The home buying and selling process is complicated enough to start with. Real estate lingo can complicate it further, particularly if it is your first time purchasing a home. In this article you will find definitions on frequently used real estate lingo in NH. This will help clarify the buying and selling process.
Frequently Used Real Estate Lingo In NH
A CMA is a report that evaluates your home to homes with similar features that sold recently in the same neighborhood. It traditionally provides a price range given the existing economy.
Multiple Listing Service
MLS refers to the Multiple Listing Service. This is a system where members of the MLS enter homes for sale. Different areas usually have separate MLS networks, and some regions can have multiple ones. The general public is not granted login permission to this information but can obtain access through allowed parties.
Assessments are the value assigned to properties by a public tax assessor and used to levy property taxes. Assessed valuation has no bearing on the market value of a home.
Walk-thrus typically take place immediately before settlement. It allows a buyer to preview a home and to verify that the condition has not changed from the last time the buyer viewed it.
A contingency is something required for a party to move forward with a home sale or purchase. For instance, the purchase could be conditioned upon the sale of their existing home. Other common contingencies are for completion of an inspection and receipt of a home loan commitment.
Earnest money applies to deposits submitted by a buyer with a contract to purchase a home. It confirms that a buyer is committed. Deposits are almost always retained by a listing broker for a seller and given back to a buyer at closing.
A closing is when documentation is completed, funds are exchanged, and a home legally changes hands from one person to another. Purchase agreements typically note a closing date and location.
Additional Details on Real Estate Lingo
This article lists definitions on frequently used real estate lingo in NH and covers only some introductory terms. For more detailed real estate definitions and advice, contact Customer Service at 800-639-4405 or firstname.lastname@example.org.