The cap rate equals the net operating income divided by the current market value (i.e. A buyer’s agent works to ensure the buyer is getting the best possible deal and is legally obligated to protect the interests of the buyer.Ĭapitalization rate (or cap rate): A rate that helps in evaluating a real estate investment. Examples include townhomes, condominiums, row houses, apartment buildings and high-rise residential towers.īasement: The lowest story of a building - it might be partially or entirely below ground level and might be finished, unfinished or a mix of the two.īilevel (or bi-level): Not to be confused with a split-level, a bi-level, also known as a raised ranch, has two (bi) levels with an entrance between the two floors.īlind offer: An offer made by a buyer who has not yet visited the property in person.īoiler: Circulates hot water or steam through some sort of radiator system to generate heat.īuyer’s agent: A Realtor®, real estate agent or real estate broker who works with a buyer and guides them through the process of purchasing a home. Heads up, sellers don’t usually use the term “as is” if the listing is in perfect condition so this may be a red flag or it may be a great opportunity.Īssessed value: The value assigned to a property that is used to determine its property tax rate.Īttached home: A structure that shares a common wall or walls with another unit.
they are not going to make any repairs or changes before the sale. They are an independent management company that acts on behalf of appraisal users.Īppraiser: A licensed individual who analyzes comparable sold properties to determine the fair market value of a property.Īrea total: The total area square footage of a property.Īs-is: The seller is selling the property or home in its current condition - i.e. This is often used to accommodate appraised values that aren’t able to keep up with fair market value.Īppraisal Management Company (AMC): An AMC works as a middleman between real estate appraisers and lenders. If the property ends up appraising for less than the agreed upon amount, the contract can be terminated.Īppraisal gap coverage: The difference between the contract price which covers an agreed-upon difference between the purchase price and appraised value. This value is based on how much comparable homes recently sold for in the neighborhood.Īppraisal contingency: Very important protection for the buyer! This is how you make sure that the property is actually valued at the price that was agreed-upon per the contract. The key difference between a condo and an apartment is that condos are owned and apartments are rented.Īppraisal: What an appraiser says a home is worth. You pay less toward your interest with each payment, which is different from just a simple interest loan.Īpartment: Any residential unit inside a building (which can be a house, townhouse, large apartment building or condominium).
A portion of each payment goes toward your interest costs and some goes toward your loan balance.
#REAL ESTATE LINGO LISTING SERIES#
Some examples include a fitness center, swimming pool, sauna, dog washing station, etc.Īmortization: Spreading out your loan into a series of separate fixed payments. The availability of homes for sale has a big impact on supply and demand dynamics and home prices.Īdjustable-rate mortgage (ARM): A mortgage loan with an interest rate that can change based on market fluctuations throughout the loan’s lifetime.Īmenity: The bonus features/perks that you as a resident get to enjoy and that your neighbors are envious of. the livable or finished square footage.Īctive listings: The number of properties available for sale at the end of a reported period. Email if you need assistance.Ībove grade finished: The portion of a home that is above the ground, i.e. This format includes room on the cover for you to add your name and logo.
#REAL ESTATE LINGO LISTING UPDATE#
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