A Backup Contract is a pre-arranged agreement to purchase real estate that takes effect if a primary contract is not completed, providing a secondary buyer an opportunity under predefined conditions.
An individual or firm licensed to arrange real estate transactions, matching property buyers and sellers or tenants and landlords, while earning a commission for services rendered.
A contingency clause specifies conditions that must be met for a real estate contract to become binding, providing a safeguard for both buyers and sellers.
An executory contract is a contract under which one or more parties has not yet performed their obligations. It remains in a state of incompletion until all terms have been fully met by all involved parties.
Market exposure in the context of real estate refers to the efforts made to advertise and promote a property for sale. This can involve various strategies, ranging from traditional classified ads in newspapers to advanced online listings and signs.
Fair market value (FMV) is a critical concept in real estate, representing the estimated price at which a property would sell in the open market under normal circumstances. It is commonly used in property tax assessments, sales valuations, and condemnation proceedings.
False advertising in real estate involves representing a property in a misleading or deceitful manner, resulting in potential buyers or renters making decisions based on inaccurate information.
For Sale By Owner (FSBO) refers to a property sale conducted directly by the owner without the use of a real estate agent. This approach allows sellers to avoid paying commission fees but requires them to handle all aspects of the sale process.
A forced sale, also known as a distress sale, occurs when the owner of a property is compelled to sell, often at a price lower than the market value, typically due to urgent circumstances such as financial distress, legal judgments, or repossession.
A listing in real estate refers to a written agreement between a property owner and a real estate agent authorizing the agent to represent the owner in marketing and selling the property. A listing can also refer to the property itself being marketed for sale in the agent's portfolio.
Market price is the actual price paid in a market transaction for an asset, in contrast to the market value. It reflects the monetary amount a buyer is willing to pay and a seller is willing to accept under normal market conditions.
A marketability study is an analysis conducted for a specific client to determine the likely sales of a specific type of real estate product. It seeks to establish the market price and rate of sales for a particular product without considering its financial feasibility or profitability.
In real estate appraisal terminology, 'Marketing Time' refers to the estimated duration a property would need to be on the market to sell, following the date of the appraised value.
A real estate agent is a licensed professional who assists in buying, selling, or managing properties. They work under the authority of a licensed broker and are pivotal in navigating real estate transactions.
RealQuest is a comprehensive real estate data supplier that is a division of CoreLogic. It provides essential data on sales prices, property characteristics, real estate locations, tax data, and MLS data, enabling stakeholders to make informed decisions.
Recapture of depreciation is a tax provision where the IRS recovers depreciation deductions upon the sale of an asset, often leading to significant tax implications for the property owner.
