The home sale process is confusing enough already. Real estate terminology can make it more complicated, especially if you are a first time buyer. Below you will find guidance on frequently used real estate terminology in Las Vegas. This will help you better understand the real estate process.
Frequently Used Real Estate Terminology In Las Vegas
A CMA is a report that evaluates your real estate to closely matching homes that sold recently in the area. It usually provides a price range based on the current economy.
MLS stands for Multiple Listing Service. This is a place where real estate professionals enter homes for sale. Different areas generally have individual MLS networks, and some areas can have multiple ones. Non-member of MLS are not given direct access to this database but can obtain access from permitted parties.
Assessments are the valuation assigned to properties by a public tax assessor and for the purpose of estimating real estate property taxes. Assessed value has no relation to the market value of real estate.
Walk-thrus traditionally are performed shortly before settlement. It allows the buyer to quickly inspect a home and to ensure that the condition has not altered from the previous time they saw it.
A contingency is something required for a party to move forward with a home sale or purchase. For instance, the ability to purchase may be based on the sale of their existing real estate. Other frequently used contingencies are for performance of a home inspection and successful receipt of a loan commitment.
Good Faith Deposits
Good faith deposits refers to funds given by a buyer with a agreement to purchase a home. It states that a buyer is committed. Deposits are traditionally held by the listing company for a seller and credited to a buyer at closing.
A closing is when documentation is signed, money is exchanged, and real estate officially transfers from the current owner to a new owner. Agreements must note a closing date and place.
More Real Estate Terminology
This blog lists guidance on frequently used real estate terminology in Las Vegas and covers only some basic terms. For more detailed real estate information and advice, contact Arina Hanciulesco at 702-306-4766 or firstname.lastname@example.org.