A Bill of Sale is a written instrument that serves as a legal document transferring ownership of personal property from a seller to a buyer. It is commonly used for transactions involving items such as furniture and portable appliances.
The party to whom the title to real property is conveyed; essentially, the buyer in the transaction.
An offer in real estate signifies a formal proposal from a buyer to a seller, showcasing a buyer's willingness to purchase property at a specified price or terms.
An offeree is the individual or entity that receives an offer or proposal in the context of a contract negotiation. In real estate, this typically refers to the party that receives a purchase or sale offer.
An offeror is an individual or entity that presents or extends an offer to another party in a real estate transaction. This term is crucial in contract law as it denotes the party who initiates the contractual agreement.
A prospect in real estate is an individual or entity considered likely to purchase a property. Prospects are typically leads who have shown interest in a property by requesting further information or visiting a listing.
Transaction Brokerage is an arrangement in which a broker facilitates a real estate transaction without representing either the buyer or the seller. The broker remains neutral throughout the process, focusing on administrative duties to ensure the smooth execution of the transaction.
