Real Estate Dictionary

BUYER/SELLER: I am interested in the following services:

CMA —

Comparative Market Analysis: A report generated by your agent that helps to determine an approximate value of your property.

Home Staging —

Also, Home Stager – Home stagers help you to prepare your property to achieve the best sale price and also reduce the amount time your home is on the market. The goal of home staging is to make a home appealing to the highest number of potential buyers, enabling the owner to sell the property more swiftly and for more money.

Open House —

A scheduled time where a house or apartment for sale or rent is open for visits from the public. The Open House is usually hosted by either a real estate agent or in some cases the actual homeowner.

Advertising Packages —

All agents have different techniques, strategies and skills in advertising. So ask them what they can do for you!

Appointment Scheduling —

Does your agent schedule appointments themselves or is it handled by their support staff?

MLS —

Means the Multiple Listing Service. A group of privately owned databases that provide member real estate agents and prospective buyers with properties that are available for sale in the United States and Canada.

Caravan/Agent Tour —

A caravan involves inviting real estate agents into a home, or more often a series of homes, listed for sale in hopes of achieving higher visibility and marketing.

Customized Feature Sheets —

A customized feature sheet provides an accurate depiction of the seller’s property for prospective home buyers to keep and gives them a resource to look back at when they leave the home.

Installation Of A “For Sale” Sign —

A service real estate professionals provide to advertise your home for sale, lease or rent that’s usually installed on your front lawn.

Lockbox Services —

The main purpose of a lockbox is that it facilitates the sale of the home. Without it, selling or buying a home would be much more difficult. It allows a safe and easy way for Agents to get the keys to open your house and show your property to their clients.

Virtual Tours —

Virtual tour photography, 360° virtual tours, or a panoramic virtual tour is a highly efficient way of gaining more market exposure, faster than other marketing strategies.

Newspaper Advertising —

This section of the local newspaper is one of the popular choices for real estate agents to effectively advertise their new listings.

Internet Advertising —

Real estate agents can advertise your property on many different websites. For example, they can advertise your home on their personal as well as their broker’s website.

I Would Like My Agent To Help Me Find The Right:

Lawyer —

Only an experienced lawyer, who is closely familiar with real estate paperwork, can catch all the problems or mistakes and save you future expenses to correct them.

Moving Company

You should not wait more than 6-8 weeks before booking your moving company.

Relocation Company —

Or “employee relocation” services includes a range of internal business processes that are engaged to transfer employees, their families, and/or entire departments of a business to a new work location.

Professional Home Appraiser -

An appraisal is an unbiased determination of the value of real estate and an important piece of information for a number of situations, including selling your home, lowering your property taxes and estimating home insurance. When in need of an appraisal, you would contact an appraiser.

Mortgage Broker —

These professionals have connections with various lenders and can help you determine which lender would be the best fit for you regarding your mortgage.

Home Inspector —

A home inspection is a limited examination of the condition of a particular home, often in connection with the sale of that home.

Home Stager —

A professional who prepares a private residence for sale in the real estate marketplace. The goal of home staging is to make a home appealing to the highest number of potential buyers, enabling the owner to sell the property more swiftly and for more money.

Fee Options:

A Standard Commission Rate —

Even though commission rates are always negotiable. It usually costs a total of between 5-6% of your selling price plus any applicable taxes specific to your area of residence.

A Reduced Commission Rate (Depending On The Services) —

Real Estate agents can be negotiable as to what commission to charge. Some offer buyer rebates, or a fewer amount of services or a pre-determined flat listing fee which costs considerable less than the standard rates.

A Flat Rate —

Is an alternative, non-traditional full service listing where compensation to the listing agent is not based on a percentage of the selling price but instead is a fixed dollar amount that is typically paid at closing. The rate is generally less than a gross 6% commission, resulting in a lowered cost of selling your property.

Flat Fee —

Generally refers to the practice in the real estate industry of a seller entering into a “limited service agreement” with a real estate agent who lists the property for sale in the local Multiple Listing Service (MLS) for a set dollar amount (the “Flat Fee”).

A La Carte Real Estate Services —

Now consumers can specifically choose the services they want for an agreed upon reduced commission rate rather than paying for any additional unnecessary services at a full commission rate.

A Buyers’ Rebate —

Simply ask your agent if he/she can give you a buyers’ rebate: this is typically a portion of the 2-3% of the commission that an agent receives when representing a buyer.

I Am Interested In Selling A:

Detached House —

a freestanding, single-family dwelling unit that does not share a common wall with any other structure.

Townhouse —

a series of multi-level houses, connected by common sidewalls and forming a continuous group, each with private entrances.

Condo Townhouse —

a multi-unit building, with the individual’s unit privately owned, and the building and land owned by all individual unit owners. This is a form of ownership rather than a style of home.

Apartment

A room or suite of rooms designed as a residence. Usually located in a building occupied by more than one household.

Condo Apartment —

a multi-unit building, with the individual’s unit privately owned, and the building and land owned by all individual unit owners. This is a form of ownership rather than a style of home.

Office Space —

A place of business. Although this space can be owned by a company, usually most office space is either leased or rented.

Investment Property —

A real estate property that has been purchased with the intention of earning money, either through rent, the future resale of the property, or perhaps both. An investment property can be a long-term endeavor like an apartment building, or a short-term investment such as house flipping (where a property is bought, remodeled or renovated, and sold at a profit).

New Construction —

A home or building that hasn’t yet been occupied, where the seller is the builder.

Cooperative —

a dwelling unit owned by a corporation where a purchaser acquires a share in it. Use, rights and obligations are governed by a member’s agreement. This is a form of ownership rather than a style of home. Different laws in the U.S. and Canada govern Co-op’s.

Public Housing —

Public housing is a form of housing which the property is owned by a government authority, which may be central or local.

Century Home —

A home that is or is more than 100 years old.

Didn’t find the term or definition you were looking for? Send us a note (support@sundaybell.com) as we update our list regularly.

   
     

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