Ask the Rocca Sisters: The Vocabulary of Real Estate
At the Rocca Sisters Team, we frequently get questions from clients and friends about various aspects of the home selling and home buying process. That is why every week we choose a question and answer it right here on our blog! We often get asked about the meanings of words that are used during the process of buying or selling your home, so this week we are going to give some definitions to these frequently used words.
Frequently Used Real Estate Buzzwords
As in any industry, there are buzzwords and vocabulary that are unique to residential real estate. When you put your home on the market, you should know what these mean. Here are definitions for the most common terms:
- Fair market value: the is an estimate of how much a specific home will sell for in today’s market, taking into account what similar properties in the area have sold for recently.
- Seller’s Agent: This is the REALTOR who is helping you sell your property. He or she may also assist you in finding and buying your next home.
- Buyer’s Agent: this is the REALTOR who is representing the buyer of the property you want to sell.
- Pre-approved Mortgage: This is a statement (often in the form of a certificate) from your bank or order lender that states that you qualify for a mortgage for a particular amount of money. A pre-approved mortgage adds credibility to any offer you make on a new home.
- Staging: This is a strategy where a home is purposely prepared so that it appeals to potential buyers. Staging may involve cleaning, de-cluttering, rearranging furniture, redecorating, and more.
- Survey: This is a document that defines the boundaries and measurements of your property and any structures on it.
- Offer: This is an offer of purchase, in writing, for a particular property.
- Conditional Offer: This is an offer to purchase, but with conditions – such as ‘conditional on a satisfactory home inspection’ or ‘conditional on arranging suitable financing’.
- REALTOR: A trademark name for a trained, qualified real estate representative who is a member in good standing of the Canadian Real Estate Association. A good REALTOR, particularly one who specializes in this neighbourhood, will help you navigate the maze of buying and selling a home.
Do you have a question you would like to see answered on this blog? Contact us at any time, we’d love to hear from you!