Comparables
Houses and properties that are similar in style, appearance,
construction quality, and usefulness to a particular property in a certain
location.
Comparative Market Analysis
Realistic estimate of a home’s current market value
based on the most salient points of the local real estate market.
Contingency
A provision in a contract that requires a certain act
to be done or a certain event to occur before the contract becomes binding.
Contracts
A legally enforceable agreement to do, or not to do, a
particular thing for a consideration.
Contract of sale
The agreement between the buyer and seller on the
purchase price, terms and conditions necessary to both parties to convey the
title to the buyer.
Conventional mortgage
The most popular home financing method.
Counter-offer
Offer made by the buyer or seller in response to the
other’s bid.
Curb appeal
Term for everything prospective buyers can see from
the street that might make them want to take a closer look at a home for sale.
Deed
A written instrument, when executed and delivered,
conveys title to or an interest in real estate.
Down payment
Buyer’s payment to the sellers time of closing for that
percentage of the purchase price required by the buyer’s mortgage loan.
Dual agency
Representing both the buyer and the seller in the same
real estate transaction.
Earnest money
Money paid by the buyer, at the time of making an
offer or entering into a contract to purchase, which is intended to show the
buyer’s good-faith intention to complete the purchase. Generally, earnest money
is applied against the purchase price, but may be forfelted if the buyer falls
to complete the purchase.
Equity
The interest or value that an owner has in a property
over and above any indebtedness.
Escrow
The process by which money and/or documents are held
by a disinterested third person (a stakeholder) until satisfaction of the terms
and conditions of the escrow instructions (as prepared by the parties to the
escrow) have been achieved. Once these terms have been satisfied, delivery and
transfer of the escrowed funds and documents takes place.
