Ya gotta love Stan (our Real Estate agent, referred to us by Scoble). He’s sending emails out to active and former clients at two in the morning. Well, there’s no telling where he scored this small list of definitions, but I’m sure they’ll come in handy for those of us who aren’t necessarily hip to the real estate lingo.
So, here’s the jargon directly from Mr. Mackey, m’kay?
The words and expressions used by doctors, lawyers, and other professionals may sometimes sound like a foreign language. Because real estate terms also can be confusing, here is a mini-glossary of some of the most common ones:
- Agency: The relationship that a real estate agent has with a client.
- CMA: Comparable Market Analysis, a home evaluation based on properties that have sold in the neighborhood similar to the property being priced.
- Disclosure: An oral and/or written communication about agency, property condition, or other key factors.
- Earnest Money: A good-faith deposit provided as consideration when a buyer offers to the seller of a property a contract to purchase the property.
- MLS: Multiple Listing Service, information on properties that is shared among brokers belonging to a specific multiple listing organization.
- Purchase and Sale Agreement: A contract from the buyer to the seller offering to purchase the property for a certain price.
When you’re ready to sell your home, I’ll be happy to explain all the terms and transaction details and walk you through the entire process. Please don’t hesitate to email or call me if I can help you or answer any questions.
And speaking of experts and expertise – apparently, I overstepped my bounds a while ago with claiming that my wife knew everything about the mortgage industry – she’s my wife, after all (she DOES know everything – even though she may not know everything about the mortgage industry). Oh, and my unscientific claim that a majority of those professionals are not trustworthy was also uncertifiably off-base (even though personal experiences have always illustrated that when any kind of financial incentive or commission is involved, it’s in the other party’s best interest to make as much money as they can from an underinformed, disconnected individual).