Hungarian real estate lingo8/6/2023 ![]() Principal - The amount of money you borrowed to buy your home that you must pay back with interest. ![]() Multiple Listing Service (MLS) - When selling your home, an MLS is an organization that collects and distributes home sale information to popular listing sites. When selling, you’ll need to ensure that you can make back your mortgage note. Mortgage - A lien of claim against your property that the buyer gives to the lender as security for the money borrowed. It is counted toward the down payment and is refundable.Įquity - This is the difference between your home’s fair market value and the value of your unpaid mortgage.Įscrow -Refers to an account set up by the lender, which holds funds from the buyer pending completion of sale. In a house, it can refer to managed homeowners areas.Ĭounteroffer - If you reject the initial home offer made by the buyer, you can make a revised offer that is more desirable.ĭeed - The deed is a written document that transfers the title of your property from one owner to another.Įarnest Money Deposit - You’ll receive this payment from the buyer as an offer that indicates serious interest in your property. For a condominium, this real estate lingo can refer to a shared pool, parking, laundry, or courtyard. Expenses can include mortgage fees, recording fees, title insurance, transfer taxes, credit check fees, commissions, inspection fees, appraisal fees, and more.ĬMA: CMA stands for Comparative Market Analysis, also referred to as “comps.” This report looks at similar homes in your area that were sold or are currently on the market and can help you determine an accurate value for your home.Ĭommon Area - When selling a home, you should also mention facilities and space that are included perks. This value is separate from a home appraisal value or market value.Īssumption of Mortgage - When the purchaser takes over your mortgage obligating, making them personally liable for payment of an existing mortgage.Ĭlosing Costs - These refer to miscellaneous expenses (typically paid by the buyer) to close the deal. Depreciation refers to a decrease in value.Īssessed Value - This is the dollar value that a public tax assessor assigns to your home for the purpose of city/state taxes. The increased value of your home from when you purchased it is considered its appreciation in value. To determine the value of your home, you’ll need a real estate appraisal with expertise in your geographic area.Īppreciation - Over time, your house should gain in value due to increased marketing demand and inflation. To help prepare you for the home selling process, we’ve created a complete glossary of real estate terms.Īppraisal - This is an estimate of the property’s worth/value. If you don’t know what they’re saying, you could put yourself at risk of a bad deal or an unfortunate misunderstanding that can cause endless trouble for closing the deal. Everyone uses it from your real estate agent to your bank loan manager and the home seller. ![]() When selling a home, it’s impossible to avoid real estate terminology. What’s the CMA of your home and does the buyer have a plan for paying the closing costs? Does that sound like a lot of mumbo-jumbo? If it does, then it’s time that you get up to date on the latest real estate lingo.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |