Real Estate
TERMS & DEFINITIONS
Having a basic understanding of important real estate concepts before you start the home buying process will give you peace of mind now and could save you a fortune in the future.
Multiple Listings Service (MLS)
The Multiple Listing Service or MLS is a collection of over 700 regional databases populated by listings. Each database contains its own set of listings which agents can get access to by paying dues. Member agents are allowed to share listings across different regions without needing to pay dues for each one. The MLS is widely considered the most comprehensive service for listings available today.
Pre-Approval
A homebuyer who is pre-approved means a lender has verified their information, checked their credit, and has approved them for a specific loan amount for up to 90 days. The process requires buyers to fill out an application in order to allow a lender to examine their current financial situation, including their credit worthiness, debt-to-income ratio, and ability to repay.
Probate Sales
Probate sales occur whenever a homeowner passes away without writing a will or leaving the property to someone else. The probate court will authorize an estate attorney to get the services of a real estate agent, who will then be tasked with selling the property. Compared to a conventional sale, probate sales are usually more complicated, and can take more time to complete.
Seller Disclosure
A seller disclosure is a document issued by a home seller to a buyer. It outlines any existing issues with the property and other important details buyers need to know about regarding the home. It typically includes repairs performed on the home, details on defective systems or appliances, and history of leaks and other environment-related issues.
Title Search
A title search is an examination of public records that show a home’s history, including previous purchases, sales, real property tax, and other types of liens. A title examiner conducts the search to determine who is listed as the property’s record owner. This information, along with any issues or liens recorded against the property, will be included in the preliminary report, which parties will review before the close of escrow.
Market Analysis
Interested to know more about your local neighborhood market? Reach out to our experts for a hyperlocal market analysis.