What is a down payment in a real estate transaction? A down payment is the amount paid in a real estate transaction as part of a mortgage to purchase a property. The down payment is usually paid in full by the buyer’s personal funds that they already have. However, there are...
What is equity? Equity in real estate is the total value of a property less what is owed on the property. The more equity the more you personally have as an investment into the property – whether it is your personal home or a property you have invested in as an...
What is earnest money in a real estate transaction? Earnest money is a deposit of funds made by the buyer immediately after an offer to purchase property is accepted by the seller. This deposit is typically made to a third-party (usually a title company) that holds it in a trust fund...
What is an MLS? A multiple listing service (otherwise known as the MLS) is a historical database of real estate listings. It contains not only active listings (listings for sale), but also listings that have been sold or cancelled. It is the most reliable source for receiving current listing information. There...
Welcoming you home in Emerald Bay after a hard day’s work, or fun on the lake, are the soothing sounds of water trickling through the front fountain leading indoors. Natural light pours into the open living area that has the feel of a spacious cabin with both high windows, ceilings and...
What is commission in a real estate transaction? A commission in a real estate transaction is how real estate agents get paid. It is usually a percentage of the sales price of the property sold. Agents earn the commission by performing tasks associated with the transaction that support their client. The commission is...
What is a counteroffer? A counteroffer is a new offer that is made in response to a previous offer that doesn’t meet the terms/requirements of the one the offer is being made to. Clear as mud, right? In a simpler term, it is a negotiation of terms between the buyer and seller. In...
Whether you are preparing to sale or to purchase a home – you are going to want to know what other similar homes are selling for in the immediate area. Comparables (comps for short) are properties similar to the subject property (ex., your home) that have recently sold and can be used...
ADJUSTABLE RATE MORTGAGE (ARM): The interest rate is tied to a financial index making the monthly mortgage payment go up or down over time. ANNUAL PERCENTAGE RATE (APR): The percent of interest that will be charged on a home loan. APPRAISAL: A report highlighting the estimated value of the property completed by a qualified...
Being a real estate professional comes with lots of study time and continuing education. Some of it is on our own topics of choice while others are state required. The most recent one I attended was Legal Updates I & II which is state required. As boring as that topic may...
