In real estate, 'ABLE' refers to the financial capability of a buyer to complete a transaction. Being ABLE indicates that the buyer has the necessary funds or financing arrangements to proceed with the purchase of a property.
In the context of real estate, a client is an individual or entity that engages a broker, lawyer, accountant, appraiser, or other professional to represent their interests in a transaction.
A closing agent is a neutral third party who handles the closing of a real estate transaction, ensuring the details of the purchase agreement are fulfilled. They prepare the necessary documentation and may conduct the closing meeting.
A closing statement is an accounting of funds from a real estate sale, made to both the seller and the buyer separately. It details the financial transactions involved in finalizing a real estate transfer.
Commission is the amount earned by a real estate broker for services performed, typically calculated as a percentage of the property's sale price.
Compensation in real estate refers to money or other property paid to individuals or entities in exchange for services rendered, goods provided, or contractual obligations fulfilled. It encompasses wages, commissions, payment for real estate contracts, and property exchanges.
Conveyance refers to the transfer of the title of real estate from one party to another through a legally binding instrument. It typically involves documentation that deeds property from a seller to a buyer during a recognized transaction.
A Disclosure Statement is a legally required document in real estate transactions that compels sellers to reveal specific information about the property's condition and any material facts relevant to the transaction.
Filing fees are charges associated with documents that are recorded in the courthouse in connection with a sale, including deed-recording, mortgage-recording, and mortgage-release charges.
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.
A preliminary title report is a report issued by a title company before a real estate transaction, stating a willingness to insure the title upon closing. It identifies any encumbrances, liens, or legal impediments on the property.
A Purchase Contract, also known as an Agreement of Sale, is a binding legal document outlining the terms and conditions under which a buyer agrees to purchase and a seller agrees to sell a property.
A qualified buyer is an individual or entity that has been assessed and deemed financially capable of purchasing a property within a specific price range. This term is crucial in real estate transactions as it helps differentiate between prospective buyers who have the financial means to complete a purchase and those who do not.
The Selling Broker (Agent) is a licensed real estate professional who introduces and represents the buyer in a real estate transaction, playing a critical role alongside the Listing Broker (Agent).
In real estate, settlement, also known as closing, is the final step in executing a real estate transaction, where the buyer finalizes their mortgage, pays closing costs, and the title is transferred from the seller to the buyer.
Subagency is a real estate relationship where a sales agent attempts to sell a property listed with another broker. This arrangement is commonly seen within a Multiple Listing Service (MLS). Under subagency, the listing broker and the selling broker share the commission upon a successful sale.
A clause in a real estate sales contract that allows the buyer to have the property inspected for termite infestation, often requiring the seller to treat the property or providing the buyer with the option to cancel the contract.
A Trustee's Deed is a legal document that conveys property ownership from a trustee to a buyer, commonly used in real estate transactions involving foreclosed properties.
The Uniform Settlement Statement, otherwise known as the HUD-1 Form, is mandated by the Real Estate Settlement Procedures Act (RESPA) for federally related mortgages. This document contains crucial details about the closing, outlining all charges and funds involved in a real estate transaction.
A universal agent is authorized to act on behalf of another in all matters that one could personally exercise or control, often through a general power of attorney.
