Like any industry, real estate has its own list of terms that help realtors and their clients communicate clearly and effectively. Although it can be intimidating to learn, understanding these vocabulary words can take the stress out of complex transactions. Here are a few examples of real estate terms to familiarize yourself with.
A Quick Guide to Real Estate Vocabulary
1. Closing Costs
There are a lot of expenses tied to closing a real estate deal, including brokerage costs, mortgage-related paperwork fees, attorney fees, taxes, and title insurance. These costs are cumulatively referred to as closing costs, and they typically make up between 2% and 5% of the purchase price of your home.
During the discovery phase of a real estate transaction, you may schedule a home inspection or ask the seller to take care of tasks related to the house, such as repairs. If you have items of business that the deal depends on, they may be listed as a contingency in your paperwork.
Listing your home is a service offered by the broker that makes them a representative for your property. Once your home is listed with an agent, they may post it on their website or other national real estate sites so that it can garner attention on the market.
The MLS is a national organization responsible for collecting and listing information about home properties. Their listings are available to other real estate agents, making your property easier for other brokers to find and recommend to their clients. This can speed up the process of selling or renting your home, but you may lose the advantage of working with an agent you know and trust.
5. Title Insurance
Title insurance is designed to protect the buyer or owner’s interests against fraudulent practices or claims. For instance, if there was a lien on the property and it wasn’t disclosed to you, your title insurance will step in to cover the expenses.
Whether you are looking to buy or sell a home, the team at Amber Lube, Keller Williams Realty Concord/Kannapolis can help. With a deep understanding of Cabarrus County, NC, and expert negotiation skills, their dedicated real estate agents make it easy to get good deals on residential properties. For more information, visit them online, or contact Leaurel Lube by emailing firstname.lastname@example.org or calling (704) 467-0685. Contact Amber Lube by emailing AmberLube@gmail.com or calling (704) 577-5966.