Real Estate Words
In Real Estate, as in any industry, there are a lot of abbreviations, words and phrases that are specific to Real Estate. Those that are involved in the Real Estate Industry, such as Realtors, Lenders, Title Reps, Home Warranty Reps, Closing Agents, Home Insurers and many more, use these words so many times every day that we sometimes don't even realize we are using a term that is completely foreign to someone that doesn't do this for a living!
As you go through the process of buying or selling your home, you will undoubtedly hear these terms used. First of all, if you don't know what a word, abbreviation or phrase means, don't hesitate to ask! A lot of times a word or phrase can mean different things to different people, so even if you find a definition here, it may be worth clarifying what that word or phrase means to that person. A good example of this is "As Is".
"As Is" - as those two words imply - means that the home in question is being offered in its current condition and no modifications or repairs will be made. In some cases, this is a very strict "As Is" offering. In some markets, it will be accompanied with an instruction saying that any prospective Buyer should conduct a pre-inspection and waive their inspection contingency completely. In other situations, it means that the Buyer can still conduct an inspection, but that no repairs will be done by the Seller. Still, there are times that a Seller will say "As Is", but when asked, they will concede and take care of some minor repairs. (This is just a quick example offered to demonstrate that one phrase can mean different things to different people, there are a lot of missing details in the above illustration and it is by no means meant to guide anyone through the process of handling an "As Is" situation. The example is also littered with phrases and words that could use further definition - perhaps I will start with those!)
In the interest of keeping things neat, I will create a separate post for each definition and link to them here. Otherwise this page would become quite long and unwieldy.
((Links to follow shortly))
Buyer
Seller
As you go through the process of buying or selling your home, you will undoubtedly hear these terms used. First of all, if you don't know what a word, abbreviation or phrase means, don't hesitate to ask! A lot of times a word or phrase can mean different things to different people, so even if you find a definition here, it may be worth clarifying what that word or phrase means to that person. A good example of this is "As Is".
"As Is" - as those two words imply - means that the home in question is being offered in its current condition and no modifications or repairs will be made. In some cases, this is a very strict "As Is" offering. In some markets, it will be accompanied with an instruction saying that any prospective Buyer should conduct a pre-inspection and waive their inspection contingency completely. In other situations, it means that the Buyer can still conduct an inspection, but that no repairs will be done by the Seller. Still, there are times that a Seller will say "As Is", but when asked, they will concede and take care of some minor repairs. (This is just a quick example offered to demonstrate that one phrase can mean different things to different people, there are a lot of missing details in the above illustration and it is by no means meant to guide anyone through the process of handling an "As Is" situation. The example is also littered with phrases and words that could use further definition - perhaps I will start with those!)
In the interest of keeping things neat, I will create a separate post for each definition and link to them here. Otherwise this page would become quite long and unwieldy.
((Links to follow shortly))
Buyer
Seller
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