As we all know, buying or selling a home can be a nerve-racking experience for a first-time home buyer as well as a seasoned investor. Check out the 2nd half (N–Z) of our list below for some of the most widely-used real estate industry terms. For the 1st half (A-M) of our list, be sure to review our BLOG from December 14th.
Net Sale Proceeds: The dollar amount received by the seller at closing after all seller-related costs have been deducted.
Open House: An event hosted by a listing agent to showcase a home to potential buyers.
Pre-Approval Letter: A letter indicating that a lender is willing to loan a specific dollar amount to a buyer for a home purchase. Pre-approval does not guarantee a loan.
Quitclaim Deed: A deed that transfers property rights without any confirmation of ownership and is typically used between spouses and family members.
Real Estate Owned (REO) Property: A repossessed property owned by a lender after an unsuccessful sale at foreclosure auction.
Seller Disclosure Statement: A document completed by the seller disclosing the property’s known history and defects.
Title: The legal document evidencing the right to or ownership of real property.
Under Contract: A buyer has submitted an offer and the seller has accepted. However, the sale is not yet final.
VA Loan: A home loan for veterans and select surviving spouses (provided they do not remarry) made by private lenders and guaranteed by the U.S. Government.
Walkthrough: A buyer’s final inspection conducted prior to the sale closing.
“X” Marks the Spot: Where a buyer signs for their dream home!
Yield: The return on investment or the amount of profit, shown as a %, of the amount invested.
Zero Lot Lines: Houses built without space between them and with little or no yard.
Thinking of buying or selling a home in the Spring Hill, Brooksville, Weeki Wachee and Hernando Beach areas of Hernando County, Florida? Visit us TODAY at www.GailSellsFloridaHomes.com to explore our state-of-the-art, MLS Map Search Feature.
Be sure to check out our next BLOG post on January 25th … HAPPY NEW YEAR!
Until then… it’s all about YOU!