| 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 |
The initial investment on a home loan.
|
| EM Deposit |
Earnest money deposit, or good faith deposit provided at 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 porperty 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 to military veterans.
|
