The home buying and selling procedure is complex enough already. Real estate phrases can complicate it further, particularly if you are a first time buyer. In this article are an overview of popular real estate phrases in Grand Rapids Michigan. This may help simplify the buying and selling process.
Popular Real Estate Phrases In Grand Rapids Michigan
A Market analysis is a document that evaluates your property to properties with similar features that recently sold in the same neighborhood. It traditionally generates a price range based on the current market conditions.
MLS is an acronym for Multiple Listing Service. This is a database where members of the MLS submit properties for sale. Different regions generally have individual MLS networks, and some areas can have more than one. The general public is not granted access to log in to this database but may obtain information from real estate agents.
This is the dollar value assigned to homes by a public tax assessor and for the purpose of calculating real estate property taxes. Assessed figures have no relevance to the market value of a home.
Walk-thrus typically are completed shortly before settlement. It permits a buyer to preview a property and to ensure that the condition has not altered from the last time they saw it.
Purchase and Sale Terms
A contingency is something necessary for a party to move forward with a home sale or purchase. For example, the ability to purchase could be reliant upon the sale of their existing home. Other typical contingencies are for performance of a professional inspection and ability to obtain a home loan commitment.
Good Faith Money
Good faith money applies to funds submitted by a buyer as part of a contract to purchase a property. It indicates that a buyer is committed. Deposits are usually held by the listing company on behalf of an owner and credited to a buyer at closing.
A closing takes place when paperwork is completed, money is exchanged, and a property officially changes hands from the current owner to a new owner. Contracts typically indicate a closing date and place.
More Real Estate Phrases
This article provides an overview of popular real estate phrases in Grand Rapids Michigan and entails only some common terms. For more comprehensive real estate definitions and guidance, contact John Doorn at 616-292-7951 or firstname.lastname@example.org.