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.