Real Estate Terms to Know When Selling
Are you planning to sell your home at the Lake of the Ozarks soon? Whether it's the first time selling a property or you have not had a home on the market for a while, it's important to know the terminology you are about to encounter. You can always ask for clarification from your trusted real estate agent at the Lake of the Ozarks but I've provided some popular terms you may want to know as you enter the selling market.
Closing Costs
Closing costs are the expenses incurred in the purchase and sale of real property paid at the time of settlement or closing. Some examples of closing costs are title insurance, attorney fees, appraisal fees, recording fees and taxes.
Appraisal
An appraisal is the evaluation of a property by a licensed appraiser on its price based on previous sales of similar properties. The appraised value is used by a bank to determine the lending limit on a given property. A seller may also have a property appraised to determine the offering price during a sale.
Capital Gain
Capital gain is the seller's gain on an asset used in a trade or business or for investment, including real estate. This gain is taxed at varying rates depending on whether the asset was held for more or less than one year.
Pre-Approval
A pre-approval is a process in which a conditional commitment is issued after a loan profile is underwritten with all standard documentation except a property appraisal and a title search.
Caveat
Caveat is a warning or caution that may be an amendment to a contract of sale.
Seller's Agent
A seller's agent is the listing agent that works in the best interests of the seller.
Market Value
The market value of a property is an estimation of the price for a property in relation to the current real estate market.
Closing
The closing is when the transfer of ownership of a property from the seller to the buyer occurs according to the sales contract.
Dual Agent
A dual agent is a broker or salesperson who represents both the buyer and seller in the same transaction.
Seller Contribution
The seller contribution is a payment by the seller of a property of some, or all, of the buyer's closing costs.
Inspection
An examination of a property by a qualified inspector or engineer to understand the condition and to check for structural damage, termites, any required repairs or equipment replacement, etc.
Listing Broker
The listing broker represents the interests of the seller or landlord in the sale or rental of his or her property.
Sale Price
The sale price, also referred to as the purchase price, refers to the amount of money paid by the purchaser to the seller.
Sales Comparison Approach
The sales comparison approach is an appraisal tool for estimating the value of a property with other similar properties that have sold recently.
Valuation
Valuation establishes an opinion of value utilizing an objective approach based on facts related to the property, such as age, square footage, location, cost to replace, etc.
Walk-Through Inspection
The walk-through inspection of a property occurs right before a closing to ensure that the property is being delivered as stipulated in the contract of sale.
Now that you've hopefully learned a few new terms, you're ready to enter the real estate market at the Lake of the Ozarks. As your expert real estate agent, I know how important it is to know some of the common terms that you will soon encounter as you sell your home. When you are ready to list your home for sale at the Lake of the Ozarks, give me a call! I'd love to help you successfully sell your home!
Closing Costs
Closing costs are the expenses incurred in the purchase and sale of real property paid at the time of settlement or closing. Some examples of closing costs are title insurance, attorney fees, appraisal fees, recording fees and taxes.
Appraisal
An appraisal is the evaluation of a property by a licensed appraiser on its price based on previous sales of similar properties. The appraised value is used by a bank to determine the lending limit on a given property. A seller may also have a property appraised to determine the offering price during a sale.
Capital Gain
Capital gain is the seller's gain on an asset used in a trade or business or for investment, including real estate. This gain is taxed at varying rates depending on whether the asset was held for more or less than one year.
Pre-Approval
A pre-approval is a process in which a conditional commitment is issued after a loan profile is underwritten with all standard documentation except a property appraisal and a title search.
Caveat
Caveat is a warning or caution that may be an amendment to a contract of sale.
Seller's Agent
A seller's agent is the listing agent that works in the best interests of the seller.
Market Value
The market value of a property is an estimation of the price for a property in relation to the current real estate market.
Closing
The closing is when the transfer of ownership of a property from the seller to the buyer occurs according to the sales contract.
Dual Agent
A dual agent is a broker or salesperson who represents both the buyer and seller in the same transaction.
Seller Contribution
The seller contribution is a payment by the seller of a property of some, or all, of the buyer's closing costs.
Inspection
An examination of a property by a qualified inspector or engineer to understand the condition and to check for structural damage, termites, any required repairs or equipment replacement, etc.
Listing Broker
The listing broker represents the interests of the seller or landlord in the sale or rental of his or her property.
Sale Price
The sale price, also referred to as the purchase price, refers to the amount of money paid by the purchaser to the seller.
Sales Comparison Approach
The sales comparison approach is an appraisal tool for estimating the value of a property with other similar properties that have sold recently.
Valuation
Valuation establishes an opinion of value utilizing an objective approach based on facts related to the property, such as age, square footage, location, cost to replace, etc.
Walk-Through Inspection
The walk-through inspection of a property occurs right before a closing to ensure that the property is being delivered as stipulated in the contract of sale.
Now that you've hopefully learned a few new terms, you're ready to enter the real estate market at the Lake of the Ozarks. As your expert real estate agent, I know how important it is to know some of the common terms that you will soon encounter as you sell your home. When you are ready to list your home for sale at the Lake of the Ozarks, give me a call! I'd love to help you successfully sell your home!
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