When venturing into property selling in the real estate industry, you’re bound to encounter quite a handful of terms which you may know nothing about. If you’re new to the house selling scene, don’t worry! There are many others like you who don’t know a thing or two about real estate industry terms.
Doing your research and asking around are the first few steps in learning more about these industry terms. Knowing what these terms mean and how they apply ultimately helps you understand what is going on and ensures you’re on the right track during the home selling process.
To help you understate real estate lingo better, here are some common terms during the home selling process in Louisville, KY.
- Agreement of sale- Agreement of sale or simply purchase agreement is a contract in which the seller agrees to sell the property and the buyer agrees to buy. This agreement is written out under specific terms and conditions and signed by both parties.
- Amortization- An amortization is a payment plan which lets the debtor or borrower reduce his debt through monthly payments of the principal.
- As-is- As-is is a term used to refer to the condition of a house or the type of sale. Selling your home in as-is condition means you’re selling it in its current condition without any repairs or improvements.
- Breach of contract- A breach of contract refers to the event where a party to a contract indicates verbally or through actions that he or she does not intend to complete or fulfill the stipulations in that said contract. Essentially, it is the violation of the agreed-upon terms and conditions in a binding contract. In real estate, an example would be a buyer who already signed a contract with a seller backing out of the deal at the last minute because he found a home he liked better. A breach of contract can result in a lawsuit for the aggrieved party to seek damages.
- Certificate of Title- A certificate of title is a certificate issued by a company or an attorney stating that the seller has good marketable and insurable title to the property which he is offering for sale. However, keep in mind that a certificate of title does not always guarantee that the property does not have any hidden defects which were not disclosed during the inspection (prior to the release of the certificate of title.)
- Closing- The closing is also known as the settlement. This term indicates that the transfer of a sold property has already been finalized. During closing, the buyer signs the mortgage documents and pays all closing costs, while the seller signs the deed.
- Contingency offer- A contingency offer is an offer to purchase a home with certain conditions specified before the sale can occur. Keep in mind that before you sign a contingency offer, you should first review the contents of the contract and weigh your pros and cons. That is because a contingency offer essentially takes your home off the market with no sure-fire guarantee that a sale may happen.
- Escrow holder- An escrow holder is the agent and fiduciary of the principals to the escrow. He or she is one who is lawfully engaged in the business of receiving escrows for deposit on behalf of or for delivery to the designated principals.
- Multiple Listing Service- A multiple listing service, better known as MLS, is a platform where sellers post their homes for sale and buyers go to browse the available homes in a specific area. Many MLS sites offer customizations on their website which allows home buyers to search homes by neighborhood, amenities, and budget.
Feel like you know your stuff a little bit better now? If that’s the case, then the next step is to sell! The best thing is you don’t have to look further than Rylo Homes. Here at Rylo Homes, we buy houses for cash in Louisville, KY. In Louisville, KY, we buy ugly houses, beautiful houses, probate houses, and abandoned houses for a competitive price!
NEED MORE INFO?
If you’re looking for a cash home buyer in Louisville, KY and are interested in selling your home, we buy houses in Louisville, KY here at Rylo Homes. We are a real estate solutions company that specializes in solving your real estate problems for you. You don’t have to worry about repairs, we can handle all that and more for you!
Our goal at Rylo Homes is to improve the overall quality of housing for the residents at Louisville, KY. We buy houses in just about any condition and situation, including foreclosure, late mortgage payments, or fair market value. When you choose to sell to us, you don’t have to wait weeks and months just to get good offers. We’re direct buyers and we pay in cash to arrange a quick close. For more information about our home buying process, give us a call at (502) 513-4430 today.
