Basic Real Estate Terms Flashcards

Basic Real Estate Terms Flashcards

• Seller Disclosure Deadlineb. Due Diligence Deadlinec.

Financial/Appraisal Deadlined. Settlement Deadline

• 5 days after accepted contractb. 14-17 days after

acceptancec. 20-25 days after acceptanced. 30-45 days after acceptance TopProducerThis is the online platform that we use to keep our database of past, current, and potential clients.Limited AgencyWhen one agent or two agents from the same company work both sides of a transaction (buyer and seller) MediationRefers to when two disagreeing parties meet with a mediator to try and come to an agreement prior to going to court (in an attempt to avoid court) HotsheetA tool used on the MLS to set criteria for a client and receive emails automatically when a new property is listed that fits the specified criteria.AddendumDocument used to change or add to an agreed upon contract.GreensheetOnline form used to input transaction information (such as buyer/seller info and purchase price) for Keller Williams to document, keep track of, and refer to as needed. Also used for KW to know who to pay and how much after closing.Settlement vs ClosingSettlement refers to buyer and seller signing closing documents at title company and wiring needed funds from bank. Closing refers to the time (usually the next day), when the funds are dispersed as needed and the sale is recorded at the county.Zbuyer (Lead Source)This company gets lead from who knows where and we end up with the information.The year lead-based paint was discontinued in homes1978 Buyer Aquire (Lead Source)These leads are captured when a prospective buyer drives by a listing and sends a text to receive more info on the property.ProAgent (Lead Source)Leads that come from SuAnne's website(utahcountyrealestate.com) are captures by this software and can be found at proagentwebsites.com ForeclosureThe process of a bank repossessing a home and selling it in an attempt to get back some or all of what they are owed.Agent Machine (Lead Source)A website where we get contact inforamtion for potential clients and then we have to pay a 25% referral fee if we end up closing the sale.PossessionRefers to when the property (keys) are transferred from the seller to the buyer. Usually after closing but specified in

REPC.

Earnest MoneyMoney the buyer applies at the beginning of the transaction that will be applied to the down payment at closing. Money will be refunded if buyer backs out of deal prior to deadline expiration."Conditioned upon"/"Contingent upon"/"Subject to" Meaning that the buyers obligation to purchase relies on the reality or realization of something else.DotloopThe online system used to keep track of paperwork, and used to get e-signatures from clients.MLS"Multiple Listing Service" - the database of home listings.These can be found at utahrealestate.com CMA (Comparitive Market Analysis)When you use comparable (similar) properties that have recently sold to determine a general price point for the subject property.Zillow (Lead source)People go on this website and request information or showings for properties and we end up with the contact info and the messages.Home Warranty vs Homeowners insuranceInsurance is paid monthly and covers flood, fire, earthquake, etc. Home warranty is paid once at closing (around $400) and covers appliances for one year. Can also be renewed each year if wanted.Buyer-Broker AgreementA contract signed by the agent and the buyer agreeing to work together to find and purchase a property.DefaultBuyer or seller can default on a contract. This means that they did something that the contract prohibited or they didn't do something that the contract required (aftersigning and agreeing to it) Due DiligencePeriod of time buyer has to review and inspect the physical condition of the property as well as information given from the seller. (Seller Disclosures, Rental info, etc). Earnest money is refundable if buyer disapproves of any of this in writing before deadline.Short saleWhen the seller is asking less for the home than what the owe the bank. They will need to get the banks approval of the sale.