With any industry comes new terms, and whether you are buying or selling, there are some key terms to become acquainted with when it comes to real estate.
In a listing, the pound signs would have numbers in their places. This is the standard labeling of the bedroom-to-bathroom ratio for a given unit. For example, if a property had ‘6B/3B’ in the description, this would translate to meaning it is a 6 Bedroom, 3 Bathroom unit.
A property is labeled contingent when an offer is accepted by the seller. They are still considered active listings because if any of the requested provisions are not met, the contract is liable to fall through.
The closing is when the ownership is officially transferred from the seller to the buyer due to the closing of the sale.
A legal document in physical form that is signed, dated, and confirms interest or right in transferring property ownership/title.
A fixture is anything that is permanently installed to the house/property. This could be anything from hard-wood flooring and light fixtures, to landscaping.
A pending property is no longer considered an active listing because it means an offer has been made by the buyer and accepted by the seller. In addition, all contingencies have either been resolved or waived. A property remains in pending state until all the legal work is processed and approved.
Continue to check back on our blog as we deliver more facts and information on things to know and terms to be familiar with in the world of real estate.