If you regularly follow our blog, then you know that we’ve been going through a list of common real estate terms, five at a time! There are so many real estate terms that surface during the buying and selling processes…it’s enough to make your head spin! (This is one of the reasons why it pays to employ the services of a licensed Realtor– read more about that in our previous post on the topic!) We thought we’d take a few terms at a time and give simple explanations for each, courtesy of National Association of Realtors (NAR) Real Estate Glossary. For the full list of the terms and definitions, click here! For the first five terms that we covered, click here!
Fixture: Personal property that has become part of the property through permanent attachment.
Gift letter: A letter to a lender stating that a gift of cash has been made to the buyer(s) and that the person gifting the cash to the buyer is not expecting the gift to be repaid. The exact wording of the gift letter should be requested of the lender.
Good faith estimate: Under the Real Estate Settlement Procedures Act, within three days of an application submission, lenders are required to provide in writing to potential borrowers a good faith estimate of closing costs.
Gross closed commission income: The total amount of commission income a real estate sales agent or broker receives from closed transactions.
Gross sale price: The sale price before any concessions.
Ready to take that next step and make a move? Let the experts from Cami Jones & Cohelp you! We’re with you every step of the way. (And no, we won’t test you on these terms!) #JPA