LISTING INFO

Contingency A condition that must be met before a contract is legally binding. For example, home purchasers often include a home inspection contingency; the sales contract is not binding unless and until the purchaser has the home inspected.  Real estate words and definition For other words...

Construction Loan A loan for financing the cost of construction or improvements to a property; the lender disburses payments to the builder at periodic intervals during construction.  Real estate words and definition For other words and definitions related to real estate auctions For all...

Condominium A unit in a multiunit building. The owner of a condominium unit owns the unit itself and has the right, along with other owners, to use the common areas but does not own the common elements such as the exterior walls, floors and ceilings or the structural systems outside of the unit;...

Concession Something given up or agreed to in negotiating the sale of a house. For example, the sellers may agree to help pay for closing costs.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Comparables An abbreviation for “comparable properties,” which are used as a comparison in determining the current value of a property that is being appraised.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...

Multiple Listing Service (MLS) A clearinghouse through which member real estate brokerage firms regularly and systematically exchange information on listings of real estate properties and share commissions with members who locate purchasers. The MLS for an area is usually operated by the local,...

Common Areas Those portions of a building, land, or improvements and amenities owned by a planned unit development (PUD) or condominium project’s homeowners’ association (or a cooperative project’s cooperative corporation) that are used by all of the unit owners, who share in the common expenses...

Multifamily Properties Typically, buildings with five or more dwelling units.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com Phone: +1-844-400-2828...

Commitment Letter A binding offer from your lender that includes the amount of the mortgage, the interest rate, and repayment terms.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Collateral An asset that is pledged as security for a loan. The borrower risks losing the asset if the loan is not repaid according to the terms of the loan agreement. In the case of a mortgage, the collateral would be the house and real property.  Real estate words and definition For other...