Brokerage: A brokerage in real estate is a company, owned by a licensed real estate broker, that employs buyer specialists and listing specialists to assist clients in buying or selling properties.
Buyer Consultation: A Buyer’s Initial Meeting With A Buyer Specialist To Clarify The Home-Buying Process, Share Expectations And Discuss The Buyer's Ideal Home.
Buyer Specialist: Licensed real estate agents who work under a brokerage who assist clients in purchasing a property.
Closing Costs: The costs associated with closing on a home including, but not limited to, a percentage of your home's purchasing price, escrow, pre-paid expenses, origination charges, title insurance, inspection fees, and other service fees.
Escrow: Escrow is the process in which a third party is in charge of holding money until a transaction between a buyer and seller is complete.
Franchise Brokerage: Typically a national brokerage that can be franchised by a broker; This brokerage traditionally supports independent contractors who operate their own businesses under the umbrella of the brokerage.
Independent Brokerage: Typically a local brokerage that specializes in a particular area of real estate or operates in a unique way of practice. This brokerage cannot be franchised unless otherwise negotiated with the owner (broker) of the business.
Independent Team Brokerage: A type of Independent Brokerage; the company operates like that of any other corporate business where each individual specializes in his or her role of expertise and works within a department to achieve overall business goals.
Inspection: A home examination provided by a home inspector who will provide a report detailing the condition of a home.
mortgage: A mortgage is a loan from a lender that contributes financially to a buyer’s purchase of a home. The mortgage can be up to a certain dollar amount outlined on a pre-approval letter (see pre-approval or pre-approval letter).
PMI: PMI, or private mortgage insurance, is a type of insurance that a home buyer must typically pay as part of their monthly mortgage if the buyer takes out a conventional loan and puts down less than 20% of the home purchase price at closing.
pre-approval: A pre-approval is a financial agreement between a mortgage lender and a buyer where the lender will provide the buyer financing up to a certain dollar amount for their property transaction.
pre-approval Letter: A letter stating the financial agreement between a mortgage lender and a buyer where the lender agrees to provide the buyer financing up to a certain dollar amout (see pre-approval).
seller's market: A seller's market is when demand exceeds the supply of homes on the market (i.e. when there are more buyers ready to purchase than there are homes listed available for purchase).
Transaction: A real estate transaction is when a seller lists a property and a buyer agrees to purchase the property based on the agreed-upon terms.
