-
Addenda
(Addendum): An attachment to the
Purchase & Sale Agreement.
-
Agency:
The relationship that a real estate agent has with a
customer
or client.
-
Buyer Broker:
An agent who
represents the buyer in a transaction.
-
CMA:
Comparable Market Analysis, or an opinion of a home’s value.
-
Comps:
Properties used as” comparables” on a CMA.
-
Disclosure:
Verbal and/or written communication regarding agency, property
condition, etc.
-
Down payment:
Initial investment on a home
loan.
-
EM deposit (Binder Deposit):
Earnest money deposit, or good faith deposit provided as
consideration when a buyer offers a contract to a seller.
-
FHA:
A type of loan, government insured financing.
-
Key box:
MLS electronic key which allows agents access to listed properties.
-
List
(Listing): When a seller signs a
listing agreement with a broker to market their property.
-
Listing Agent:
Agent who takes a listing on behalf of the broker.
-
Lock-box:
Another term for a key box.
-
Lock-in:
A term to obtain the interest rate at today’s rate, or lock-in
the rate.
-
MLS:
Multiple Listing Service. An organization that distributes
information on properties listed by MLS member
brokers.
-
Property Profile:
An informational/fact sheet about a property on
the market.
-
Purchase and Sale Agreement:
A contract between a buyer and a
seller to purchase real property.
-
Transaction:
A listing sold or the sale of real property.
-
VA:
A type of loan, government
guaranteed financing available to
military veterans.
