An assumed mortgage, also known as an assumption of mortgage, occurs when a homebuyer takes over the seller’s existing mortgage, maintaining the original terms and conditions of the loan.
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.
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.
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.
In the context of real estate, a vendor is the seller of a property. Vendors are typically involved in various transactions including the sale of personal property, cash exchanges, and mortgage transfers. Vendors are integral to real estate transactions as they transfer ownership to the buyer, or vendee.
