As a novice, you will come across various terms in the real estate industry, which you are not very well acquainted with. These situations sometimes create problems for home buyers and sellers because these can lead to various troubles like that of miscommunication, wrong interpretation etc.
Below mentioned are certain common terms used in the real estate market. Go through this glossary in order to avoid problems from occurring when house buying or selling through an agency:
Agent: An agent is a person who is also know as the broker. He/she is responsible for representing you as buyers and sellers.
Appointment: It is that time when your agent will take you for property visits and other meetings for the benefit of your home buying and selling project.
Back on the market or BOM: This term is used when a property which was previously removed from the list is placed back for sale purposes.
Back up agent: This agent will help you with your project when your actual agent is unavailable.
Addendum: This term is used to refer a document.
Commission: Commission is the payment made to the broker by the seller/buyer of the property, after the deal gets cracked.
DOM: DOM stands for Days On Market.
Loan: Loan is the money that a borrower will take for purchasing the property and pay back after a certain period of time.
List date: It is that date on which the property gets listed with a broker or real estate company.
Pending: It is that deal when the contract between the two parties has taken place but the transaction is yet to be made.
Principal: It refers to the amount of money that a buyer lends for purchasing purposes.
Virtual tour: It is a digital visit of the property that takes place through the source of internet. It usually happens when the buyer cannot visit the property due to time or distance issues.
Now that you are well acquainted with the above-mentioned glossary, you have reached the right time when property buying/selling project can actually begin from your end. We at Southern Utah Realty are ready to help you with the entire process. Our team is professional and since we are into this business from a very long time, there is nothing that we are not well acquainted with. To know more about us, call or mail today!
Below mentioned are certain common terms used in the real estate market. Go through this glossary in order to avoid problems from occurring when house buying or selling through an agency:
Agent: An agent is a person who is also know as the broker. He/she is responsible for representing you as buyers and sellers.
Appointment: It is that time when your agent will take you for property visits and other meetings for the benefit of your home buying and selling project.
Back on the market or BOM: This term is used when a property which was previously removed from the list is placed back for sale purposes.
Back up agent: This agent will help you with your project when your actual agent is unavailable.
Addendum: This term is used to refer a document.
Commission: Commission is the payment made to the broker by the seller/buyer of the property, after the deal gets cracked.
DOM: DOM stands for Days On Market.
Loan: Loan is the money that a borrower will take for purchasing the property and pay back after a certain period of time.
List date: It is that date on which the property gets listed with a broker or real estate company.
Pending: It is that deal when the contract between the two parties has taken place but the transaction is yet to be made.
Principal: It refers to the amount of money that a buyer lends for purchasing purposes.
Virtual tour: It is a digital visit of the property that takes place through the source of internet. It usually happens when the buyer cannot visit the property due to time or distance issues.
Now that you are well acquainted with the above-mentioned glossary, you have reached the right time when property buying/selling project can actually begin from your end. We at Southern Utah Realty are ready to help you with the entire process. Our team is professional and since we are into this business from a very long time, there is nothing that we are not well acquainted with. To know more about us, call or mail today!
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