What are 5 real estate terms?

General real estate terms

• As-is.
• Buyer’s agent/listing agent.
• Closing.
• Closing costs.
• Days on market (DOM)
• Due diligence.
• Escrow holder.
• Homeowner’s association (HOA)

What is it called when a realtor shows a house?

A showing is a professionally scheduled appointment that gives a potential buyer the opportunity to tour your home. Either your real estate agent will accompany buyers to your home, or another licensed sales professional who has likely been initially screened and approved by your agent.

What should be included in a purchase agreement?

However, there are some basic items that should be included in every purchase agreement.

• Buyer and seller information.
• Property details.
• Pricing and financing.
• Fixtures and appliances included/excluded in the sale.
• Closing and possession dates.
• Earnest money deposit amount.
• Closing costs and who is responsible for paying.

What is a competitive market analysis in real estate?

Key Takeaways. A comparative market analysis (CMA) is an estimate of a home’s value used to help sellers set listing prices, and to help buyers make competitive offers. The analysis considers the location, age, size, construction, style, condition, and other factors for the subject property and comparables.

What is the best term to describe the placement of a house on its lot?

Orientation is the positioning of a home on a lot. In other words, the term is used to describe the direction a home faces. Orientation can affect the market value of a home, so before buying a home, you should make sure that its orientation meets your personal preferences.

What is a legal description in real estate?

A legal description is the geographical description of real estate that identifies its precise location, boundaries and any easements for the purpose of a legal transaction, such as a transfer of ownership. A legal description is kept with the deed and filed with the county clerk or county tax assessor.

What is the most important condition to be met in a purchase agreement?

First and foremost, a purchase agreement must outline the property at stake. It should include the exact address of the property and a clear legal description. Additionally, the contract should include the identity of the seller and the buyer or buyers.

What is a market analysis on a home?

A: A market analysis pertains to a list of information about homes that have sold in your neighborhood or surrounding area similar to yours. You may also want to interview other agents and get at least 3 realtors opinions and choose the realtor you feel with market your property the best.

Which one of these is the best description of comparative market analysis?

A comparative market analysis is a tool that real estate agents use to estimate the value of a specific property by evaluating similar ones that have recently sold in the same area.