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Confused by ALL that Real Estate Lingo? Check out our ABC’s of Real Estate Lingo – Part 2 of 2

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!

About Gail Spada

Gail Spada’s real estate career began in 1990 and it didn’t take long for Gail to discover her love for the industry. In 2001, she began her real estate sales profession with Century 21 Alliance Realty in Spring Hill, FL. Gail has worked diligently to stay on top of her game. She is a Florida Licensed REALTOR® and has earned the following designations/certifications to include: GRI (Graduate Realtor Institute), ePRO (Internet Savvy Real Estate Specialist), AHWD (At Home With Diversity – One American) and SFR. It is that well-rounded training and experience, coupled with her intimate knowledge of the Hernando County real estate market, that enables Gail to deliver results to her customers.