A-Z REAL ESTATE TERMS LIKE ANY PROFESSION, THE REAL ESTATE INDUSTRY HAS A LANGUAGE OF ITS OWN. MANY OF THESE TERMS YOU WILL HAVE ALREADY BEEN AWARE OF, BUT THERE MAY BE SOME YOU ARE NOT AWARE OF. APPRAISAL: A professional property valuation conducted by a registered appraiser. CMA (Comparative Market Analysis): A report prepared by a real estate consultant that provides insights into properties currently on the market and those that have recently sold, similar to the property being analyzed. This helps determine its fair market value. COMMISSION: The fee paid by the seller to the real estate agency upon the successful sale of the property. The commission rate is agreed upon by the seller and the consultant. CONDITIONAL/CONTINGENCY: A written contract signed by both the seller and the buyer, where certain conditions must be met within a specified timeframe. For example, "subject to the purchaser obtaining financing within X days." CONFIRMATION: When all conditions outlined in the agreement have been met, the contract is confirmed. The property is then sold, and both the seller and buyer must proceed to settlement (see also "Unconditional"). EXCLUDED FEATURES: Items that are typically expected to remain with the property upon sale but have been specifically stated in the contract as not included. Fixed items may include curtains, light fittings, and built-in cabinets. *FIXTURES: Items that are included in the sale of the home, such as carpets, light fittings, and curtains. Any additional chattels, like a greenhouse or dishwasher, are noted in the contract if they are part of the sale. FREEHOLD: A freehold property has a clear title of ownership and is not subject to any lease. LEASEHOLD: In some cases, land may be subject to a lease. The landowner leases the property to a tenant for a specified rental sum over a fixed period, such as 21, 99, or 999 years. LISTING AGREEMENT: A contract between the seller and the real estate agency that outlines the terms for marketing the property. NON-CONTINGENT: (i) A non-contingent offer is one without any conditions that need to be met. (ii) When all conditions outlined in a contract are satisfied, the contract becomes unconditional. The property is now sold, and both the seller and buyer must proceed to settlement. OFFER: A signed Sale and Purchase Agreement that includes the price, terms, and conditions of sale, signed by the buyer and presented to the seller. POSSESSION DATE: The date when the buyer physically takes possession of the property. PROPERTY PROFILE: Each property has a profile that includes details such as the type of title, its size, the name of the owner(s), and any encumbrances. REPAIRS: The Purchase Agreement allows the buyer time to review the property title. If there are issues with the title or if a local authority requires specific work, the buyer can request that the seller address these issues or provide a monetary credit in escrow. Alternatively, this may lead to the cancellation of the contract. SELLER/OWNER: The individual or entity selling the property.
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