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10 Real Estate Terms You May Not Know

By: Amanda Pulitano

What does REALTOR® mean and why does it need to be trademarked?
This word has only one meaning. It is a federally registered membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS®. This trade mark is owned by the NAR. They are your trusted source in real estate.

What is a Foreclosure?
A foreclosure is a legal process of taking action to posses a mortgaged property when the owner has stopped paying payments. This home is owned by the bank that was once owned by someone.

What is a Short Sale? Target a short sale or foreclosure?
A short sell is when the bank is getting less for the property then what they are owed. If lien holder agrees to accept less than the amount owed on the debt a sale of the property can occur. A short sale house is generally occupied and you can get a better feel of any potential inspection items.  It may take longer to wait for an answer from the lien holder than a foreclosure but it “could be worth the wait” experienced Nancy Roy Collins says.

What is Sold as Is?
When the seller takes no responsibility in repairing the house or provides warranty of any kind. The house is simply sold in the condition it is in.

What is an Appraisal?
The process of developing an opinion of value for real property or a estimate of what the property/house costs. An appraisal is performed by a licensed appraiser.

What is a Dual agent?
A dual agent is when the broker/agent represents the seller and the buyer. A dual agent is allowed in CT but may not be in other states.

What is a Closing agent?
A closing agent is the party who handles the financial closing on a house and oversees the final details.

What is a Close of escrow?
A close of escrow is a closing settlement. Escrow closes when all the details are taken care of and the transfer of property occurs. The deed gets transferred to you.

What is a Closing disclosure?
A closing disclosure is a 5 page document that provides details about the loan you have selected. It Includes terms, monthly payments, and how much you will pay in fees and other costs.

What is 203K eligible financing?
A 203K eligible finance is a type of loan that can be used for whole property repairs or just some repairs.

If there are terms you may not know or need a better understanding of the terms listed above and want us to touch upon them in a future blog post please feel free to comment below!

CT Licensed Real Estate Broker, 66 Huntington St. Shelton CT 06484
Cell: 203-521-6503 Office: 203-929-6683


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