. It allows the buyer to quickly inspect a property and to confirm that the condition has not changed from the last time the buyer inspected it.
A contingency is something required for a party to proceed with a property sale or purchase. For instance, the ability to move forward might be reliant upon the sale of their current home. Other typical contingencies are for satisfactory inspection and receipt of a loan commitment.
Good Faith Deposits
Good faith deposits applies to deposits given by a buyer as part of a contract to purchase a property. It confirms that a buyer is serious. Deposits are commonly held by the listing agent for an owner and given back to a buyer at closing.
A closing takes place when documentation is completed, funds are exchanged, and real estate legally changes hands from the seller to the buyer. Purchase and sales agreements always list a closing date and location.
Additional Details on Real Estate Lingo
This article provides definitions on common real estate lingo in Needham MA and covers only some basic terms. For more comprehensive real estate definitions and guidance, contact Bill Kuhlman at 781-444-1399 or firstname.lastname@example.org.