Important Real Estate Terms You Should Know
Below are 5 sets of terms that are often used interchangeably in real estate, but actually have different meanings that every homeowner should know.
- Appraisal– The act or process of developing an opinion of value determined by a licensed professional (appraiser) usually for a lender or financial institution to assess value prior to a financial commitment.
CMA (Comparative Market Analysis) Tool that real estate agents use to estimate the value of a specific property by evaluating similar ones that have recently sold in the same area.
- Real Estate Agent– An individual who is licensed to participate in the purchase & sale of real property.
Realtor®– An individual who is licensed to participate in the purchase and sale of real property, who is a governed member of the National Association of Realtors.
- Prequalification– The creditor has done a basic review of a buyer’s creditworthiness.
Preapproval– A comprehensive look at a buyer’s ability to purchase property beyond a buyer’s creditworthiness.
- Market Ready– Ready to show. This refers to the presentation of the home’s interior and exterior.
Move-in Ready– This means that the home meets all code requirements, all appliances are in working condition, and there are no obvious structural, mechanical or electrical issues.
- Title– Legal rights that provide a quick up-to-date official record of who owns the land/property.
Deed– Legal document that grants ownership to a piece of real estate or other property asset.
Remember your Moving Station Personal Relocation Manager (PRM) can assist you in sorting out all the real estate jargon and help put that “SOLD” sign in your yard!